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Chapter 18 unit 5
Credit and Insurance
Question | Answer |
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Installment Credit | a private company that acts as an intermediary between businesses and one more credit card companies to establish and maintain credit services. |
Revolving Credit | a credit o=plan that combines the features or regular charge credit and installment credit |
Debit Card | a card which allows a person to make cash withdrawals from ATM's |
Smart Card | a credit or debit card with a memory that stores financial, health, credit, and other kinds of data that can be read by computers |
Character | a measure of a person's sense of financial responsibility or personal belief in the obligation to pay debts |
Capacity | a measure of earning power and reflects the person's potential to pay, based on current income and other financial obligations. |
Capital | a measure of the credit applicants surest financial worth or ability to pay based on assets. |
Conditions | an assessment of the economic environment |
no-fault insurance | each insurance company is required to pay the losses of its insured when an accident occurs, regardless of who might have been responsible for the loss. |
health insurance | Insurance which provides protection against the expenses of health care. |
disability insurance | insurance which offers payments to employee from the company due to inappropriate work behavior |
life insurance | insurance that pays money on the death of the insured to a person or people identified in the insurance policy |
liability insurance | insurance which provides protection for risks involved in operating a business. |
malpractice insurance | a type of liability insurance that protects against financial loss arising from suits for negligence in providing professional services |
Bonding | pays damages to people whose losses are caused by the negligence or dishonesty of an employee or by the failure of a business to complete a contract. |