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BL Unit 4
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| Term | Definition |
|---|---|
| Bank Fraud | The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses |
| Electronic Fund Transfer Act | Provides consumers against unauthorized electronic fund transactions including debit and credit card purchases, ATM withdrawals, and automatic bank account withdrawals |
| Federal Deposit Insurance Act | Created to maintain the public’s confidence in banks and encourage stable banking practices |
| Home Equity Loan Consumer Protection Act | Requires creditors to disclose the conditions, rates, and terms of home equity loan plans |
| Home Equity | The current market value of a home minus the remaining mortgage balance |
| Rights to Financial Privacy Act | Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches |
| Thrift and Bank Fraud Act | increased the government’s ability to combat bank fraud |
| Credit Card Act of 2009 | Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age |
| Credit Report | Document that summarizes a consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments (if any) |
| Credit | A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future |
| Creditor | Person or business providing credit |
| Debtor | Person or business that receives the credit |
| Equal Credit Opportunity Act | Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance |
| Fair Credit Billing Act | Provides consumers with a means to dispute a billing error on open-ended credit accounts (credit and charge cards) |
| Fair Credit Reporting Act | Law that grants consumers to the right to know who requests to view their credit report over the past year |
| Fair Debt Collection Practices Act | Prohibits unfair, abusive, and deception methods of collecting debt |
| Federal Trade Commission | Protects consumers’ right to attain, use, and maintain credit by monitoring and enforcing credit laws |
| Truth-in-Lending Act | Requires creditors to provide consumers with the terms and cost of credit |
| Usury Law | Sets the maximum amount of interest that can be charged for a loan |
| Bankruptcy | Legal proceeding for a person or business unable to pay an outstanding debt |
| Chapter 7 | Requires the debtor to liquidate (sale) nonexempt property to repay creditors |
| Chapter 11 | Form of bankruptcy that allows businesses to create a plan to “reorganize” and pay off their debts over time |
| Chapter 12 | Form of bankruptcy that allows family farmers and fishing business owners to recover from debt |
| Chapter 13 | Form of bankruptcy that allows an individual to submit a plan to repay debts in 3 to 5 years. |
| Annual Deductible | a portion of a covered loss not paid by the insurer during the insured’s annual 12 month policy period. Deductible amount resets each policy year period. |
| Cancer Insurance Coverage | Cancer insurance pays benefits only if you're diagnosed with cancer |
| Claims | notice by the insured to the insurance company that a loss has occurred and demand for payment for the loss |
| Collision Coverage | covers your vehicle for damage caused by impact with another vehicle or object or overturn of your vehicle. |
| Deductibles | a portion of a covered loss that is not paid by the insurer |
| Dental Insurance Coverage | available in group and individual plans. May have restrictions on certain services, such as orthodontic work. Many dental plans also have a maximum benefit of around $1,000 to $2,000 per year. May restrict coverage of pre |
| Disability Insurance Coverage | disability income insurance provides monthly benefits to a disabled wage earner to reimburse the wage earner’s income during a period of total or partial disability. |
| Earth Movement | includes earthquakes, landslides, mudslides etc. |
| Exclusions | provision in an insurance policy eliminating coverage for certain risks or limiting coverage |
| Fire Insurance | Coverage for losses to insured property resulting from fire or lighting, as well as any resulting smoke or water damage |
| Hazard | A hazard is a condition that makes a peril more likely to happen or that increases the seriousness of a loss |
| HMO | (POS)The POS plan is like a combination of the HMO and PPO plans. You are required to designate an in |
| HMO | Heath Maintenance Organization |
| Homeowners Insurance | is designed to protect the physical assets owned, leased, rented or used by individuals and families. |
| Individual Insurance Coverage | is available from most of the same insurer’s that provide group coverage at much higher rates. Less than nine percent of Americans purchase individual health insurance. |
| Insurable Interest | Financial Responsibility is said to exist whenever the occurrence of a specific event such as fire or theft, results in a financial loss to a person organization. |
| Insurance | is a social and contractual device that transfers the risk of financial loss from individuals or businesses to an insurer. |
| Insurance Policy | is a document issued by an insurance company to its policyholder that provides details about what is covered |
| Insured | one for whom insurance is written (named insured) |
| Insurer | An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual |
| Liability Coverage | provides protect when you are held legally responsible Coverage for Bodily Injury and Property Damage caused by an auto accident |
| Long Term Medical Coverage | provides for the daily custodial care as well as the long |
| Loss | Loss is simply a decline in value. When there is a reduction in quantity, quality, or value of something, a loss is said to occur. |
| Major Exclusions for Coverage | Provision in an insurance policy eliminating coverage for certain risks or otherwise limiting the scope of coverage. Certain causes and conditions listed in the policy that are not covered. Maternity coverage, major elective surgeries are some examples. |
| Medical Payment Coverage | (Med Pay) pays for medical expenses for you, |
| Medigap | (Supplemental Coverage of 20%)Medicare supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles. |
| Miscellaneous Coverage | Towing, Rental Vehicle, Custom Coverage |
| Neglect | if the insured fails to use reasonable means to protect the insured property from damage, the loss would not be covered. |
| Peril | A peril is the cause of a loss such as a fire, flood, theft and earthquake that can cause a loss of life to property and people. |
| Personal Auto Policy | (PAP) automobile insurance policy introduced in 1977. Other policies prior, however the PAP is written in plain language without technical terms and is easier to understand. |
| Possible lengthy waiting periods | is the time that elapses after the insured’s policy is active, before specific exclusions will be covered. (Ex. Maternity coverage) |
| Power Failure | if a utility interruption takes place that is not at the insured’s home, coverage is not provided. |
| PPO | preferred provider organization (PPO) is a health plan that has contracts with a network of "preferred" providers from which you can choose. You do not need to select a PCP and you do not need referrals to see other providers in the network. |
| Premiums | the fee paid to an insurance company in return for the insuring of property and casualty insurance and life and health insurance to individuals or businesses. |
| Property Coverage A | Dwellinglocated on the residence premises including any attached structures. |
| Property Coverage B | Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos) |
| Property Coverage C | Personal Property Coverage is anything other than real property (land or anything attached to it). Basically clothing, furniture, televisions. Exceptions |
| Property Coverage D | Loss of Use Provides money for you and your family to live elsewhere when you cannot live in your home because of a covered loss. |
| Property Damage Coverage | Physical injury to or destruction of or loss of use of tangible property such as other vehicles, buildings, telephone poles, fences etc. |
| Renters Insurance | offers the same protection as a homeowners policy. Roommates each must have their own renters insurance policy. |
| Risk | a risk exists whenever there is uncertainty about the outcome |
| Traditional Health Insurance | (Major Medical Coverage) Contains basic coverage if a catastrophic loss occurs. To prevent the insured from having financial ruin from a long term illness or injury. Characterized by very high deductibles as high as $10,000 and low premiums |
| Underinsured Motorist Coverage | pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage. Your underinsured coverage will pay the difference. Not required in North Carolina, but it is suggested. |
| Uninsured Motorist Coverage | pays if you are struck by someone who does not have insurance. Also will pay if you are a victim in a hit |
| Vision Insurance Coverage | optometrists and ophthalmologists in a provider network offer eye exams, eyewear and other services covered by the vision insurance plan at no charge or at discounted fees compared with doctors outside the network. Water Damage |
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EddieS
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