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Strand3
| Term | Definition |
|---|---|
| Transfer of risk | A risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. |
| Insurance | A company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. |
| Premium | What you pay to have insurance |
| Deductible | What you pay before insurance kicks in. |
| Co-insurance | Percentage you pay after you have paid the deductible and before out of pocket max |
| Liability | Protects you financially if you're responsible for someone else's injuries or property damage. |
| Collision | Coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object. |
| Comprehensive | Coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control. This includes theft, vandalism, glass and windshield damage, fire, accidents with animals, weather, or other acts of nature. |
| Outsourcing | A business practice in which services or job functions are hired out to a third party on a contract or ongoing basis. |
| Acceptance of Risk | When a business or individual acknowledges that the potential loss from a risk is not great enough to warrant spending money to avoid it. |
| Investing Risk | Past performance is no guarantee of future results. |
| Income Principles | -Identify sources of income, such as salary, wages, commissions, and tips. -Evaluate and compare career opportunities based on individual interests, skills and educational requirements, the value of work to the market, and income potential. -Compare th |
| Salary | Money paid at regular times for work or services |
| Wages | A payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis. |
| Commissions | A payment made to employees based on the value of sales achieved. |
| Tips | Additional payment for good service |
| Benefits | Extra perks to encourage someone to join your organization, such as insurance coverage. |
| Entrepreneurship | The activity of setting up a business or businesses, taking on financial risks in the hope of profit. |
| Dividends | A sum of money paid regularly by a company to its shareholders out of its profits. |
| Fixed Expenses | Expenses that are the same each time you pay them. |
| Variable Expenses | Expenses that are different each month, such as groceries and gas. |
| Periodic Expenses | Expenses occurring at irregular times, such as car maintenance or college tuition, books, and fees. |
Created by:
EliRush
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