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AR Unit 3

Arkansas Intro to Finance Unit 3 terms

QuestionAnswer
Adjustable-rate mortgage (ARM) a mortgage for which the interest rate changes in response to the movement of interest rates in the economyas a whole
Annuity a contract sold by an insurance company that provides an investor with a series of regular payments, usually after retirement
Bonds debt obligations of corporations or state or local governments
Capital gain an increase in the value of stock above the price initially paid for it
Collision coverage automobile insurance that protects your own car against damage from accidents or vehicle overturning
Deed a document that transfers title of real property from one party to another
Depreciation in real estate, the decline in value of property due to normal wear and tear
Disability insurance an insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working
Dividends the part of the corporation's profits paid to stockholders
Equity the difference between the market value of property and the amount owed on it
Estate all that a person owns, less debts owed, at the time of the person's death
Estate planning preparing a plan for transferring property during one's lifetime and at one's death
Fixed-rate mortgage a mortgage on which the interest rate does not change during the term of the loan
Futures contracts to buy and sell commodities or stocks for a specified price on a specified date in the future
Homeowner's policy insurance that protects property owners from property and liability risks
Individual retirement account (IRA) a retirement savings plan that allows individuals to set aside money in tax-deferred savings up to a limit set by the government
Inflation a rise in the general level of prices
Insurance a method of spreading individual risk among a large group of people to make losses more affordable for all
Insurer a business that agrees to pay the cost of potential future losses in exchange for regular fee payments
Interest money paid for the use of money; earnings on a savings account
Investing the use of savings to earn a financial return
Landlord the owner of rental property
Lease a written agreement that allows a tenant to use property for a specified time period and rent
Liability coverage insurance to protect against claims for bodily injury to another person or damage to another person' s property
Lien a financial claim on property
Life insurance insurance that provides funds to the beneficiaries when the insured dies
Market value the price for which a stock is bought and sold in the marketplace
Money market account a combination savings-investment plan in which money deposited is used to purchase safe, liquid securities
Mortgage a loan to purchase real estate
Mutual fund a large, professionally managed group of investments
Personal risk chances of loss involving income and standard of living
Policy a written insurance contract
Policyholder the person who owns an insurance policy
Power of attorney a legal document authorizing someone to act on your behalf
Principal the amount of money deposited by a saver
Property risk the chances of loss or harm to personal or real property
Real estate land and any buildings on it
Renter's policy insurance that protects renters from property and liability risks
Risk management an organized strategy for controlling financial loss from pure risks
Securities stocks and bonds issued by corporations or the government
Security deposit a refundable amount paid in advance to protect the owner against damage or nonpayment
Stockbroker an employee of a brokerage firm who buys and sells securities for investors
Stockholders shareholders; owners of a corporation
Tenant the person who rents property from a landlord
Title a legal document that establishes ownership
Vehicle Identification Number (VIN) a unique number that identifies an automobile
Created by: karenhaley on 2011-10-12



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