Arkansas Intro to Finance Unit 3 terms
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on it to display the answer.
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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
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Annuity | a contract sold by an insurance company that provides an investor with a series of regular payments, usually after retirement
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Bonds | debt obligations of corporations or state or local governments
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Capital gain | an increase in the value of stock above the price initially paid for it
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Collision coverage | automobile insurance that protects your own car against damage from accidents or vehicle overturning
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Deed | a document that transfers title of real property from one party to another
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Depreciation | in real estate, the decline in value of property due to normal wear and tear
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Disability insurance | an insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working
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Dividends | the part of the corporation's profits paid to stockholders
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Equity | the difference between the market value of property and the amount owed on it
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Estate | all that a person owns, less debts owed, at the time of the person's death
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Estate planning | preparing a plan for transferring property during one's lifetime and at one's death
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Fixed-rate mortgage | a mortgage on which the interest rate does not change during the term of the loan
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Futures | contracts to buy and sell commodities or stocks for a specified price on a specified date in the future
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Homeowner's policy | insurance that protects property owners from property and liability risks
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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
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Inflation | a rise in the general level of prices
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Insurance | a method of spreading individual risk among a large group of people to make losses more affordable for all
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Insurer | a business that agrees to pay the cost of potential future losses in exchange for regular fee payments
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Interest | money paid for the use of money; earnings on a savings account
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Investing | the use of savings to earn a financial return
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Landlord | the owner of rental property
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Lease | a written agreement that allows a tenant to use property for a specified time period and rent
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Liability coverage | insurance to protect against claims for bodily injury to another person or damage to another person' s property
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Lien | a financial claim on property
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Life insurance | insurance that provides funds to the beneficiaries when the insured dies
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Market value | the price for which a stock is bought and sold in the marketplace
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Money market account | a combination savings-investment plan in which money deposited is used to purchase safe, liquid securities
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Mortgage | a loan to purchase real estate
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Mutual fund | a large, professionally managed group of investments
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Personal risk | chances of loss involving income and standard of living
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Policy | a written insurance contract
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Policyholder | the person who owns an insurance policy
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Power of attorney | a legal document authorizing someone to act on your behalf
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Principal | the amount of money deposited by a saver
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Property risk | the chances of loss or harm to personal or real property
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Real estate | land and any buildings on it
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Renter's policy | insurance that protects renters from property and liability risks
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Risk management | an organized strategy for controlling financial loss from pure risks
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Securities | stocks and bonds issued by corporations or the government
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Security deposit | a refundable amount paid in advance to protect the owner against damage or nonpayment
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Stockbroker | an employee of a brokerage firm who buys and sells securities for investors
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Stockholders | shareholders; owners of a corporation
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Tenant | the person who rents property from a landlord
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Title | a legal document that establishes ownership
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Vehicle Identification Number (VIN) | a unique number that identifies an automobile
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