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Chapter18:CreditIns.

Credit and Insurance

TermDefinition
Installment Credit customers agree to make a stated number of payments of a fixed period of time and at a specified interest rate
Revolving Credit customers can make credit purchases at any time up to a specified dollar limit
Debit Card transfers funds electronically from the customer's checking account to the business account when a purchase is made; resembles a credit card in appearance
Smart Card a plastic card with an embedded microprocessor that can store and process a large amount of information
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 applicant's current financial worth or ability to pay based on assets
Conditions an assessment of the economic environment such as the economic health of the community or the nation and the extent of business competition
No-fault Insurance each insurance company is required to pay the losses of its insured when an accident occurs, regardless of who was responsible for the accident
Health Insurance provides protection against the expenses of individual health care
Disability Insurance offers payments to employees who are not able to work because of accidents or illnesses
Life Insurance pays money upon the death of the insured to a person or persons identified in the insurance policy
Liability Insurance protects against losses from injury to people or their property that result from the products, services, or operations of the 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
Created by: rachel.smith