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Lesson 5
Key Terms
| Term | Definition |
|---|---|
| APR | This stands for annual percentage rate, which is a number calculated by taking into account the total cost of the load, including what the borrower will pay in interest; this makes it easier to compare different loan offers. |
| Coupe | A car with two front seats and a smaller backseat for occasional passengers. It usually has two doors but sometimes has four. |
| Collision Insurance | This covers the car of the insured person and pays for repairs after an accident or cash compensation if the car can't be repaired. This type of coverage is usually optional. |
| Lease | An agreement that gives one party the use of a commodity for a specified period of time and for a specified price. |
| Liability Insurance | This compensates an injured party up to a certain amount outlined in the policy statement. This type of insurance ensures you will be able to pay for any damages you cause. |
| Loan | An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus the lending fee, called interest. Payments are normally made over a series of months. |
| Minivan | A car that is designed for maximum passenger space. It has multiple rows of sears, but often doesn't offer significant towing pwer or off-road capability. |
| No-Fault Auto Insurance | A system under which drivers must have coverage for their own protection. It also limits the damages for which an injured party can sue. Under this system, after an accident both parties would be covered by their own insurance policies. Only some states u |
| Sedan | A common type of car that has two rows of seats and a trunk. It can have two doors or four doors, but the backseat should be able to seat adults comfortably. |
| SUV (Sport Utility Vehicle) | A car designed to have multiple rows of seats and significant towing power. Most also have the ability to drive off-road. |
Created by:
miranda314
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