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EPF M2L5 Key Terms
Economics & Personal Finance Module 2 Lesson 5 Key Terms
Term | Definition |
---|---|
Executor | The person responsible for carrying out the actions of a will. |
Benificiary | Person who will benefit financially from an insurance policy payout. |
Premium | Monthly sum of money paid for an insurance policy whether the policy is used or not. |
Deductible | The amount of money an individual must pay when using an insurance policy before the company will pay its portion. |
Insurance | Financial protection from life events that could be devastating financially for a person without coverage. |
Will | Legal document that determines what happens with a person’s assets when they die. |
Estate | All of the financial assets and debts that a person has at the end of their life. |
Claim | Filed after an event that requires an insurance policy to go into effect. |