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Strand 3
| Term | Definition |
|---|---|
| Risk | The degree of uncertainty and/or potential financial loss inherent in an investment decision. |
| Transfer Risk | A risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. |
| Insurance | A company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. |
| Insurance Premium | The amount you pay each month to keep your insurance policy. |
| Deductible | The amount of money that the insured person must pay before their insurance policy starts paying for covered expenses. |
| Co-Insurance | Percentage you pay after you have paid the deductible and before out of pocket max. |
| Beneficiaries | A person who derives advantage from something, especially a trust, will, or life insurance policy. |
| Lifetime Limit | Maximum amount you will have to pay in insurance. |
| Limits of Coverage | The highest amount your insurer will pay for a claim that your insurance policy covers. |
| Insurance Contract | A contract whereby the insurer promises to pay benefits to the insured or on their behalf to a their party if certain defined events occur. |
| Grace Period | A set length of time after the due date during which payment may be made without penalty, typically 15 days. |
| Out of Pocket Max | A cap, or limit, on the amount of money you have to pay for covered health care services in a plan year. |
| Outsourcing | A business practice in which services or job functions are hired out to a third party on a contract or ongoing basis. |
| Acceptance of Risk | When a business or individual acknowledges that the potential loss from a risk is not great enough to warrant spending money to avoid it. |
| Investing Risk | Past performance is no guarantee of future results. |
| Disability Insurance | Provides a portion of your income if you become sick or injured and are unable to work. |
| Life Insurance | Pays a benefit on the death of insured and also accumulates cash value. |
| Property Insurance | Covers damage to your home, property, personal belongings, and other assets in your home. |
| Auto Insurance | A contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. |
| Liability | Protects you financially if you're responsible for someone else's injuries or property damage. |
| Collision | COverage that helps pay to repair or replace in an accident with another vehicle or object. |
| Comprehensive | Coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control. |
| Health Insurance | Pays most medical and surgical expenses and preventative care costs incurred by the insured costs in return for a monthly premium payment. |
| Health Insurance Networks | A list of doctors, hospitals, and other healthcare providers that a health insurance plan has agreements with. |
| PPO | Offers coverage for care from a network of selected doctors and hospitals. |
| HMO | Own buildings = Costs less |
| Health Care Providers | A licensed individual or organization authorized to deliver healthcare services, encompassing doctors, nurses, therapists, hospitals, clinics, and other healthcare facilities |
| Catastrophic Insurance | Helps cover really big, unexpected costs, like serious illnesses or accidents. |
| Salary | Money paid at regular times for work or services. |
| Wages | A payment usually of money for labor or services usually according to a contact and on an hourly, daily, or piecework basis. |
| Commissions | A payment made to employees based on the value of sales achieved. |
| Tips | Additional payment for good service. |
| Dividends | A sum of money paid regularly by a company to its shareholders out of its profits. |
| Benefits | Extra perks to encourage someone to join your organization, such as insurance coverage. |
| Fixed Expenses | Expenses that are the same each time you pay them. |
| Variable Expenses | Expenses that are different each month, such as groceries and gas. |
| Periodic Expenses | Expenses occurring at irregular times, such as car maintenance or college tuition, books, and fees. |
| FAFSA | An application for federal students aid. filling it out can help students pay for college or career school. |
| Scholarship | Financial educational support based on achievement |
| Grant | Financial education support based on need |
| Work Study | A college program that enables students to work part-time while attending school. |
| College/University | An institution of higher education and research which awards academic degrees in several academic disciplines. |
| Trade School | Any post-secondary educational institution that offers training for a specific job. |
| Apprenticeship | On the job training |
| Pay Stub | A document that's given to an employee each payday. It shows their total amount earned, less deductions for things like tax. |
| Gross PAy | An individual's total earnings before taxes or other deductions |
| Net Pay | The amount of money you bring home after taxes and deductions are taken out of your paycheck. |
| FICA | -Federal Insurance Contributions Act -Requires that wage earners contribute a portion of their earnings to fund the Social Security and Medicare |
| Mandatory Spending | Government spending required by congressional mandated laws. |
| Discretionary Spending | Money formally approved by Congress and the President during the appropriations process each year. |
| W-4 | IRS document you complete for your employer to determine how much should be withheld from your paycheck for income taxes. |
| I-9 | Used to verify the identity and employment authorization of individuals hired for employment in the United States. |
| W-2 | A wage and tax statement used to file a tax return that an employer must give to each employee every year by January 31st. |
| 1040 | Form used to file federal income taxes. |
| TC-40 | Form to file state income tax. |
| Standard Deduction | A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions. |
| Deductions | Items or expenses that can reduce the taxes a person owes in a given year. |
| Dependent | Someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more. |
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