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Words To Know

Vocabulary - Get Insured

Bankruptcy

A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. A court’s determination of personal bankruptcy remains in a consumer’s credit record for 10 years.

Financial Literacy

The ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security.

Financial Security

Financial freedom from doubt, anxiety, or fear; a confident backup of funding in the form of assets or savings which can be used in a time of need.

Labor Union

An organization of workers formed for the purpose of advancing its members' interests in respect to wages, benefits, and working conditions.

Insurance

A risk management tool that protects an individual from specific financial losses under specific terms and premium payments, as described in a written policy document. Major types include.

Auto Insurance

Provides liability and property damage coverage under specific circumstances.

Disability Insurance

Replaces a portion of income lost when a person cannot work because of illness or injury.

Health Insurance

Covers specific medical costs associated with illness, injury, and disability.

Liability Insurance

Protects the insured party from others’ claims of loss due to the insured’s alleged or actual negligence or improper actions.

Life Insurance

Protects dependents from loss of income, debt-repayment, and other expenses after the death of the insured party.

Long-term Care Insurance

Covers specific costs of custodial care in a nursing facility or at home.

Renters Insurance

Protects from losses due to damage to the contents of a dwelling rather than the dwelling itself.

Medicaid

A program, financed by state and federal government tax revenues, to pay specified health care costs care for those who cannot afford them.

Overtime

Time worked over and above a person's regular or set working hours. Also: payment for work performed in such extra time.