Flashcards
CeFS key terms Topic 10
Flashcards do conjunto (24)
- 1BenefitA government payment made to individuals who meet specific conditions to help them meet their living expenses ie unemployed, disabled etc
- 2BudgetA plan of expected incomings and outgoings over a set time period such as a month
- 3Citizens AdviceA charity providing free, independent, confidential and impartial advice on citizens/ and consumers/ rights and responsibilities
- 4Credit cardA card that allows the holder to make purchases face to face, online or over the phone, and to withdraw cash from an ATM. Unlike a debit card, transactions are paid by the card provider. The card holder repays the amount owed to the provider either in one payment or in instalments. The provider charges interest on cash withdrawals from the time the withdrawal is made and on purchases after a certain period
- 5Discretionary ExpenditureVoluntary spending on products and services that people want now, and savings towards items they aspire to buy in the future
- 6Essential expenditureSpending on items required to live, eg rent or mortgage repayments, food and drink, water supplier, gas and electricity
- 7Financial Ombudsman Services (FOS)An independent body set up by Parliament that settles customer complaints about providers at no charge to consumers
- 8FrontingA fraudulent method of lowering car insurance costs by naming a person as the main driver on a policy when they are not
- 9General insuranceA broad category of insurance that provides protection against financial losses associated with events such as car accidents, loss of or damage to a home or its contents, problems with a holiday and vet bills
- 10Health insuranceProducts used to protect against the financial loss of being too unwell to work or being diagnosed with a critical illness
- 11InheritanceThe property, money, etc, passed from one person to another upon death
- 12Insurance certificateA document issued by an insurance provider that verifies the existence of coverage for the policyholder, and offers a summary of the cover given
- 13Individual savings account (ISA)An account that pays interest tax-free on savings up to a certain level. There are two types of ISA: cash ISAs and stocks and shares ISAs. Junior ISAs are available for people under 18
- 14Life coverProducts designed to protect other people from the financial consequences of someone's death. Also called life assurance
- 15Mandatory expenditureCompulsory outgoings; they do not necessarily apply to everyone but if they do apply, they must be paid
- 16Money Advice ServiceA consumer information service set up by the government to help people make informed financial decisions
- 17MortgageA loan taken out to pay for property, usually over a long term such as 25 years
- 18No claims discountA discount on the insurance premium that builds up for each year a person does not make a claim
- 19Pension policyA product that enables people to save money for their retirement
- 20PremiumThe price of an insurance policy, based on factors including how likely an event is to occur, the amount of money needed to rectify the situation should the event happen, the length of time the policy will be in force, and how the premium is paid
- 21RedundancyLosing a job because the business no longer needs, wants or can afford that job to be done; it is related to the needs of the business and not to how well or badly an individual does their job
- 22Sum insuredThe maximum amount an insurance provider will pay out
- 23Third-party insuranceInsurance that covers damage that the policyholder causes to someone else (the "3rd party") or to their property but does not cover the policyholder for any injury or loss that they suffer themselves
- 24Voluntary excessThe excess is the amount paid on any claim by the policyholder before the insurance company will pay anything. A compulsory excess is usually set by the insurance company, but consumers can opt for a higher voluntary excess in exchange for a lower premium
Informações
- Descrição
- FlashCards sobre CeFS key terms Topic 10, criado por palacey em 26-11-2013.
- Criado por
- palacey · nov 2013
- Atualizado
- 19 fev 2016
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