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Personal Finance - Page Text Content

S: Personal Finance

BC: By: Alicia Miller

FC: Banking & Insurance Vocabulary

1: ATM - machine that provides cash & performs other banking services on insertion of a special card. | ATM Card - card issued by a bank, credit union, or building society that can be used at an ATM for deposits, withdrawals, account information, & other types of transactions.

2: Bank Statement - printed record of the balance in a bank account & the amounts that have been paid into it & withdrawn from it, issued periodically to the holder of the account.

3: Cashier's Check - check issued by the officer of a bank on the bank's own account.

4: Certified Check - a check guaranteed by a bank.

5: Commercial Bank - bank that offers services to the general public & to companies.

6: Credit Union - nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.

7: EFT - computer-based systems used to perform financial transactions electronically.

8: Endorse - to write one's signature on the bank of a check, or other items as evidence of the legal transfer of it's ownership.

9: FDIC - federally sponsored corporation that insures accounts in national banks & other qualified institutions.

10: Money Order - printed order for payment of a specified sum, issued by a bank or post office.

11: Mutual Savings Bank - state-charged savings bank owned by it's depositors & managed by a board of trustees.

12: Traveler's Checks - check for a fixed amount that can be cashed or used in payment after endorsement with the holder's signature.

13: Appraisal - an act of assessing something or someone.

14: Beneficiary - person who derives advantage from something, especially a trust, will, or life insurance policy.

15: Co-payment - payment defined in the insurance policy & paid by the insured person each time a medical service is assessed.

16: Deductible - able to be deducted, especially from taxable income or tax to be paid.

17: Dependent - a spouse or children (whether natural, adopted, or step) of an insured.

18: Depreciation - reduction in the value of an asset with the passage of time, due in particular to wear & tear.

19: No-fault Auto Insurance - form of auto insurance required by law in some states that's designed so that auto victims of auto accidents collect from their own insurance companies.

20: Policyholder - person or group in whose name an insurance policy is held.

21: Premium - an amount to be paid for an insurance policy.

22: Property Damage Liability - type of insurance coverage that pays for the policyholder's monetary loss if they are found liable for damages to a third party.

23: Term Life Insurance - life insurance which provides coverage at a fixed rate of payments for a limited period of time.

25: Whole Life Insurance - insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire life time of the insured.

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  • By: leecy m.
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  • Title: Personal Finance
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  • Published: about 5 years ago

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