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2: Bank Statement - printed record of the balance in a bank account & the amounts that have been paid into it & withdrawn from it, issued periodically to the holder of the account.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