MoneyU Glossary of Terms


MoneyU Glossary of Terms


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PLANNING

Beneficiary

The person who receives the benefits or gifts from an estate, insurance policy, IRA, pension plan, or trust.

Capital

Economic resource or resources that can be used to generate economic wealth.

Charity

The voluntary provision of money, materials, or help to people in need.

Cost/benefit analysis

Tool used to choose among alternatives involves weighing the cost of a product or service against the benefit it will provide.

Health Insurance

Insurance against loss by illness or bodily injury. It provides coverage for medicine, visits to the doctor or ER, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the person.

HomeownerÔÇÖs Insurance

Insurance that combines liability insurance and hazard insurance. Most mortgage lenders require it.

Income

A person's total earnings from employment, investments and dividends.

Income Sources

All of the places from which you receive income. This can include a summer or part-time job, your parents, scholarships, grants, student loans, and trust funds.

Liability

Liability refers to the responsibility for charges to an account. Generally, a cardholder agrees to be liable for any charges to his or her account, including purchases, fees, and finance charges. If the cardholder allows someone else to make charges to his or her account (through, for example, an additional card), the cardholder is still responsible for paying the bill. Two people who apply for a card together may both be responsible for the entire balance. Your liability is described in the cardholder agreement you receive from the issuer. Be sure to read it carefully.

Life Insurance

A contract whereby the insured pays premiums, and when the insured dies, an agreed-upon sum of money is paid to a beneficiary.

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