flvs fin lit - MODULE 4: Investing, Insuring, and Planning Review

Real return

Amount earned from investment after taxes, administrative costs, and inflation

Identity theft

Use of someone else's personal info (SS) to open new accounts, make purchases, or get tax refund

Digital footprint

Data a person leaves behind while online

Shoulder surfing

Spying on a person using a computer/device to access private info

Estate planning

Allocating one's assets (money, property, investments, etc) for distribution after one's death

Phishing

Email attempts to steal personal info

Inheritance

Money or assets willed to individuals when someone passes

Executor

Person responsible for carrying out/administering a will

Beneficiary

Person named in an insurance policy or will that may receive services or money

Fiduciary

Person responsible for managing financial arrangements for another person

Insurance policy

Contract with company for certain benefits in event of a loss, in exchange for regular payments (premiums)

Premium

Amount of money paid by the insured (person) over a period of time to the insurer (company) in order to cover a risk

Deductible

Set amount of money that insured must pay out of pocket before insurance coverage will apply

Digital currency

Electronic currency