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Car Detail

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Tags and Description

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477 Terms

1

Car Detail

A service provided by specialists who clean and polish the outside as well as clean and treat the interior of a car.

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2

Car Registration

A license tag fee that must be renewed annually.

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3

Car Title

A legal document that establishes ownership of the vehicle.

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4

Car-Buying Service

A service that allows you to choose the vehicle features you want, and a professional car buyer takes over the price negotiation for you.

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5

Classic Cars

Older vehicles in excellent condition that appreciate if valued as collectors' items.

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6

Dealer Add-Ons

High-priced, high-profit dealer services that add little or no value to an automobile.

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7

FTC Rule

Requires that dealers fully disclose to buyers what is and is not covered under warranty for the used vehicle.

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8

Hybrid

A type of vehicle that uses alternate energy sources, such as natural gas or battery power, in addition to gasoline.

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9

Invoice Price

The price the dealer paid for a car.

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10

Lemon

A car with substantial defects that the manufacturer has been unable to fix after repeated attempts.

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11

Lemon Laws

Laws that protect consumers from the consequences of buying a defective car.

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12

Oxidize

A chemical reaction with air that causes paint to lose its color and shine.

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13

Polishing Compound

A substance that can smooth out surface scratches, scuffs, and stains.

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14

Preapproval

The process of getting a new- or used-car loan prearranged through your bank or credit union.

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15

Sticker Price

The manufacturer's suggested retail price (MSRP) shown on the tag in the car's window.

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16

Upholstery

The seat-covering material in a car.

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17

Vehicle Emission Test

A test to verify that a vehicle meets the minimum clean-air standards.

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18

Vehicle Identification Number (VIN)

An alphanumeric number that identifies each vehicle manufactured or sold in the United States.

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19

Assigned-Risk Pool

A group of people who are unable to obtain automobile insurance due to high risk

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20

Collision Coverage

Automobile insurance that protects your own car against damage from accidents

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21

Comprehensive Coverage

Automobile insurance that protects you from damage to your car from causes other than collision or vehicle overturning

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22

No-Fault Insurance

Automobile insurance in which drivers receive reimbursement from their own insurer, no matter who caused the accident

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23

Personal Injury Protection (PIP)

Automobile insurance that pays for medical, hospital, and funeral costs of the insured's family and passengers, regardless of fault

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24

Umbrella Liability Insurance

A supplement to your basic auto and property liability coverage that expands limits and includes additional risks

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25

Uninsured/ Underinsured Coverage

Automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay

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26

Attractive Nuisance

A dangerous place, condition, or object that is particularly attractive to children

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27

Co-insurance Clause

A provision requiring policyholders to insure their building for a stated percentage of its replacement value to receive full reimbursement for a loss

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28

Endorsement

A written amendment to an insurance policy

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29

Homeowner's Policy

Insurance that protects property owners from property and liability risks

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30

Liability Coverage

Insurance to protect against claims for bodily injury to another person or damage to another person's property

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31

Personal Property Floater

Insurance coverage for the insured's movable property wherever it may be located

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32

Renter's Policy

Insurance that protects renters from property and liability risks

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33

Uninvited Guest

A person presumed to have permission to be on your property

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34

HMO

A group plan offering prepaid medical care to its members.

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35

Basic Health Coverage

Coverage for medical, hospital, and surgical costs.

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36

Group Insurance

Health insurance obtained through employers in which all insured have the same coverage and pay a set premium.

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37

Major

Coverage against catastrophic expenses of a serious injury or illness.

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38

Stop-Loss Provision

An insurance clause that caps or sets a maximum that the insured has to pay during any calendar year.

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39

Health Insurance

A plan for sharing the risk of high medical costs resulting from injury or illness.

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40

COBRA

A law that allows insurance to continue after employment ends.

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41

Flex 125 Plan

An employee benefit program that allows employees to set aside pretax money for deductibles and co-payments.

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42

Portability

The feature that allows a group policy to be converted into an individual policy.

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43

Term Life Insurance

A life insurance policy that remains in effect for a specified period of time.

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44

Double Indemnity

A rider that allows the beneficiary to be paid double the face amount of the insurance policy in the event of accidental death.

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45

Disability Insurance

An insurance plan that makes payments to replace income lost when illness or injury prevents the insured from working.

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46

Incontestable Clause

A provision that prevents denial of coverage after a period of time.

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47

Permanent Life Insurance

Life insurance that remains in effect for the insured's lifetime and builds a cash value.

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48

Life Insurance

Insurance that provides funds to the beneficiaries when the insured dies.

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49

Cash Value

The savings accumulated in a permanent life insurance policy.

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50

On-Campus

Dormitory, Co-op

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51

Off-Campus

Apartment, House, Duplex, Condo

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52

Security Deposit

A refundable amount paid in advance to protect the owner against damage or nonpayment

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53

Planning Your Moving

Having savings Have income Have supplies Think ahead Make reservations and plans

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54

Bundling

Combining services into one package

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55

Renting

The process of using another person's property for a fee

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56

Landlord

The owner, or owner's representative, of rental property

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57

Tenant

A person who rents property

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58

Lessor (Landlord)

Person responsible for the property

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59

Lessee (Tenant)

Person who will take possession of the property

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60

Rental Agreement (Month-to-Month Agreements)

A written agreement that allows you to leave anytime as long as you give the required notice

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61

Rental Inventory

A detailed list of current property conditions

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62

Landlord Obligations

Locks Window guards for child protection Health, Safety, and maintenance standards

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63

Advantages of Home Ownership

Value and equity Quality of life Tax savings

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64

Market Value

What a ready and willing buyer and a ready and willing seller would agree upon as the price

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65

Appraised Value

The recent selling price of a similar home in your area is a good estimate of the current value of your home.

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66

Assessed Value

It is usually a percentage of market value. Used to determine property tax (determined by municipality).

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67

Equity

The difference between the market value of property and the amount owed on it.

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68

Down Payment

(10-20% of purchase price) The most common sources of down payment money are personal savings and informal loans from parents or relatives.

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69

mortgage

A loan to purchase real estate

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70

Types of Mortgages

Fixed-rate mortgages & Adjustable-rate mortgages

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71

Adjustable-rate mortgages

(ARM) a mortgage for which the interest rate changes in response to the movement of interest rates in the economy as a whole.

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72

Fixed-rate mortgages

A mortgage on which the interest rate does not change during the term of the loan.

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73

Closing Costs

Typically $3,000-$5,000

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74

Home Ownership Costs

Property Taxes,Property Insurance,Utilities, and Maintenance & Repairs

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75

Deductible

The specified amount of a loss that you (the insured) will have to pay.

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76

Economic Risk

A risk that may result in gain or loss because of changing economic conditions.

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77

Indemnification

Putting the policyholder back in the same financial condition he or she was in before a loss occurred.

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78

Insurable Interest

Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially.

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79

Insurable Risk

A pure risk that is faced by a large number of people and for which the amount of the loss can be predicted.

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80

Insurance

A method for spreading individual risk among a large group of people to make losses more affordable for all.

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81

Liability Risk

The chance of loss that may occur when your errors or actions result in injuries to others or damages to their property.

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82

Personal Risk

The chance of loss involving your income and standard of living.

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83

Premium

The fee paid at regular intervals by the owner of an insurance policy.

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84

Property Risk

The chance of loss or harm to personal or real property.

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85

Pure Risk

A chance of loss with no chance for gain.

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86

Risk Assessment

Understanding the types of risk you will face and their potential consequences.

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87

Risk Assumption

Accepting the consequences of risk by self-insuring to absorb the loss.

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88

Risk Avoidance

Lowering your chance of loss by not doing high-risk activities.

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89

Risk Management

An organized strategy for controlling financial loss from pure risks and insurable risks.

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90

Risk Reduction

Taking measures to lessen the frequency or severity of losses that might occur.

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91

Risk Shifting

Transferring risk by buying insurance to cover potential losses.

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92

Speculative Risk

A risk that may result in either gain or loss.

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93

Money Market Fund

A mutual fund that invests in safe liquid securities.

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94

Global Fund

A mutual fund that purchases international stocks and bonds as well as U.S. securities

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95

Growth Fund

A mutual fund whose goal is to buy stocks that increase in value over time.

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96

Prospectus

The legal document that offers securities or mutual fund shares for sale.

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97

Income Fund

A mutual fund whose investment goal is to produce current income in the form of interest or dividends

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98

Index Fund

A mutual fund that tries to match the performance of a particular index.

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99

Load

The sales fee charged for buying mutual funds.

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100

Balanced Fund

A mutual fund that minimizes risk by investing in a mixture of stocks and bonds.

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