CeFs - Unit 1 Topic 10

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  • Created on: 16-03-14 17:07
A government payment made to individuals who meet specific conditions to help them meet their living expenses. Examples of this would be unemployed people or someone who is caring for a disabled person or have a disability themselves.
Benefits
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A plan of expected incomings and outgoings over a set time period such as a month
Budget
2 of 24
A charity providing free, independent, confidential and impartial advice on consumers' rights and responsibilities.
Citizens Advice
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Card allows people to make various transactions (face-to-face, phone, online etc.) can withdraw from ATM. Money is borrowed from provider & paid back either in one repayment or instalments. Charged interest after a certain time period.
Credit Card
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Voluntary spending on products and services that people want now, and savings towards items the aspire to buy in the future.
Discretionary Expenditure
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Spending on items required to live e.g. rent or mortgage repayments, food and water, utility items (electricity, water etc.)
Essential Expenditure
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An independent body set up by parliament that settles customer complaints about providers at no charge to consumers
Financial Ombudsman Service
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A fraudulent method of lowering car insurance costs by naming a person as the main driver on a policy when they are not
Fronting
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A broad category of insurance that provides protection against financial losses associated with events such as car crashes (motor insurance), loss or damage to home/contents (buildings and home contents insurance) etc.
General Insurance
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Products used to protect against the financial loss of being too unwell to work or being diagnosed with a critical illness.
Health Insurance
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The property, money, etc. passed from one person to another upon death
Inheritance
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A document issued by an insurance provider that varieties the existence of the coverage of the policyholder and offers a summary of the coverage given.
Insurance Certificate
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An account that pays interest tax-free on savings up to a certain level. There are two types either Cash or Stocks and Shares. There are also Junior ones available for under 18's.
Individual Savings Account
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Products designed to protect other people from financial consequences of someone's death.
Life Cover (Life Assurance)
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Compulsory outgoings; they do not necessarily apply to everyone but if they do, they must be paid.
Mandatory Expenditure
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A consumer information service set up by the government to help people make informed financial decisions.
Money Advice Service
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A loan taken out to pay for a property, usually over a long term such as 25 years.
Mortgage
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A discount on the insurance premium that builds up for each year that a person does not make a claim.
No Claims Discount
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A product that enables people to save money for retirement.
Pension Policy
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The price of an insurance policy, based on factors including how likely the event is to occur, the amount of money needed to rectify the situation should the event happen, the length of time the policy will be in force and how it is paid.
Premium
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Losing a job because the business no longer needs, wants or can afford for that job to be done; it is related to the needs of the business and not how well or badly an individual does their job.
Redundancy
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The maximum amount the insurance provider will pay out.
Sum Insured
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Insurance that covers damage that the policyholder causes to someone else or to their property but does not cover the policy holder for any injury or loss that they suffer themselves
Third-party Insurance
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The amount paid on any claim by the policy holder before the insurance company will pay anything. A compulsory excess is usually set by the insurance company but consumers can opt to pay more in order for a lower premium.
Voluntary Excess
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Other cards in this set

Card 2

Front

A plan of expected incomings and outgoings over a set time period such as a month

Back

Budget

Card 3

Front

A charity providing free, independent, confidential and impartial advice on consumers' rights and responsibilities.

Back

Preview of the front of card 3

Card 4

Front

Card allows people to make various transactions (face-to-face, phone, online etc.) can withdraw from ATM. Money is borrowed from provider & paid back either in one repayment or instalments. Charged interest after a certain time period.

Back

Preview of the front of card 4

Card 5

Front

Voluntary spending on products and services that people want now, and savings towards items the aspire to buy in the future.

Back

Preview of the front of card 5
View more cards

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