KEYTERMS TOPIC 10

BENEFIT
A government payment made to individuals who meet specific conditions to help them meet their living expenses. For example, people who are unemployed, unable to work because they care for a disabled person.
1 of 24
BUDGET
A plan of expected incomings and outgoings over a set time period such as a month.
2 of 24
CITIZENS ADVICE
A charity providing free, independent, confidential and impartial advice on citizens’ and consumers’ rights and responsibilities.
3 of 24
CREDIT CARD
A card that allows the holder to make purchases face to face, online or over the phone, and to withdraw cash from an ATM. Unlike a debit card, where the money is taken from the holder’s own account, transactions are paid by the card provider.
4 of 24
DISCRETIONARY EXPENDITURE
Voluntary spending on products and services that people want now, and savings towards items they aspire to buy in the future.
5 of 24
ESSENTIAL EXPENDITURE
Spending on items required to live, eg rent or mortgage repayments, food and drink, water supplier, gas and electricity.
6 of 24
FINANCIAL OMBUDSMAN SERVICE
An independent body set up by Parliament that settles customer complaints about providers at no charge to consumers.
7 of 24
FRONTING
A fraudulent method of lowering car insurance costs by naming a person as the main driver on a policy when they are not.
8 of 24
GENERAL INSURANCE
A broad category of insurance that provides protection against financial losses associated with events such as car accidents (motor insurance), loss of or damage to a home or its contents (buildings and home contents insurance).
9 of 24
HEALTH INSURANCE
Products used to protect against the financial loss of being too unwell to work or being diagnosed with a critical illness.
10 of 24
INDIVIDUAL SAVINGS ACCOUNT
An account that pays interest tax-free on savings up to a certain level. There are two types of ISA: cash ISAs and stocks and shares ISAs. Junior ISAs are available for people under 18.
11 of 24
INHERITANCE
The property, money, etc, passed from one person to another upon death.
12 of 24
INSURANCE CERTIFICATE
A document issued by an insurance provider that verifies the existence of coverage for the policyholder, and offers a summary of the cover given.
13 of 24
LIFE COVER
Products designed to protect other people from the financial consequences of someone’s death. Also called life assurance.
14 of 24
MANDATORY EXPENDITURE
Compulsory outgoings; they do not necessarily apply to everyone but if they do apply, they must be paid.
15 of 24
MONEY ADVICE SERVICE
A consumer information service set up by the government to help people make informed financial decisions.
16 of 24
MORTGAGE
A loan taken out to pay for a property, usually over a long term such as 25 years.
17 of 24
NO CLAIMS DISCOUNT
An discount on the insurance premium that builds up for each year a person does not make a claim.
18 of 24
PENSION POLICY
A product that enables people to save money for their retirement.
19 of 24
PREMIUM
The price of an insurance policy, based on factors including how likely an 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 the premium is paid.
20 of 24
REDUNDANCY
Losing a job because the business no longer needs, wants or can afford that job to be done; it is related to the needs of the business and not to how well or badly an individual does their job.
21 of 24
SUM INSURED
The maximum amount an insurance provider will pay out.
22 of 24
THIRD PARTY INSURANCE
Insurance that covers damage that the policyholder causes to someone else (the ‘third party’) or to their property but does not cover the policyholder for any injury or loss that they suffer themselves.
23 of 24
VOLUNTARY EXCESS
The excess is the amount paid on any claim by the policyholder before the insurance company will pay anything. A compulsory excess is usually set by the insurance company, but consumers can opt for a higher voluntary excess in exchange.
24 of 24

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 citizens’ and consumers’ rights and responsibilities.

Back

Preview of the back of card 3

Card 4

Front

A card that allows the holder to make purchases face to face, online or over the phone, and to withdraw cash from an ATM. Unlike a debit card, where the money is taken from the holder’s own account, transactions are paid by the card provider.

Back

Preview of the back of card 4

Card 5

Front

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

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business resources:

See all Business resources »See all KEYTERMS resources »