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Ch. 14 Insurance and Investment issues, Key Terms - Coggle Diagram
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Key Terms
churning
an illegal practice of encouraging insureds (consumers) to switch policies in order to generate commissions
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annuities
contracts in which the insurer promises the insured a series of periodic payments and are a type of investment that provides investors with tax-deferred growth
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adjuster
a person who determines the amount of claim, loss, or damage payable under a contract and should be properly licensed.
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diversification
the spreading of money over several categories of investments such as bonds, blue-chip stocks, small and large companies, foreign shares, real estate, and real estate, and real estate investment trusts (REITs)
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Ponzi schemes
a kind of pyramid scheme with enticing come-ons that promise to make huge profits from small investment in a very short time
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Property insurance
pays for losses to homes and personal property due to theft, fire, vandalism, natural disaster, or another cause.
investment
the commitment of funds to long-term growth, and the purpose of investing is to build comfortable in retirement or in midlife and to acquire funds for vacations
liability insurance
pays for losses from negligence resulting in bodily injury or property damage to others for which the policyholder is responsible; all homeowners' policies provide liability coverage
insurance
a financial arrangement between individuals and insurance companies to protect against loss or injury, and it provides peace of mind
life insurance
a contract between a policyholder and an insurer that says what sum will be paid to beneficiaries on the insured's death.
indirect investments
investing with a group of investors to own real estate investment trust, apartment buildings, or office buildings
Medicaid
a state-run program that provides hospital and medical coverage for people with low income and little or no resources
Medicare
the federal health insurance program for people age 65 or older and for people with certain disabilities
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real estate
a piece of land and everything related to it, including houses, landscaping, and fencing, plus the right to the airspace above, and the earth below (with limits)
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time-shares
apartments, units, or home with several owners that are normally used for vacation purposes
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