Unit 7 Review

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Across
  1. 3. The maximum amount that an insurance company will cover
  2. 4. Recipient of the life insurance policy upon someone's death.
  3. 7. Money you put down to show that you are serious about buying a house
  4. 8. Replaces a portion of one’s income if they become unable to work due to illness or injury.
  5. 9. Amount you pay for an initial loss before insurance covers the rest
  6. 11. Payment The amount of money you initially put down on a house or a car.
  7. 14. Collection of funds that your mortgage company sets aside to pay for taxes and insurance.
  8. 15. A loan that you take on a house
  9. 17. Provides protection against financial losses resulting from injury, illness, and disability
  10. 18. How much you pay to keep an insurance policy
  11. 19. Combines property and liability insurance into one policy to protect a home from damage costs due to perils.
Down
  1. 1. Interest that is taken out of just the principal balance
  2. 2. Shows how much of your payment is going towards interest and the principal balance
  3. 5. Contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon the insured’s death.
  4. 6. Repaying your mortgage with another loan, but it’s typically used to get a new mortgage with lower interest rates.
  5. 10. How much you own on the house
  6. 12. Interest that builds of the principal amount and interest already charged.
  7. 13. Required to buy in case you do not put down 20% on your house. Goes away once you've paid off 20%
  8. 16. Insurance Provides protection against financial losses resulting in a car accident.