Customer Service 2 - Finance & Insurance
Quiz by Abner Santos
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- Q1
A __________ is a type of loan used to purchase or maintain a home, plot of land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property itself serves as collateral to secure the loan
Home equity loan
Home equity line of credit
Lease
Mortgage
30s - Q2
__________ refers to the state of being legally responsible for something. It can also mean a thing for which someone is responsible, especially an amount of money owed or a risk taken.
Liability
Parent or guardian
Co-signer
Power of attorney
30s - Q3
A(n) ______ is a company used by lenders or creditors to recover funds that are past due or from accounts that are in default. These agencies work closely with lenders to try to retrieve delinquent funds. They are regulated by the Fair Debt Collection Practices Act (FDCPA) and follow rules about what they can and cannot do to retrieve funds.
LLC
Sole Proprietorship
Shell Company
Collection Agency
30s - Q4
A(n) ______ is a monthly report that summarizes the financial transactions between a customer and a company during a specific period. It includes all the purchases, payments, fees, and interest charged to the account during the billing cycle and other relevant information. These reports are typically issued at the end of each monthly billing cycle and can be received by mail or online.
Financial statement
Billing statement
Accounts report
Credit report
30s - Q5
A(n) __________ is an amount paid for a contract of insurance. In insurance, it represents the cost of coverage.
Co-pay
Out-of-pocket amount
Premium
Co-insurance
30s - Q6
A(n) __________ is a written statement made under oath or affirmation, typically used as evidence in legal proceedings. It is a formal declaration of facts, often signed before a notary public or other authorized official.
Vow
Affidavit
Contract
Notarized signature
30s - Q7
A(n) ______ is a legal document that outlines an individual's preferences regarding medical treatment and care in case they become unable to communicate their wishes. It includes instructions about life-sustaining treatments, organ donation, and other healthcare decisions.
Will
Sworn affidavit
Doctor's note
Advanced directive
30s - Q8
A(n) __________ is a person who signs a loan, a rental agreement, or credit application alongside the primary borrower. This person agrees to be equally responsible for repaying the debt if the primary borrower defaults.
Guardian
Insurer
Guarantor
Co-signer
30s - Q9
Foreclosure is a legal process through which a lender takes possession of a property due to the borrower's failure to make mortgage payments. It typically results in the sale of the property to recover the outstanding debt.
truefalseTrue or False30s - Q10
Equity represents the ownership interest in an asset, such as a home or business. It is the difference between the market value of the asset and any outstanding debts or liabilities related to it.
For example: my house is worth $200,000. I still owe the bank $50,000 in mortgages. I have an equity of $150,000 on the property.
truefalseTrue or False30s - Q11
A wire transfer is an electronic transfer of funds from one person to another. It is commonly used for large transactions, international payments, or urgent transfers.
falsetrueTrue or False30s - Q12
A routing number is a unique numerical code assigned to the client of financial institution, such as a person or a business. It is used for identifying the person or business during electronic transactions.
falsetrueTrue or False30s - Q13
A __________ account refers to an account on which payments are overdue or past due. It can apply to various types of debts, such as credit cards, loans, or utility bills. Often, an account receives that classification after 30 days of past due.
Users re-arrange answers into correct orderJumble60s - Q14
__________ are resources owned by an individual, company, or organization. They can include cash, property, investments, equipment, and other valuable items.
Users re-arrange answers into correct orderJumble60s - Q15
The account cycle refers to the regular sequence of financial activities related to an account, such as billing, payments, and reporting. It typically follows a monthly or periodic schedule.
truefalseTrue or False30s