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Glossary of ABeka Consumer Math - Bold Words

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liability insurance
One of the three major types of car insurance; it is divided into bodily injury and property damage
premium
the insurance payment made monthly by the owner to the insurance company
deductible
a provision, ranging from $50 to $1,000, that reduces clerical work and keeps down the volume of claims; when you have a deductible, you pay the amount of the deductible on your collision insurance and the insurance company will pay the balance of the bill
installments
equal monthly payments
installment charge
this is added to the cost of the car if installments were made; it includes the interest on the money being borrowed and the handling fee for the extra paper work required for the use of the installment plan.
warranty
a consumer protection against having to pay for car repairs during a stated period of time.
options
expensive features that are additional but not necessary
registration fee
cost of the license plate
collision insurance
this pays for the cost of repairs to your car if you are involved in an accident which is your fault.
comprehensive insurance
this covers losses not related to traffic accidents; some causes of such losses are the following; fire, theft, vadalism, flood, explosion, earthquake, windstorm, lightning, hail, falling objects, and collision with a bird or animal
annual operating cost
this includes the sum of all annual expenses, including the average annual depreciation and the annual interest charge

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