Education

• What is insurance? 
            Coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the term of contract.
  
  
• What is risk?
            Exposure to the chance of injury or loss; a hazard or dangerous chance.
  
  
• 401(k)
            A savings plan that allows employees to contribute a fixed amount of income to a retirement account and to defer tax until withdrawal.
  
  
• Annuity
            A financial product sold by financial institutions that is designed to accept and grow funds from individual and then, upon annuitization, pay out a stream of payment to the individual at a later point of time.
  
  
• Permanent Life Insurance
            This is an umbrella term for life insurance plans that do not expire(unlike term life insurance) and combine a death benefit with a saving portion. This savings portion can build a cash value against which the policy owner can borrow funds, or in some instances, the owner can withdrawal the cash value to help meet future goals, such as paying for a child's college education. The two main types of permanent life insurance are whole and universal life insurance policy.
  
  
• Term Life Insurance
            A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term-life insurance policy or let the coverage end.
  
  
• Auto Insurance
            A policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premium to an auto insurance company.