Glossary

Term of the Week: Creditworthiness

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Credit Score

A person’s credit score represents his/her creditworthiness, or the likelihood that he/she will pay his/her bills.

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Creditworthiness (Credit Risk)

Creditworthiness, or credit risk, refers to the likelihood that a person will pay his/her bills.

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Death Benefit

Death benefit refers to the amount on a life insurance policy that is payable to the beneficiary when the insured passes.

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Debt Consolidation Loan

A debt consolidation loan is a loan taken out to consolidate multiple debts owed into one single loan.

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Derogatory

Derogatory refers to information on a person’s credit report that can be legally used to turn down a loan application.

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Education Savings Account (ESA)

An education savings account is a tax-deferred trust created by an adult for the benefit of a minor’s educational expenses.

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Equity Indexed Annuity

An equity indexed annuity is an annuity in which revenues are related to specified equity indexes.

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Escrow

An escrow is a deposit of funds by one party for the delivery to another upon fulfillment of contractually-agreed upon conditions.

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Estate

Estate refers to all the property that a person owns.

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Estate Planning

Estate planning is the preparation taken for assets of an individual upon his/her death.

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