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All terms starting with "S"
A special motor vehicle title for a car that has p … moreA special motor vehicle title for a car that has previously been written off as a total loss by a car insurance company.
In some states, this may be called a "branded title" or a "salvage certificate." In general, an inspection or other proof of repairs is necessary to get license plates for a car with a salvage title.
In some states, this may be called a "branded title" or a "salvage certificate." In general, an inspection or other proof of repairs is necessary to get license plates for a car with a salvage title.
If your insurance company declares your car to be … moreIf your insurance company declares your car to be a total loss, you are permitted to keep the car, but the insurer will deduct its salvage value -- what they would have gotten selling the car to a junkyard -- from any benefit they pay you.
Lists of assets and liabilities that must be filed … moreLists of assets and liabilities that must be filed by a debtor, collectively called schedules, in order to begin a bankruptcy case.
A credit card obtained by using a cash deposit or … moreA credit card obtained by using a cash deposit or other collateral to guarantee the credit card. The credit limit is based upon the amount of deposit or collateral.
Secured debts are liens created by a recognizable … moreSecured debts are liens created by a recognizable legal agreement between a debtor and a creditor, or an involuntary lien such as a judgment or tax lien.
Something of value that is pledged to pay off a lo … moreSomething of value that is pledged to pay off a loan or debt if payments aren't made according to the agreement. Also called collateral.
Technical computer lingo for Secure Electronic Tra … moreTechnical computer lingo for Secure Electronic Transaction protocol, which is an encryption method designed to allow secure electronic transactions over the internet between cardholders, merchants, and credit card companies.
The third stage of credit card transactions: Once … moreThe third stage of credit card transactions: Once a merchant has batched the day's receipts, the credit card network takes (debits) the money from the credit card company associated with each transaction and gives (credits) it to the merchant. Also called Clearing and Settlement.
Some cards will charge a fee whenever you use them … moreSome cards will charge a fee whenever you use them to buy something that requires a signature on the receipt and does NOT require your card's PIN.
Signature-based transactions are by far the most popular type of transaction.
Signature-based transactions are by far the most popular type of transaction.
Criminals can steal credit card information by swi … moreCriminals can steal credit card information by swiping a card through a handheld electronic device, or by placing a skimming device alongside a regular credit card reader. Skimmed credit card numbers can then be used for cloning counterfeit cards.
Smart chip technology is an advanced form of payme … moreSmart chip technology is an advanced form of payment verification that adheres to EMV standards and relies on a computer chip embedded within a credit card for payment authorization. Both chip and pin credit cards and chip and signature credit cards are included under this umbrella term. Until the United States fully migrates to EMV, smart cards will be hybrids that contain both embedded computer chips and magnetic stripes.
A "certificate of financial responsibility" filed … moreA "certificate of financial responsibility" filed with the state by an insurance company to verify that a driver has a car insurance policy that satisfies the state minimum levels of coverage.
An SR-22 is typically required after a serious traffic violation or driver's license suspension.
Learn more about SR-22 certificates of responsibility.
An SR-22 is typically required after a serious traffic violation or driver's license suspension.
Learn more about SR-22 certificates of responsibility.
Your credit worthiness, as described in your credi … moreYour credit worthiness, as described in your credit report as the type of credit account and your payment history.
The period of time after an event occurs in which … moreThe period of time after an event occurs in which legal action based on that occurrence can be brought forth. Statutes of Limitations are common for certain crimes, lawsuits and financial transactions.
Statutes of Limitations vary by state and by the type of event in question. For example, lenders and collections agencies have to mind statutes of limitations when seeking to collect debt. Once a certain amount of time has elapsed since the last debt payment was made, collection efforts must be ceased. The exact length of time varies from 3-10 years for debt collections, depending on the state.
Statutes of Limitations vary by state and by the type of event in question. For example, lenders and collections agencies have to mind statutes of limitations when seeking to collect debt. Once a certain amount of time has elapsed since the last debt payment was made, collection efforts must be ceased. The exact length of time varies from 3-10 years for debt collections, depending on the state.
A security representing ownership in a corporation … moreA security representing ownership in a corporation. Stocks can be bought and sold, and if a company is profitable, stock holders receive annual dividends representing their respective ownership stake in the company.
There are three different types of stock: common stock, preferred stock, and capital stock. Stocks are traded on a number of different national and international exchanges, including the New York Stock Exchange, the Nasdaq Stock Exchange, and the Tokyo Stock Exchange.
There are three different types of stock: common stock, preferred stock, and capital stock. Stocks are traded on a number of different national and international exchanges, including the New York Stock Exchange, the Nasdaq Stock Exchange, and the Tokyo Stock Exchange.
Cards with a prepaid spending amount, such as call … moreCards with a prepaid spending amount, such as calling cards and gift cards.
Incentive programs that allow debt from federal ed … moreIncentive programs that allow debt from federal education loans to be waived as a result of the debtor working in a certain high-need field.
Examples of jobs that would qualify for student loan forgiveness are teachers in low-income neighborhoods, teachers specializing in understaffed subject areas, social workers, and Peace Corps volunteers.
Examples of jobs that would qualify for student loan forgiveness are teachers in low-income neighborhoods, teachers specializing in understaffed subject areas, social workers, and Peace Corps volunteers.
One party assuming the legal rights of another par … moreOne party assuming the legal rights of another party to collect a debt or damages.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.
Insurance companies use subrogration to recover funds from another individual or insurer that you or your insurance company have already paid. One common example of this is when your own insurer pays a claim before fault has been determined in an auto accident. Insurance companies also use subrogation when the insurer who pays out for a claim is not the primary source of insurance for that loss.
Learn more about subrogation.