Unit 7 Modeling and Practice Guide: ● Insurance ● Insurability ● Deductible ● Premium ● Coverage Limits ● Shared Liability ● Asset Protection ● Risk ● Truth in Lending Act ● Consumer Protection Legislation ● Identity Theft ● Investment Scams ● Pyramid Sch

Unit 7 Modeling and Practice Guide Part 1: Vocabulary Directions: Make sure you understand and could explain each term in your own words. Optional: Write out definitions or make flashcards for ter ms you are struggling with or want to study more. ● Insurance ● Insurability ● Deductible ● Premium ● Coverage Limits ● Shared Liability ● Asset Protection ● Risk ● Truth in Lending Act ● Consumer Protection Legislation ● Identity Theft ● Investment Scams ● Pyramid Schemes ● Pump and Dump ● Ponzi Schemes ● Advance Fee Scams ● Better Business Bureau ● Fair Debt Collection Practices Act ● Fair Credit Reporting Act ● Equal Housing Act ● Dodd Frank Act ● Investing ● Skimming ● Phishing ● Data Breaches 1. Explain why people buy insurance. 2. Why do insurance rates vary? 3. How do government agencies offer protection in banking, investments, borrowing and buying goods and services? 5. List and describe 7 ways to protect yourself from identity theft. 6. List and describe at least 4 steps that should be taken if a person thinks they are a victim of identity theft. 7. In the chart below describe the various types of insurance by giving a definition and what they are needed for. Type of Insurance Definition and Example