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11 Cards in this Set

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  • Back
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Six financial Intermediary Institutions in Canada
Insurance companies
Trust & Mortgage
Investment Firms
Property & Casualty companies
Caisse Pop & Credit Unions
BANKS - Insolvency coverage through CDIC
Canadian Deposit Insurance Corp.
INSURANCE - Insolvency coverage through Assuris
Up to:

Monthly Income = $2,000
Health Expenses = $60,000
Death Benefits = $200,000
Cash Value = $60,000

or 85% whichever is greater

TRUST & MORTGAGE - Insolvency Coverage
CDIC protected $100,000
Most trust companies are subsidiaries of large banks
INVESTMENT FIRMS - Insolvency coverage CIPF
$1,000,000 coverage- BUT does not protect for investment losses
Canadian Investor Protection Fund for members ofIDA
$250,000 for unpaid claims, plus 70% of unused premium (Max $700)
Insurance Bureau of Canada
Property & Casualty Insurance Compensation Corp
CREDIT UNIONS & CAISSE POPS - insolvency coverage through CUDIC
varies depending on province
Credit Union Deposit Insurance Corp.
Define: Indemnify
To provide compensation for loss or expenses incurred
Define: Insurance
the undertaking of by one person to ndemnify another person against loss, or liability for loss, in respect of a certain peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event
Name 3 main personal risks most people face
Death - last expenses, deps
Disability - loss of income
Retirement - outlive savings
What is the difference between 'Stock' & 'Mutual' Insurance Companies
Stock - owned by shareholders
Mutual - owned by policy holders
Who are the dividends paid to?