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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Six financial Intermediary Institutions in Canada
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Banks
Insurance companies Trust & Mortgage Investment Firms Property & Casualty companies Caisse Pop & Credit Unions |
B.I.T.I.P.I.C.
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BANKS - Insolvency coverage through CDIC
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$100,000
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Canadian Deposit Insurance Corp.
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INSURANCE - Insolvency coverage through Assuris
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Up to:
Monthly Income = $2,000 Health Expenses = $60,000 Death Benefits = $200,000 Cash Value = $60,000 |
or 85% whichever is greater |
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TRUST & MORTGAGE - Insolvency Coverage
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CDIC protected $100,000
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Most trust companies are subsidiaries of large banks
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INVESTMENT FIRMS - Insolvency coverage CIPF
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$1,000,000 coverage- BUT does not protect for investment losses
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Canadian Investor Protection Fund for members ofIDA
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PROPERTY & CASUALTY - PACICC coverage through IBC
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$250,000 for unpaid claims, plus 70% of unused premium (Max $700)
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Insurance Bureau of Canada
Property & Casualty Insurance Compensation Corp |
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CREDIT UNIONS & CAISSE POPS - insolvency coverage through CUDIC
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varies depending on province
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Credit Union Deposit Insurance Corp.
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Define: Indemnify
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To provide compensation for loss or expenses incurred
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Define: Insurance
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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
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Name 3 main personal risks most people face
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Death - last expenses, deps
Disability - loss of income Retirement - outlive savings |
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What is the difference between 'Stock' & 'Mutual' Insurance Companies
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Stock - owned by shareholders
Mutual - owned by policy holders |
Who are the dividends paid to?
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