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Questions and Answers of Personal Finance

Define and describe group term insurance.
What is mortgage life insurance? What is another name for it? Is mortgage life insurance a good buy? Why or why not?
What are the differences between creditor insurance and personally owned term insurance?
What is creditor insurance? Provide an example of a common type of creditor insurance.
Define underwriting and describe the underwriting process.
Define and describe the grace period.
In addition to the policy provisions, what other factors influence the decision as to what premium to charge on a long-term care insurance policy?
What are some of the common provisions of a long-term care insurance policy?
What is long-term care insurance? What everyday tasks are considered when determining your eligibility for longterm care insurance benefits?
What are the three major life-altering illnesses covered by critical illness insurance policies?
What is critical illness insurance? What is the difference between critical illness insurance and disability insurance?
What is the difference between the non-cancellable provision and the guaranteed renewable provision?
Define and describe the waiting period and the benefit period.
How do you determine the amount of disability coverage you should have?
Describe the concept of indemnification.
What are the differences among the “own occupation,” “regular occupation,” and “any occupation” definitions of disability?
What are the benefits of individual disability insurance relative to the disability insurance benefits provided under workers’ compensation, group insurance, Canada Pension Plan, and Employment
How long, and in what amount, is the disability insurance benefit payable under Employment Insurance?
What is the most important issue to consider when evaluating disability insurance provided through a group insurance benefit plan?
Under what circumstances are workers’ compensation disability benefits payable? What is the benefit amount?
What is private health insurance? What are the differences between group health insurance and individual health insurance?
What is medicare? How is the health care system in Canada financed?
What is the purpose of life insurance? Define the terms face amount, beneficiary, life insured, and policy owner.
What is health insurance? What does health insurance include?
Grant and Brenda Unger are planning to buy a $385 000 home. The home is located three kilometres from a river that occasionally overflows its banks after a heavy rain. They estimate that their
Explain your answer. What would you recommend as a minimum amount of coverage for third party liability coverage? Should Nikita maintain her section C coverage? When should she consider reducing or
Differentiate among comprehensive, basic, and broad coverage policy types.
What is homeowner’s insurance? How are the premiums normally paid?
When should you file a claim with your insurance company? Describe what happens after you file a claim with your insurance company.
If you are in an auto accident, under what circumstances should you contact the police immediately? What information should you gather before you leave the site of an accident?
What factors should you compare when you are shopping among insurance companies to purchase auto insurance?
List and briefly discuss factors that will affect your auto insurance premium. Which factors may not apply in provinces where auto insurance is provided by a provincial government agency?
Describe four other options, or endorsements, that can be added to an auto insurance policy.
What is the difference between a no-fault system and a pure no-fault system?
What is no-fault auto insurance? What is the rationale for no-fault auto insurance?
What is a deductible?
Define and describe collision insurance and comprehensive coverage. Is this type of coverage required by most provinces? Who may require this type of coverage?
Define and describe accident benefits coverage. What is uninsured motorist coverage? How does it work?
Explain why it is important to have adequate bodily injury liability coverage.
What is third party liability? Define and describe the two components of third party liability coverage.
Define and describe an auto insurance policy.
In which provinces is auto insurance provided by a government agency?
What does auto insurance insure against?
What is the role of insurance agents? Define the two different types of insurance agents.
How do insurance company credit ratings and service levels help you to find the right insurance company?
Describe the costs and benefits of obtaining insurance.
Explain the psychology behind accepting risk.
What is risk management? Describe the four risk management alternatives.
What is the primary function of insurance? How can individuals benefit from insurance?
What is the purpose of property, health, disability, critical illness, long-term care, and life insurance? What is meant by the term liability?
1. What factors should Brad consider in selecting a financial institution2. If Brad’s stock doubles in value over the next five years, what annual return, compounded monthly, would he realize?
The couple have asked you to determine their mortgage payment for both scenarios. How many years would they save off their mortgage, and how much mortgage interest would they save? Use this
Seyed’s bank will use a maximum TDS ratio of 40 percent to qualify him for a mortgage. In addition, the posted five-year mortgage rate is 5.35 percent, compounded semi-annually. List and describe
a. Comment on the finance company’s ethics in making loans in excess of a home’s appraised value. b. What are Sarah and Joe’s options in their current situation? Is there a way they can
Frank and Vanessa purchase a home with a $200 000 mortgage amortized over 20 years. They decide on a five year mortgage term at an interest rate of 4.87 percent. During their first mortgage term,
Boris and Mihaela want to purchase a new home. Their combined income is $118 000, and they have saved enough for a down payment of $200 000 The couple’s debt payments include a car loan payment of
What are the factors that you need to consider when determining how large a monthly mortgage payment you can afford?
How do you determine your maximum down payment? Describe the Home Buyer’s Plan (HBP).
What is the gross debt service (GDS) ratio? What is the total debt service (TDS) ratio? How do financial institutions use these ratios?
Define and describe a pre-approval certificate.
List and describe the various types of homes that someone can choose from.
After about 10 months of saving $500 a month, Naresh and Shareen Walia have achieved their goal of saving $5000 for a down payment on a new car. Shareen’s new car is priced at $25 000 plus 12
Garnett was amazed to hear that his friend Lindsey always pays off her credit card at the end of each month. Garnett just assumed that everyone used credit cards the same way — buy now, pay later.
Ibrahim wants a new big-screen TV and Dolby digital stereo. He figures the system will cost $3000. The store will finance up to $2500 for 2 years at a 10.5 percent interest rate, compounded monthly.
Cory and Tisha found a used car that costs $12 000. They can finance through their bank at an interest rate of 8 percent interest for a maximum of 48 months. The rate for new car financing is 7.50
Bob bought a new car for $28 000 with a loan that will be amortized over five years. The best interest rate he got from his bank for the loan was 1.99 percent compounded annually. What is Bob’s
A house was purchased for $300 000 and has a market value of $325 000 and a mortgage of $213 000. What is the equity in this house?
Harry purchased his condo for $330 000 and now the appraised value is $360 000. His outstanding mortgage is $228 000. What is the maximum home equity line of credit Harry would qualify for?
Margie has had a tough month. First, she had dental work that cost $2700. Then, she had major car repairs, which cost $2400. She put both of these unexpected expenses on her credit card. If she does
Tracy is borrowing $8000 on a six-year loan that has an APR of 11 percent, compounded monthly. What is her real cost of borrowing? What will her monthly payments be?
Chrissy currently has a credit card that charges 15 percent interest. She usually carries a balance of about $500. Chrissy has received an offer for a new credit card with a teaser rate of 3 percent
Sue obtains a one-year loan of $3000 based on an interest rate of 12 percent compounded annually. What would be the monthly payment to pay it off in one year?
Steve just received his first paycheque and wants to open a chequing account. There are five banks in his home town. What factors should Steve consider when choosing a bank?
Differentiate among certified cheques, money orders and drafts, and traveller’s cheques.
Define and describe online banking.
What is a stop payment? How do you create a stop payment?
Explain overdraft protection. With respect to overdraft protection, are all bank fee structures the same? Explain.
Define and describe a debit card.
Why do individuals use chequing accounts? What is the disadvantage of having funds in a chequing account?
Define and describe credit unions and caisses populaires.
Define and describe a trust and loan company.
Define and describe a chartered bank. Differentiate among Schedule I, Schedule II, and Schedule III banks.
What is a depository institution? List the three types of depository institutions.
What types of investments are appropriate as short-term investment alternatives?
What is liquidity? How is your personal cash flow statement used to help manage your liquidity? Why is liquidity necessary?
1. Which short-term investment is most appropriate for Sandra’s situation?2. Assuming Sandra remains unsure as to what she will do with the $1000, does it really matter if Sandra puts her $1000 in
1. Does Robert need an emergency fund? If so, how much emergency savings should he try to set aside? What type of account would you recommend for his emergency fund?2. Comment on Frank’s use of
Bart, 19, received $1000 from his grandparents as a birthday present. He wants to use this money to purchase a new $1200 mountain bike. Since he does not have enough money, Bart has decided to invest
Hamza has recently received a bonus of $5000 from her employer. She is not sure what she would eventually like to do with this money. For the time being she is considering two GIC investment
How many days would it take for Shelby’s investment of $4300 to accrue $147 in interest if she is able to earn a rate of 1.25 percent?
What rate of interest did Alberto receive over a period of 67 days if he invested $7444 and received interest in the amount of $157?
Akida has invested $10 000 in an 18-month GIC that pays 1.95 percent. How much interest will Akida receive at maturity?
Travis has invested $3000 in a one-year GIC at 1.85 percent. How much will Travis have when the GIC matures?
Nancy is depositing $2500 in a six-month term deposit that pays 0.5 percent interest. How much interest will she accrue if she holds the term deposit to maturity?
Benjo has a monthly income of $2500. After taking into account taxes and other deductions, his disposable income is $1900. He has $270 in net cash flows each month based on his current level of
Discuss the steps you can take to safeguard your personal information, both while you are offline and on the internet.
Define and describe skimming, pretexting, phishing, and pharming.
Define and describe dumpster diving.
Define and describe shoulder surfing.
Aside from the financial losses, what other negative impacts might a victim of identity theft encounter?

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