Class Notes (837,351)
Canada (510,237)
MTHEL 131 (111)
David Kohler (106)
Lecture 2

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Department
Mathematics Electives
Course
MTHEL 131
Professor
David Kohler
Semester
Fall

Description
Lecture 2 Snapshot of the life insurance industry in 2013 Canada. 1. Provides a wide range of financial products. Insurance: Death benefit products(pay beneficiary): Life insurance Living benefit products(reimburse policy holder/insured): Health (dental, prescriptive dugs, outside travel) Disability New products (less than 20 years): Long-term care Critical illness 2. Size of industry: Protects 26 million Canadians Pays out 1.1 billion CAD per WEEK 90% of payment made to living policy holders, 10% to death 3. Important role of life insurance: meet financial needs of all levels of government.(federal, provincial, municipal) For government: Revenues come from personal and cooperate income taxes, which are not enough to cover the expense of the government-run hospitals, schools, military and prisons. Government creates bonds and sells bonds to raise money. (typical federal gov. bonds: 100000 dollars, 1.8% interest rate with high credit, maturity 20 years ). Main buyers of government bonds are other countries, institutional investors (pension funds), banks and
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