COMMERCE 1E03 Study Guide - Final Guide: Whole Life Insurance, Social Insurance Number, Registered Retirement Savings Plan
28 Dec 2017
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Annuity: a contract to make regular payments to a person for life or a fixed period. Contrarian approach: buying stocks when everyone else is selling or vice versa. Disability insurance: insurance that pays part of the cost of a long-term illness or an accident. Executor: an individual who assembles and values your estate, files income and other taxes, and distributes assets when you pass away. Financial literacy: having the knowledge, skills, and confidence to make responsible financial decisions. Marginal tax rate: the rate of tax payable on the last dollar earned. Power of attorney: a written document in which you appoint someone else to act on your behalf on matters that you specify; this can be made to start immediately, or upon mental incapacity. Registered retirement savings plan (rrsp): a federally-regulated, tax-sheltered savings plan designed to encourage canadians to save for their retirement. Term insurance: pure insurance protection for a given number of years.
