CIBC Payment Protector™ Insurance Quiz
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Questions and Answers

How is the premium calculated for CIBC Payment Protector™ Insurance?

  • Premium rate of $0.99 per $100 of amount owed (correct)
  • Premium rate of $0.50 per $100 of amount owed
  • Premium rate of $1.00 per $100 of amount owed
  • Premium rate of $2.00 per $100 of amount owed

    • What is the total premium amount owed for a statement of $2,000?

  • $19.80 (correct)
  • $20.00
  • $19.50
  • $18.00

    • What is the review period for CIBC Payment Protector™ Insurance after receiving the certificate?

  • 30 days (correct)
  • 15 days
  • 60 days
  • 45 days

    • What happens if you cancel the insurance within the 30-day review period?

    <p>Full refund of any premiums paid</p> Signup and view all the answers

    What number should be contacted to make a claim on the insurance?

    <p>1 800 465-6020</p> Signup and view all the answers

    What condition indicates involuntary termination of employment?

    <p>Involuntary termination not caused by the employee</p> Signup and view all the answers

    What is required regarding active work hours to claim certain benefits?

    <p>Working at least 20 hours per week for taxable income</p> Signup and view all the answers

    What is the minimum period that a business must be registered before an employee can claim involuntary loss of self-employment?

    <p>3 consecutive months</p> Signup and view all the answers

    When can the date of involuntary unemployment occur in relation to the insurance effective date?

    <p>After the first 30 days from the effective date</p> Signup and view all the answers

    What type of closure can lead to an involuntary loss of self-employment?

    <p>A temporary closure due to a government mandatory closure order</p> Signup and view all the answers

    What combination of facts is necessary to qualify for benefits due to loss of self-employment?

    <p>Loss of employment for reasons outside one’s control and working hours requirement</p> Signup and view all the answers

    What is the minimum duration a policyholder must be disabled to qualify for benefits?

    <p>30 consecutive days</p> Signup and view all the answers

    What type of contract termination does not qualify for benefits?

    <p>Contract termination for convenience by the other party</p> Signup and view all the answers

    How long must a condition be stable prior to the effective date for it to be eligible for coverage?

    <p>6 months</p> Signup and view all the answers

    Which of the following is a potential eligibility requirement for claiming benefits?

    <p>Completion of a Certificate of Insurance</p> Signup and view all the answers

    At what age does coverage for life insurance end?

    <p>70</p> Signup and view all the answers

    What limitation is placed on benefits related to coronary artery bypass surgery?

    <p>Benefits are not payable if the surgery occurs within 30 days of the policy effective date</p> Signup and view all the answers

    What happens if a policyholder takes their own life within 6 months of the effective date?

    <p>No benefits will be payable</p> Signup and view all the answers

    What is one exclusion for the critical illness coverage?

    <p>Disability must not begin before the effective date</p> Signup and view all the answers

    Which of the following is a requirement for a diagnosis to be covered under critical illness insurance?

    <p>Must not be a pre-existing condition</p> Signup and view all the answers

    What must occur within the first 30 days for a condition to be eligible for coverage?

    <p>No diagnosis or surgery can take place</p> Signup and view all the answers

    What is a condition under which the involuntary unemployment benefit is not payable?

    <p>If the individual voluntarily ends their employment</p> Signup and view all the answers

    How long must one be involuntarily unemployed to qualify for benefits?

    <p>30 consecutive days</p> Signup and view all the answers

    Which situation does not qualify for self-employment benefits?

    <p>Working 20 hours or more per week within 30 days of losing self-employment</p> Signup and view all the answers

    What is the coverage end age mentioned in the document?

    <p>70 years</p> Signup and view all the answers

    What injury or situation allows a person to receive Disability Insurance?

    <p>Being unable to perform their job due to injury</p> Signup and view all the answers

    Which condition is covered under Critical Illness Insurance?

    <p>Cancer</p> Signup and view all the answers

    Which scenario does not prevent loss of self-employment benefits?

    <p>Taking a vacation during unemployment</p> Signup and view all the answers

    Which of the following is a prerequisite for qualifying for Disability Insurance?

    <p>Being completely unable to perform job duties due to illness or injury</p> Signup and view all the answers

    What is the primary role of Canadian Imperial Bank of Commerce regarding the creditor insurance?

    <p>Promoting the insurance on behalf of Canada Life</p> Signup and view all the answers

    What should a customer refer to in case of a discrepancy with the information provided in the brochure?

    <p>The certificate of insurance</p> Signup and view all the answers

    Which conditions are included in the coverage of the insurance described?

    <p>Cancer and coronary artery bypass</p> Signup and view all the answers

    What is one of the potential outcomes for CIBC mentioned in relation to the insurance?

    <p>Receiving fees for providing services to Canada Life</p> Signup and view all the answers

    Where can customers find the detailed certificate of insurance?

    <p>On CIBC's insurance website</p> Signup and view all the answers

    What is a necessary action if a customer has a complaint about their insurance?

    <p>Visit the Canada Life website for the complaint process</p> Signup and view all the answers

    What could be a limitation included in the certificate of insurance?

    <p>All pre-existing medical conditions</p> Signup and view all the answers

    What type of income may be earned by CIBC's affiliated reinsurer?

    <p>Reinsurance income under affiliate arrangements</p> Signup and view all the answers

    What circumstances will CIBC Payment Protector™ Insurance cover?

    <p>Death from any cause</p> Signup and view all the answers

    Who is eligible to apply for CIBC Payment Protector™ Insurance?

    <p>CIBC credit card holders who are actively employed at least 20 hours per week</p> Signup and view all the answers

    What happens to the premium rate at age 70 for CIBC Payment Protector™ Insurance?

    <p>It decreases to $0.39 per $100</p> Signup and view all the answers

    What is the maximum benefit amount that CIBC Payment Protector™ Insurance will pay?

    <p>$50,000</p> Signup and view all the answers

    Which type of insurance is NOT covered by CIBC Payment Protector™ Insurance?

    <p>Health Insurance</p> Signup and view all the answers

    What is the cost of CIBC Payment Protector™ Insurance per $100 owed on the credit card?

    <p>$0.99</p> Signup and view all the answers

    What is included in the Involuntary Loss of Self-Employment Insurance?

    <p>Permanent closure of the business</p> Signup and view all the answers

    What factors determine the benefit amount for CIBC Payment Protector™ Insurance?

    <p>Current credit card balance and previous statement balance</p> Signup and view all the answers

    Study Notes

    CIBC Payment Protector Insurance

    • Purpose: Protects CIBC credit card holders if they lose their job, become disabled, have a critical illness, or die.
    • Provider: The Canada Life Assurance Company.
    • Eligibility: Canadian residents aged 18-69 who are employed at least 20 hours per week.
    • Optional: Insurance is not required to have a CIBC credit card.

    Summary of Coverage

    • Coverage Types: Life, Critical Illness, Disability, Involuntary Unemployment, and Involuntary Loss of Self-Employment.
    • Cost: $0.99 per $100 of credit card statement balance (plus applicable taxes).
    • Age 70 Reduction: Premium reduces to $0.39 per $100 at age 70, coverage limited to life insurance only.
    • Benefit Amount: Benefit is the greater of the outstanding balance on the date of loss or the new balance on the previous statement. Maximum benefit per coverage: $50,000.

    Involuntary Unemployment Insurance

    • Eligibility: Involuntary termination by employer (excluding cause), permanent layoff; for independent contractors and seasonal workers, termination before the contract's end date (without cause).
    • Requirements: Actively worked at least 20 hours per week before the involuntary unemployment period.
    • Qualifying Period: Not within the first 30 days of insurance effective date.
    • Exclusions: Strikes, lockouts, dismissal for cause, voluntary termination.

    Involuntary Loss of Self-Employment Insurance

    • Eligibility: Permanent closure of business due to causes outside control and registered (with applicable government authority) or government mandated temporary closure.
    • Requirements: Actively worked at least 20 hours per week for taxable income before the involuntary loss and the business registered/incorporated for at least 3 consecutive months.
    • Qualifying Period: Not within the first 30 days of insurance effective date.
    • Exclusions: Engaging in 20+ hours of work within 30 days of loss; closure due to illegal or intentional misconduct.

    Disability & Critical Illness Insurance

    • Disability Insurance: Covers inability to perform usual employment/self-employment duties due to illness or injury (including retirement, parental leave, etc). Qualifying period: not within the first 30 days of insurance.
    • Critical Illness Insurance: Covers diagnosis of specified critical illnesses or coronary artery bypass surgery. Qualifying period: not within the first 30 days of insurance.
    • Exclusions: Pre-existing conditions; disability/critical illness within 6 months of policy start if treated/diagnosed within previous 6 months.

    Payment and Waiting Periods

    • Waiting Periods: Must be disabled/unemployed for at least 30 consecutive days before receiving benefits.
    • Age Limit: Coverage ends at age 70 (except life insurance which ends at age 80).

    Claim Process

    • Contact: CIBC Creditor Insurance Helpline or online submission.
    • Documents: Claim forms are provided for completion.

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    Related Documents

    CIBC Payment Protector Insurance for Credit Cards PDF

    Description

    Test your knowledge about the CIBC Payment Protector™ Insurance. This quiz covers important aspects such as premium calculation, total premium amounts, review periods, and how to make claims. Enhance your understanding and ensure you're well-informed about this insurance product.

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