FIN 100: Philippine Deposit Insurance Corporation

<p>The completeness and accuracy of records (A)</p> Signup and view all the answers

<p>Non-life insurance (A)</p> Signup and view all the answers

<p>If the documents are incomplete (C)</p> Signup and view all the answers

<p>A lump-sum payment to beneficiaries upon death (D)</p> Signup and view all the answers

<p>Risk pooling (C)</p> Signup and view all the answers

<p>Investment products such as bonds and trust accounts (A)</p> Signup and view all the answers

<p>Mandatory for all operating banks (B)</p> Signup and view all the answers

<p>Funds from investment accounts (A)</p> Signup and view all the answers

<p>Insured under specific provisions (C)</p> Signup and view all the answers

<p>Fictitious or improper deposit accounts (B)</p> Signup and view all the answers

<p>Excluded from insurance coverage (B)</p> Signup and view all the answers

<p>All operating banks in the Philippines (B)</p> Signup and view all the answers

<p>Approval from the Board of Directors of PDIC (C)</p> Signup and view all the answers

<p>To require reports of condition (D)</p> Signup and view all the answers

<p>Retirement under Republic Act 8291 (A)</p> Signup and view all the answers

<p>Immediate life insurance coverage upon starting government service (B)</p> Signup and view all the answers

<p>Retirement under Republic Act 660 (B)</p> Signup and view all the answers

<p>Imposing fines and administrative sanctions (B)</p> Signup and view all the answers

<p>Basic Monthly Pension or Cash Payment (A)</p> Signup and view all the answers

<p>Coverage against death and other benefits at maturity (C)</p> Signup and view all the answers

<p>Allow combining service years from GSIS and SSS (B)</p> Signup and view all the answers

<p>Interest of not less than 2% per month on unremitted collections (A)</p> Signup and view all the answers

<p>They will face administrative and criminal charges (C)</p> Signup and view all the answers

<p>They will be cancelled (A)</p> Signup and view all the answers

<p>No benefits are provided (A)</p> Signup and view all the answers

<p>All unpaid loans, interests, and surcharges (A)</p> Signup and view all the answers

<p>2 months (B)</p> Signup and view all the answers

<p>60 years old (B)</p> Signup and view all the answers

<p>Imprisonment from 1 to 5 years and a fine of P10,000.00 to P20,000.00 (D)</p> Signup and view all the answers

<p>Sickness must be linked to an occupational disease. (D)</p> Signup and view all the answers

<p>The percentage of life insurance premiums remitted to GSIS. (B)</p> Signup and view all the answers

<p>It is equivalent to the latest annual salary multiplied by 1.5. (C)</p> Signup and view all the answers

<p>A letter of consent from the policyholder's spouse. (B)</p> Signup and view all the answers

<p>Annual Dividend subject to GSIS guidelines. (B)</p> Signup and view all the answers

<p>Marriage Certificate. (D)</p> Signup and view all the answers

<p>Proof of accidental death must be submitted. (D)</p> Signup and view all the answers

<p>To consolidate multiple loans into one. (C)</p> Signup and view all the answers

<p>To make provisions for unforeseen circumstances (A)</p> Signup and view all the answers

<p>Invest only through unlicensed intermediaries (D)</p> Signup and view all the answers

<p>Financial asset (C)</p> Signup and view all the answers

<p>To benefit from compound growth over time (D)</p> Signup and view all the answers

<p>Personal credit scores (B)</p> Signup and view all the answers

<p>Regular and early investing (D)</p> Signup and view all the answers

<p>Fixed Deposits (D)</p> Signup and view all the answers

<p>The risk-return profile of the investment (C)</p> Signup and view all the answers

Deposits in various Philippine banks, including branches and agencies of foreign banks, are insured by PDIC, except for specific exclusions.

Investment products (like bonds, securities, trusts), unfunded/fictitious/fraudulent accounts, deposits from unsafe practices, and proceeds of unlawful activities are excluded from PDIC deposit insurance.

All operating banks in the Philippines are required to be members of PDIC.

Foreign currency deposits are also insured by PDIC, subject to specific laws and regulations (RA 6426 and CB Circular 1389).

Philippine banks with branches abroad can elect to include their overseas deposit obligations in the PDIC insurance coverage, with board approval.

Bank accounts without sufficient funds are not covered by PDIC.

Deposits resulting from risky or unsound banking methods are not protected by PDIC.

Deposits that are legally considered to be from illegal activities are not insured by PDIC.

The process of examining deposit records and evaluating claims before PDIC starts paying insured depositors.

Thorough review of deposit records to ensure accurate and complete data before processing claims.

Claims for deposit amounts exceeding the maximum insured deposit (P500,000) are filed with the closed bank's liquidator.

A contract where an insurance company provides a death benefit to beneficiaries in exchange for premiums.

Insurance that protects against losses other than death, like property damage, liability, and accidents.

Most non-life insurance policies are valid for one year, with premium payments typically made annually.

Insurance helps to reduce financial uncertainty by providing a guaranteed payment in case of an insured event.

Insurance shields individuals and businesses from financial losses caused by covered events, like accidents or disasters.

Using money to make a profit or grow in value over time. It can involve buying assets like stocks, bonds, or real estate.

A gradual increase in the prices of goods and services over time, causing your money to buy less.

The profit or gain made on an investment, expressed as a percentage.

The chance of losing money or not getting the expected return on an investment.

The percentage charged by lenders for borrowing money or paid by banks to depositors.

Economic conditions, like demand for money, government borrowing, and inflation, influence interest rates.

Investing in assets with a shorter maturity period, like fixed deposits or savings accounts.

A type of investment in a bank where you deposit a fixed amount for a specific period, earning fixed interest.

Pawnshops provide short-term loans secured by personal property, enabling individuals to obtain cash quickly.

Pawnshops offer loans, purchase of pawned items, and sometimes provide other services like money transfers.

Pawnshops are regulated by the Central Bank to ensure fair practices, transparency, and customer protection.

The GSIS provides life insurance coverage to government employees, offering protection for them and their families.

The GSIS Enhanced Life Policy provides life insurance coverage from the very first day of government service.

The GSIS offers various retirement programs for government employees, including lump sum payments, annuities, and pension plans.

The GSIS 'Magic 87' retirement program provides both a regular pension and a lump sum payment upon retirement.

This law allows government employees to combine their GSIS and SSS years of service for retirement benefits.

A benefit paid to the beneficiary if the insured member dies due to an accident, provided the claim is filed within four years of the accident.

A benefit that pays the insured member's salary if they are unable to work due to a sickness that's classified as an occupational disease or is proven to be caused by their working conditions.

A portion of the GSIS's profits that is distributed to policyholders, based on the performance of their insurance policies.

The value of a life insurance policy if the insured member decides to terminate it before its maturity. It's calculated based on the premiums paid.

The amount paid to the beneficiary of the insured member upon their death. It's typically calculated as a multiple of the member's salary.

A type of insurance that covers properties against fire damage. It requires specific documents as proof of ownership.

A type of insurance that covers cars against accidents and other risks. It requires various documents for registration and ownership proof.

A type of GSIS loan that combines various loan products into one. More information can be found on the GSIS website.

The timely payment of deductions from employees' salaries to the Government Service Insurance System (GSIS) by employers.

The deadline for employers to remit GSIS premium deductions is within the first ten days of the month following the month the deductions were made.

Agencies face a penalty of 2% interest per month on unremitted collections, calculated from the due date until payment.

Agency officials responsible for late remittance of GSIS deductions face administrative and criminal charges, with possible imprisonment and fines.

Employees with 3 to 15 years of service receive a lump sum cash payment equivalent to 18 times their basic monthly pay upon separation.

Employees with at least 15 years of service receive a lump sum payment and a monthly old-age pension upon reaching age 60.

Employees who contributed to GSIS for 1 to 3 years receive unemployment benefits for 2 months, with benefits increasing with longer contribution periods.

For uniformed personnel (PNP, BJMP, BFP), the reckoning date for separation benefits is February 1, 1996.