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Questions and Answers
Which of the following is NOT a threat to one's income?
Which of the following is NOT a threat to one's income?
- Loss of job
- Illness or Accident
- Critical illness
- Loss of a breadwinner’s income (correct)
What percentage of the labor force loses or leaves their job every year?
What percentage of the labor force loses or leaves their job every year?
- More than 72%
- Less than 45%
- 45% (correct)
- 72%
What is the purpose of Employment Insurance (EI)?
What is the purpose of Employment Insurance (EI)?
- To provide regular benefits for job loss (correct)
- To provide insurance for credit or loans
- To help with finances until retirement
- To cover medical expenses
Is credit or loan insurance mandatory when applying for a loan or activating a credit card?
Is credit or loan insurance mandatory when applying for a loan or activating a credit card?
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How many people lose or leave their job more than once in a year?
How many people lose or leave their job more than once in a year?
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Study Notes
Threats to Income
- Having a job is not a guarantee of a steady income, as various factors can affect one's income.
Labor Force and Job Loss
- Approximately 10% of the labor force loses or leaves their job every year.
Employment Insurance (EI)
- The purpose of Employment Insurance (EI) is to provide temporary financial assistance to individuals who have lost their job or are unable to work.
Credit and Loan Insurance
- Credit or loan insurance is not mandatory when applying for a loan or activating a credit card, but it is often offered as an optional feature.
Job Loss Frequency
- Around 20% of people lose or leave their job more than once in a year.
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