What Does the Federal Deposit Insurance Corporation (FDIC) Do? The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that insures deposits in commercial banks and savings institutions. The FDIC was created by the Banking Act of 1933 in response to the Great Depression, when many banks failed and people lost their savings. The FDIC's mission is to "maintain stability and public confidence in the nation's financial system." The FDIC insures deposits up to $250,000 per depositor, per insured bank, per ownership category. This means that if a bank fails, the FDIC will cover up to $250,000 of your money. The FDIC also provides a number of other services to banks, including: Examinations and supervision: The FDIC examines banks to ensure that they are safe and sound. The FDIC also supervises banks to make sure they are following the law and complying with regulations. Liquidation and receivership: If a bank f
Which Scenario Best Describes Purchasing Casualty Insurance? Casualty insurance is a type of insurance that protects you from financial losses caused by accidents or other unforeseen events. It can cover a wide range of situations, including car accidents, slip and fall injuries, and even medical malpractice. There are many different types of casualty insurance available, so it's important to choose the right one for your needs. Here are a few common scenarios that might prompt you to purchase casualty insurance: You're a driver. If you own a car, you're required to have liability insurance. This type of insurance covers the cost of damages you cause to other people's property or injuries you cause to other people. You own a home. Homeowners insurance typically includes liability coverage, as well as coverage for damage to your home and its contents. You have a business. Business owners can purchase a variety of casualty insurance policies, including ge