Useful Terms and Definitions

What is an Industry Sponsored Protection?

• Canadian Life and Health Insurance Compensation Corporation (CompCorp)
• Started 1988
• Provides limited protection in the event of company insolvency
  • $200,000 for life insurance policies
  • $60,000 for non-regular accumulations & CSVs
  • $60,000 for RRSPs and RRIFs
  • $2,000/month for annuities & disability plans
  • $60,000 for other health benefits