Insurance that guarantees that if your institution fails, you will not lose up to $250,000 of your money in that institution is called: a. FDIC b. banking insurance c. State Farm home d. owner's insurance e. FDA
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FDIC (Federal Deposit Insurance Corporation)
Firstly, the acronym FDIC stands for The Federal Deposit Insurance Corporation. It was been created in the year 1993 and also known as an independent federal agency in the U.S.
Its has different aims and objectives in their dealings as they are seen to to maintain public confidence in the financial system and also they are seen to encourage stability too. They help the U.S banks and thrifts in the event of bank failures. All these aid sound banking procedures/ practices, are all been promoted by the FDIC.
They are also particularly known for their insurance of up to $250,000 per depositor as long as the institution is a member firm.