In the event of the insurer's bankruptcy, how much will Bernard's family expect to receive from Assuris?

In the context of insurance and annuities, Assuris plays a crucial role in protecting policyholders in the event that their insurer becomes insolvent or files for bankruptcy. Assuris is a non-profit organization established to protect Canadian policyholders by guaranteeing part of their benefits.

When it comes to annuities, Assuris provides a guarantee that a certain portion of the income will be paid to annuitants, which is typically structured around monthly payments rather than a lump sum. This is particularly relevant for Bernard's situation, as annuities are designed to provide a steady stream of income over time to the annuitant.

In this scenario, the correct answer indicates that Bernard's family can expect to receive a specific monthly amount due to Assuris's protections for annuity holders. This aligns with the typical functioning of Assuris, emphasizing the importance of ongoing income rather than a one-time payout, which would be more associated with life insurance policies or death benefits.

The monthly payment reflects how the Assuris guarantee is structured to ensure that individuals receive ongoing support rather than a singular lump sum, further reinforcing the idea that Assuris's primary mission is to uphold the integrity and continuity of income for those who depend on such financial products for their livelihood.