Medicare is a social insurance program that serves more than 44 million enrollees (as of 2008). The program costs about $432 billion, or 3.2% of GDP, in 2007.
The definition of an institution is an established custom or practice, or a group of people that was formed for a specific reason or a building that houses the group of people. 1  Marriage is an example of a cultural institution. 2  A town council is an example of an institution of government.
For Section 326, the definition of. financial institution encompasses a variety of entities, including banks, agencies and branches of foreign banks. in the U.S., thrifts, credit unions, private banks, trust. companies, investment companies, brokers and dealers in. securities, futures commission merchants, insurance.