MTHEL131 Study Guide - Final Guide: Pension, Confederation Life, Old Age Security
20 Dec 2016
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Confederation closed down due to investing too much into real estate, so other companies came along and help take the policy holders under confederation life start of assuri. Assuri is an organization that protects policy holders if their company goes bankrupt. If the person"s life policy is 200 000 and less than assuri will pay 100% of the policy. If the policy is over 200 000, then assuri pays 85% of death benefits. Steps in during the time between bankruptcy and other companies sending aid: if no companies come to aid assuris will take over. Also covers disability insurance, critical illness insurance and insurance company investments. Uniform insurance act same regulation in every provinces regarding life insurance, federal and provincial regulation are also the same. Policy provisions: suicide clause: if suicide happens within two years of policy, the death benefit is exempted premiums will be returned.
