FIN 512 Lecture 7: ch 7 application concepts - Copy
Future income option benefit rider:
- Can apply every even year of anniversary of start of policy
- Unused amount can be carried forward for one period only
Ojetives of Worker’s Copesatio
- Substantial replacement of lost employee earnings for occupational injury and disease
- Medical care and rehabilitation services
- pension if an injury results in a permanent disability
- encourage safety
- reduce lawsuits
Economic loss – lost earnings
- a non economic loss, a physical functional or psychological loss. Some boards adjust the benefit
for the degree of impairment
Survivor Benefits
- surviving spouse and other dependents receive a lump sum payment and a monthly benefit
Strikes
- if you do not participate you can collect EI.
- However, if the strike outcome may effect your earnings you cannot collect EI
CPP Contribution Dies:
- One time death benefit
- Survivor benefit paid to spouse
- Children’s enefit for dependant hildren
Total Disability
- Cannot perform your regular job for 2 years
- Therefore cannot work in any gainful occupation
- Are under the regular and personal care of a physician
- Some definition for group or individual insurance
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Can apply every even year of anniversary of start of policy. Unused amount can be carried forward for one period only. Substantial replacement of lost employee earnings for occupational injury and disease. Pension if an injury results in a permanent disability encourage safety reduce lawsuits. Economic loss lost earnings a non economic loss, a physical functional or psychological loss. Some boards adjust the benefit for the degree of impairment. Survivor benefits surviving spouse and other dependents receive a lump sum payment and a monthly benefit. Strikes if you do not participate you can collect ei. However, if the strike outcome may effect your earnings you cannot collect ei. Cannot perform your regular job for 2 years. Are under the regular and personal care of a physician. You work in gainful occupation but suffer the necessary and continuous loss of at least 0. 5 of the time normally spent in the daily performance of the gainful occupation.
