MTHEL131 Lecture Notes - Lecture 11: Attending Physician, Canada Pension Plan, Low Frequency
12 Mar 2014
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Document Summary
Gives the policy owner time to recover and decide the business"s future. Important to an insurance contract: says that both sides are entitled to accept an act of good faith from the other and they both must not deceive the other. Contract: important, valuable: understand the laws of a legal contract, terms to be valid, offer, acceptance (or not, consideration (ex: down payment) Ontario: must be for a lawful purpose. Overriding principle of underwriting: ensure the financial soundness of the insurer, to be fair, prevent the economic incentive to . If application was accepted, the underwriter issued a standard policy. Will be a claim form, accompanied by a death certificate (life insurance) Attending physician report (aps letter) - how the patient died. Increased by unpaid dividends: decreased by outstanding premiums, decreased by outstanding interest on loan, decreased by outstanding loan (loan against a life insurance policy is very flexible) Ex: manage risk of premature death with life insurance.
