MTHEL131 Lecture Notes - Lecture 10: Canada Pension Plan, General Insurance, Critical Illness Insurance
23 Mar 2018
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Mthel 131 lecture 10,11,12: critical illness insurance, pension, final exam review. Why people buy critical illness insurance: cover out-of-pocket expenses not covered by ohip, non-covered jurisdiction as ontario may not have anyone to do it, cover and pay off any debt that may exist. Big four illnesses for critical illness: heart attack (30 day wait period, stroke (30 day wait period, coronary artery disease (30 day wait period, cancer (90 day wait period) Critical illness riders: return of premium at death (ropd): beneficiary gets back all premiums paid, return of premium on cancellation (ropc): 15 or more years decides to cancel, get back all premiums paid. Each party is entitled to rely on the other to be saying truthful information. Each party not trying to deceive or withhold information. Insurer will sue to cover the subrogation of rights (cid:862)living benefits(cid:863): disability, long-term care, critical illness insurance. Activities of daily living: mobility, toileting, bathing, dressing, eating.
