MTHEL131 Lecture Notes - Lecture 7: Critical Illness Insurance, Disability Insurance, Confederation Life
9 Mar 2016
School
Department
Course
Professor
Document Summary
Insurers rallied together and took over policies of confederation life. Funded by existing insurance companies, relative to insurer"s market shares. Bigger companies shoulder greater weight to provide funds to assuris if funds are needed. For life policies 200 000, if the life insured passes away during the time insurer has gone bankrupt, assuris pays beneficiary dollar for dollar: e. g. , if 000 policy, assuris will pay beneficiary 000. For life policies > 200 000, assuris will pay 85: in the case that life insured passes away and insurer goes bankrupt and policy is. 000 000, assuris will pay 000. Assuris pays until another insurance company takes over the bankrupt"s company"s payments. Assuris will also pay for monthly income benefits (disability insurance, annuity payments, retirement income payments) up to /month dollar to dollar and anything. For critical illness insurance (lump sum payments), if > 000 then 85% paid.
