MTHEL131 Study Guide - Final Guide: Life Insurance

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In the event that the insurance company were to go insolvent or bankrupt: Would pay up to ,000 to the beneficiary for the. If the policy is > than ,000, the assuris would pay the beneficiary 85% of the benefit. For critical illness claims, assuris will pay up to ,000 or 85% if > ,000. For income payments, disability payments, annuity payments, they pay up to /month or 85% Policy provisions (1923) - regulations for all provinces: days of grace: For each premium payment, the insurer must provide. 30 days of grace (30 days to make the premium payment): misstatement of age: If someone lied about their age when buying the policy and died, the company can adjust the benefit equal to what it should"ve been, but they must pay: dividend clause. If fraud is uncovered at death, the insurer will not pay. If fraud is uncovered during, the policy is canceled.