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Assuris is a not for profit organization that protects Canadian policyholders in the event that their life insurance company should become insolvent. Their role is to protect policyholders by minimizing loss of benefits and ensuring a quick transfer of their policies to a solvent company where their benefits will continue to be honoured. Assuris is funded by the life insurance industry and endorsed by government. If you are a Canadian citizen or resident, and you purchased a product from a member life insurance company in Canada, you are protected by Assuris.
This is the person designated to receive the death benefit of a life insurance policy if the primary beneficiary dies before the life insured. This is a consideration when husband and wife make each other the beneficiary of their coverage. Should they both die in the same car accident or plane crash, the death benefits would go to each others estate and creditor claims could be made against them. Particularly if minor children could be survivors, then a trustee contingent beneficiary should be named.
Life insurance payable to the policyholder, if living on the maturity date stated in the policy, or to a beneficiary if the insured dies before that date. For example, some Term to age 100 policies offer the option of taking the face amount of the policy as a cash payout at age 100 if the policyholder is still alive and paying all required income taxes on the amount received or leaving the policy to pay out upon death whereupon the payout is tax free.
This means dying without a will, in which case the provincial laws of the province in which the death occurred apply to the manner in which assets will be distributed. In other words, if you don't write your own will, the government will do it for you after your death and it may not be as you would have wished.
Provides additional financial security should an insured person be dismembered or lose the use of a limb as the result of an accident.
Account in which interest is accrued daily and credited to the account at the end of a specified time.
Group Insurance designed to cover monthly obligations due to a borrower being unable to work due to sickness or injury.
Two or more death benefits based on one definition with different insureds.
An abbreviation for air conditioner or air conditioning.
Overhang of a pitched roof, usually consisting of a fascia board, a soffit and appropriate trim moldings.
The triangular end of an exterior wall above the eaves formed under a gable roof.
See Square Footage, Living
A vent mounted along the entire ridge line of the roof to allow the passage of air through the attic or cathedral ceiling.
A sewage settling tank in which part of the sewage is converted into gas and sludge before the remaining waste is discharged by gravity into a leaching bed underground.