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Under construction . . . A meaning of insurance is provided in the Insurance Act of each province. BC's Insurance Act [RSBC 1996] defines insurance as "the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value on the happening of a certain event". Life InsuranceLife insurance products can be divided into two categories; temporary insurance and permanent insurance. Temporary Insurance: Temporary insurance is better known as term insurance. Term insurance provides temporary protection for a specific period of time to satisfy a temporary need (for example, mortgage insurance). Permanent Insurance: Permanent insurance, assuming it remains in force, will not expire and will provide life insurance protection until death (whenever death occurs). There are two types of permanent insurance; whole life and universal life. Whole life can be broken down further into participating or non-participating. Typically, universal life is non-participating. Participating universal life exists, however, it is rare. 1. Whole Life 1.A. Participating Participating insurance policies receive dividends. In other words, policyowners share with the insurer in some of the risks and rewards associated with the expenses and mortality gains/losses associated with life insurance underwriting. 1.B. Non-participating policies Non-participating policies do not receive dividends. 2. Universal Life Universal life was introduced in Canada in 1981-82 because consumers were becoming more active in investing their own money. A "bundled" hands-off product like whole life insurance didn't offer much control or consumer appeal. In response, the universal life plans were made to be flexible in it's coverage, deposits, and investment options. DisabilityUnder construction ... Critical illnessUnder construction ... Long-Term CareUnder construction ... Company BenefitsUnder construction ... P.H.S.P.Under construction ... TravelUnder construction ... |
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