Covered Person
For
individual policies, each of the following benefits the Covered Person is:
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Benefits | Covered Person |
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Person incurring the Expense
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Monthly Income
a. Payout Life Annuity
b. Term Certain Annuity
c. Disability Income Insurance
d. Periodic Payments under GMWB
e. Periodic Payments from a RRIF
f. Periodic Payments under long-term care and critical illness policies
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a. The person whose survival determines the payout
b. Policyowner
c. Disabled person
d. Policyowner
e. Policyowner
f. The person whose health status determines payments
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For
group policies, each of the following benefits the Covered Person is:
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Benefits | Covered Person |
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Person incurring the Expense
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Monthly Income
a. Payout Life Annuity
b. Term Certain Annuity
c. Disability Income Insurance
d. Periodic Payments under GMWB
e. Periodic Payments from a RRIF
f. Periodic Payments under long-term care and critical illness policies
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a. The person whose survival determines the payout
b. Policyowner
c. Disabled person
d. Policyowner
e. Policyowner
f. The person whose health status determines payments
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Defined Contribution Plans - Plan Participant
Defined Benefit Plans – Plan Sponsor
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Joint and Survivor Annuities
Where there are joint annuitants at the time the policy is bought, Monthly Income protection is applied to the joint annuitants as a single covered person, separately and in addition to any Monthly Income protection on either of the annuitants as the sole annuitant.
Joint Life Policies
Where there are joint lives insured at the time the policy is bought, Death Benefit protection is applied to the joint lives as a single covered person, separately and in addition to any Death Benefit protection on any of the lives insured as the sole insured.
Jointly Owned Policies
Where policies are jointly owned at insolvency, the covered person for Cash Value protection and Accumulated Value protection is each owner to the extent of his/her interest in the policy. Ownership interests in jointly owned policies are added to any cash values or accumulated values the owners may hold individually.