Assuris
Home Search Contact Us Legal Notice Media Français

Covered Person


For individual policies, each of the following benefits the Covered Person is:

Benefits
Covered Person
    Death Benefit
    Life Insured
    Health Expense
    Person incurring the Expense
    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


    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
    Cash Value
    Policyowner
    Accumulated Value
    Policyowner

For group policies, each of the following benefits the Covered Person is:

Benefits
Covered Person
    Death Benefit
    Life insured
    Health Expense
    Person incurring the Expense
    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


    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
    Accumulated Value
    Defined Contribution Plans - Plan Participant
    Defined Benefit Plans – Plan Sponsor

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.