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6 Cards in this Set
- Front
- Back
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Activities which an insurance company has the power to do?
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1 - insurance activities
2 - Issue certificates of deposit 3 - life or fixed term annuity contracts 4 - offer financing or suretyship |
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What is the main object of an annuity contract?
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Invest capital so that insuer makes periodical payments to annuiant for a certain period of time.
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Legal roles in an annuity contract?
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1 - Policyholder
2 - a person whose lifetime the annuity is specified in the contract 3 - Beneficiary 4 - creditor 5 - debtor |
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Elements essential for fixed term annuity contract?
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1 - annuitant
2 - debtor 3 - capital alienated to debtor 4 - obligation of debtor to make periodic payments 5 - amount of annuity to be paid. |
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Advantages of taking individual annuity contract?
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1 - Capital alienated is subject to solvency tests
2- Policyholder may designate a beneficiary 3 - Beneficiary is irrevocable 4 - rights confered by individual annuity contract exempt from seizure |
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4 Plans chosen with an annuity contract
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1 - RRSP
2 - RRIF 3 - LIRA 4 - LIF |
