MTHEL131 Lecture Notes - Lecture 2: Confederation Life, Manulife, Life Insurance
20 Jan 2020
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First insurance company in canada, later moved to toronto. 1870, waterloo, second insurance company, mutual life started. 1871, more insurance companies started (london life, sun life, If the insured dies, his assets (property money, debt) and insurance cash flow into an account called the estate and there its are probate fee (1- 2%) for the process that goes to the government and 1-2% What is left in the estate is paid out to the beneficiaries usually through a will that determines who gets what. However, it may take a while for the beneficiaries to actually receive the. Life insurance however, can pay out directly to the beneficiaries, and has no public record meaning that they will not tell who the money is paid to. Life insurance unlike banks that look at credit score and might reject a loan, will loan money regardless of credit score.
