MTHEL131 Lecture Notes - Lecture 6: Life Insurance, Actuary, Term Life Insurance
9 Mar 2016
School
Department
Course
Professor
Document Summary
Life and health insurance is provincial (run by provincial government) Less paperwork for an insurer based in ontario to operate in all provinces. Guiding principles regarding how certain issues should be handled provincially: days of grace. If you miss a provision payment, you have 30 days to get the payment in before policy expires: statements made are representations, not warranties. Doctrine of warranty allows for any contract to be set aside as invalid in situations where any statements made while putting the contract together are found later to be untrue. In other words: if you"re buying a house you complete a legal contract. Doctrine of warranty states any statements found to untrue contract is set aside. Statements needs to be true, clear, and accurate. A representation is also a statement, but a representation is not given full power of a warranty (has a bit of leeway in the legal world when it comes to representation)
