MTHEL131 Study Guide - Final Guide: Subrogation, Life Insurance, Critical Illness Insurance
20 Jan 2020
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1 : 88 (houses) - serious damage due to fire (k) 1 : 140 (cars) - serious accident causing serious damage (k) 3 out of 5 (60%) of people will become disabled/unable to work for at least 3 months between the ages of 25-65. (average of 2. 1 years unable to work) Canada pension plan (c. p. p): 18+ and make + per year, you are automatically enrolled (mandatory). Disability insurance underwriting pays a lot of attention to occupation unlike life insurance underwriting. There are five occupation classes (lowest rate to highest): Professionals (doctors, lawyers, accountants, executives > k) Exec"s and managers that earns < k. So insurers tailor the plan: (based on morbidity tables: benefit amount (monthly), waiting period (elimination period): Eg: x 60% = per months if disabled. Waiting period from the point of disability and the start of receiving money. Longer waiting days = lower premium < : benefit period.
