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ETHICS (2022 LLQP) > ETHICS CH.1: Legal framework of life ins > Flashcards

ETHICS CH.1: Legal framework of life ins Flashcards

1
Q

Insurance law Sources (#3 CCL)

A
  1. constitution
  2. common law
  3. legislation + regulation
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2
Q

Canadian Constitution

A
  • takes precedence over all other sources of law
  • pariament must comply with it
  • insurance law = provincial
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3
Q

Common Law

A
  • based on PAST decisions of judges (case law)

- applies to all CDA except QC

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4
Q

Insurance contract (long)

A
  • short: covers risk of 1 or more ppl dying
  • Long: undertaking by 1 person to indemnify (compensate) another against loss, liability for loss, in respect of certain risk/peril to hih the object of insurance may be exposed or pay a sum of money or other thing of value upon the happening of a certain event
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5
Q

ANNUITY CONTRACT

A

considered life ins

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6
Q

life insurance

A

covers risk of 1 or more ppl dying

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7
Q

Accident and sickness insurance (DCAARL)

A
  • for loss of health. i.e:
  • disability ins
  • critial illness
  • accidental death
  • accidental dismem.
  • reimbursement of med costs
  • LTC
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8
Q

AGENCY rELATIONSHIP INCLS (3 AAP)

A
  1. AGENCY
  2. AGENTS
  3. PRINSIPAL
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9
Q

AGENTS

A

act on behalf of ins co

either :

  • employed by indiv insureres (independent)
  • independent reps of specific ins co (captive)
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10
Q

AGENTS: Independent agents

A
  • contracts w/ multiple insurers

- place biz through MGA

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11
Q

AGENTS: captive

A
  • rep single insurer or bound by contract or employment to rep single MGA
  • only sells that co products
  • MIGHT be self emp.
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12
Q

Managing General Agent (MGA)

A

Facilitates biz btwn agents, clients, insurers by:

  • supporting/assisteing in obtaining contracts w insurer, granting aut to agent
  • direct sales support
    -pooling commisions from various insurers
    ETC…..
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13
Q

Insurance Agency

A

corp pr partnership that holds licence from regulator or several regulators

must have min 1 agent in same category

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14
Q

Regulation of insurance + Licensing

A
  • prov/terr. ins legislation gives actuaries extensive pwoer + responsibilities incl”: reporting on financia soundness of life ins biz
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15
Q

Uniform Law Conference

A

if Policy holder moves prov’s, NEW prov laws may apply (to will),
but how law interpreted is based on where policy was SIGNED (old prov)

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16
Q

capacity + status of person

A

to enter contract, must:

  • be min age: 18 yrs OR 16 yrs to give/refuse consent re own care
  • have legal capacity (able to give valid consent: understand terms, understand agreement is binding)
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17
Q

Natural Person

A
  • a human w legal capacity to make decisions
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18
Q

Partnerships

A
  • 2 or more ppl doing biz together
  • can beb individualas or corps
  • partners can sign for each other + all partners responsible for other partners signatures/agreements–> except if limited Liability partnership
19
Q

Limited laibility partnership

A

partners have statutory of limitations on their liability from other oartners actions

20
Q

Legal Person (Corporation)

A
  • its a legal person
  • seperate entity from owners
  • corp can enter a contract
  • owned by shareholders, who elect a board of directiors
21
Q

signing officer (corporation)

A

person auth to sign on behalf of corp

22
Q

Executive officers (corporation)

A

PRFESIDENT OR SECRETARY THAT CAN REP CORP IN SOME TRANSACTIONS/ACTIVITIES

23
Q

court appointed guardian + 30 day rule

A
  • if DB payable to minor, gaurd. accepts pmt

- of no Guard.: in 30 dys ins. pays $ to courts, $ managed by public trustee or court app. guard.

24
Q

Power of Attorney (POA)

A
  • Legal doc by 1 person (principal) appointing another (attorney) to deal with biz/property/fin. on their behalf
  • end when person becomes mentally incapable (except if ENDURING POA)
25
Q

Enduring POA

A

CONTINUES if principal becomes mentaly incapable

may req doctor/capacity assessor to trigger it

attorney cannot make will or chose ben, except if court ordered

26
Q

POA vs Living will

A

POA: specific person names

Living will: no specific person named, specifies treatment + pers. care wishes

27
Q

common law

A
  • no preseumed division
  • to specify legal rights: cohabitation agreement
  • statues determined by lvg together in conjugal/ marriage like relationship for certain time
  • may have rights to spousal support or dependants relief (if death)
28
Q

Marriage

A
  • presumed division

- domestic marriage contract: to adjust rights before (prenup) or during relationship

29
Q

Divorce/Seperation: Family property

A
  • division depends on when acquired+ from where
  • fam. property: divided equally IF: acquired durng marriage or enjoyed by family or generates income that sopprts family
  • if acquired b4 marriage OR inheritance: not divided
30
Q

eexecutir/ executrix/ estate trustee

A
  • appointed in will to be i charge of estate

-

31
Q

property not controlled by will

A
  • joint tenancy
  • registered plan w named ben
  • life ins w named ben
  • surviving spouse under pension plan
32
Q

dependant relief legislation

A

gives dependants priority b4 any distrbution/disposition

33
Q

Testate

A
  • died w will
  • after debts paid, assets distributed according to will
  • seperation doesnt affect will
  • divore: as if person died
34
Q

Intestate

A
  • died w/o will

- someone must apply to court to be in charge of estate and dist. according to prov. rules

35
Q

Intervivos trust

A
  • between living ppl
36
Q

Testamentary trusts

A
  • when someone dies
37
Q

Trusts

A
  • can take property title (Guard., POA CANNOT)
  • Can own any type of property, incl ins policy (+ can pay premiums)
  • can trf ownership of policy to ben. ORRR collect + handle the $ as directed by trust
38
Q

Bankruptcy

A
  • too much debt, person has assets but not enought to cover debts
  • ins proceeds payable to beneficairy not part of estate— PROTECTED!!!!!
39
Q

TRUSTEE IN BANKRUPTCY

A

collect the assets + uses to pay debts

40
Q

bankruptcy: asset protection

A

name direct beneficiary INSTEAD of estate

41
Q

irrevocabe ben

A
  • cannot be changed or removed

- assets protected even if outside of protected asset class

42
Q

Pension Funds

A
  • LIRA, LIF, ANNUITY purch. w PENSION FUNDS

- soe prov, registered products protected even if no ben. + not issue by life ins. co

43
Q

Civil fault

A
  • an action/ ommision causing someone loss/harm

Not just physical:

  • repuration (defamation)
  • emotional
  • economic
  • privacy violation
  • property violation
  • constitutional neglect

ETHICS (2022 LLQP) (7 decks)

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