132In this Part
“actuarial basis” means the assumptions and methods used by a Fellow of the Canadian Institute of Actuaries to establish the costs of life insurance, taking into consideration the contingencies of human life, including death, accident, sickness and disease;(base actuarielle)
“application” means an application for insurance or for the reinstatement of insurance;(proposition)
“beneficiary” means a person, other than the insured or his personal representative, to whom or for whose benefit insurance money is made payable in a contract or by a declaration;(bénéficiaire)
“child” includes an adopted child; and “grandchild” includes the child of an adopted child;(enfant)
“contract” means a contract of life insurance;(contrat)
“court” means The Court of King’s Bench of New Brunswick or a judge thereof;(Cour)
“creditor’s group insurance” means insurance effected by a creditor in respect of the lives of his debtors whereby the lives of the debtors are insured severally under a single contract;(assurance-groupe de créancier)
“declaration” means an instrument signed by the insured
(déclaration)
(a)
with respect to which an endorsement is made on the policy, or
(b)
that identifies the contract, or
(c)
that describes the insurance or insurance fund or a part thereof,
in which he designates, or alters or revokes the designation of, his personal representative or a beneficiary as one to whom or for whose benefit insurance money is to be payable;
“exempt policy” means a life insurance policy that is exempt from tax under the Income Tax Act (Canada);(police exonérée)
“family insurance” means insurance whereby the lives of the insured and one or more persons related to him by blood, marriage, or adoption are insured under a single contract between an insurer and the insured;(assurance familiale)
“group insurance” means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person;(assurance-groupe)
“group life insured” means a person whose life is insured by a contract of group insurance but does not include a person whose life is insured under the contract as a person dependent upon, or related to, him;(personne assurée par une assurance-groupe sur la vie)
“instrument” includes a will;(instrument)
“insurance” means life insurance;(assurance)
“insurance money” means the amount payable by an insurer under a contract, and includes all benefits, surplus, profits, dividends, bonuses, and annuities payable under the contract;(sommes assurés)
“insured” (assuré)
(a)
in the case of group insurance means, in the provisions of this Part relating to the designation of beneficiaries and the rights and status of beneficiaries, the group life insured, and
(b)
in all other cases means the person who makes a contract with an insurer;
“life insurance” Repealed: 1978, c.30, s.4
“side account” means an account associated with or part of a contract and that is intended to hold funds in excess of the total amount permitted to be held in the exempt policy;(compte accessoire)
“will” includes a codicil.(testament)
1968, c.6, s.132; 1978, c.30, s.4; 1979, c.41, s.68; 2019, c.36, s.3; 2023, c.17, s.114