Acts and Regulations

I-12 - Insurance Act

Section 136
Disposition versions

Full text
Particulars in policy – general
136(1)This section does not apply to a contract
(a) of group insurance,
(b) of creditor’s group insurance, or
(c) made by a fraternal society.
136(2)An insurer shall set forth the following particulars in the policy:
(a) the name or a sufficient description of the insured and of the person whose life is insured;
(b) the amount, or the method of determining the amount, of the insurance money payable, and the conditions under which it becomes payable;
(c) the amount, or the method of determining the amount, of the premium and the period of grace, if any, within which it may be paid;
(d) whether the contract provides for participation in a distribution of surplus or profits that may be declared by the insurer;
(e) the conditions upon which the contract may be reinstated if it lapses;
(f) the options, if any,
(i) of surrendering the contract for cash,
(ii) of obtaining a loan or an advance payment of the insurance money, and
(iii) of obtaining paid-up or extended insurance.
1968, c.6, s.136