Acts and Regulations

I-12 - Insurance Act

Section 141
Disposition versions

Full text
When contract takes effect
141(1)Subject to any provision to the contrary in the application or the policy, a contract does not take effect unless
(a) the policy is delivered to an insured, his assign or agent, or to a beneficiary,
(b) payment of the first premium is made to the insurer or its authorized agent, and
(c) no change has taken place in the insurability of the life to be insured between the time the application was completed and the time the policy was delivered.
141(2)Where a policy is issued on the terms applied for and is delivered to an agent of the insurer for unconditional delivery to a person referred to in paragraph (1)(a), it shall be deemed, but not to the prejudice of the insured, to have been delivered to the insured.
1968, c.6, s.141
Conditions governing formation of contract
141(1)Subject to any provision to the contrary in the application or the policy, a contract does not take effect unless
(a) the policy is delivered to an insured, his assign or agent, or to a beneficiary,
(b) payment of the first premium is made to the insurer or its authorized agent, and
(c) no change has taken place in the insurability of the life to be insured between the time the application was completed and the time the policy was delivered.
141(2)Where a policy is issued on the terms applied for and is delivered to an agent of the insurer for unconditional delivery to a person referred to in paragraph (1)(a), it shall be deemed, but not to the prejudice of the insured, to have been delivered to the insured.
1968, c.6, s.141