56(1)Except in the case of life insurance, each insured person who claims in respect of a loss covered by the contract that occurred before the termination date fixed pursuant to section 50 of this Act is entitled to receive payment of his approved or settled claim in full in priority to the insured persons who claim in respect of refunds of unearned premiums.

56(2)Subject to subsection (1), an insured person who claims in respect of a refund of unearned premium may claim such part of the premium paid as is proportionate to the period of his contract unexpired

56(3)In the case of life insurance, each insured person who has a claim for a loss covered by the contract that occurred before the termination date fixed pursuant to section 50 of this Act shall rank in the distribution of the proceeds of the deposit for the approved or settled amount of the claim pari passu with insured persons under unmatured life insurance contracts.

56(4)An insured person under an unmatured life insurance contract is entitled to the full amount of the legal reserve in respect of his contract determined by the receiver according to the valuation thereof approved by the Superintendent under this Act.