“creditor’s disability insurance” means a group insurance policy that will pay to the credit union all or part of the amount of a debt of a debtor to the credit union, in the event of bodily injury to, or an illness or disability of,
(assurance-invalidité de crédit)
(a)
where the debtor is a natural person, the debtor or the spouse of the debtor,
(b)
a natural person who is a guarantor of all or part of the debt,
(c)
where the debtor is a body corporate, any director or officer of the body corporate, or
(d)
where the debtor is an entity other than a body corporate, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the credit union;
“creditor’s life insurance” means a group insurance policy that will pay to the credit union all or part of the amount of the debt of a debtor to the credit union or, where a debt is in respect of a small business, a farm or fishery, all or part of the amount of the credit limit of a line of credit, in the event of the death of
(assurance-vie de crédit)
(a)
where the debtor is a natural person, the debtor or the spouse of the debtor,
(b)
a natural person who is a guarantor of all or part of the debt,
(c)
where the debtor is a body corporate, any director or officer of the body corporate, or
(d)
where the debtor is an entity other than a body corporate, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the credit union;
“creditor’s loss of employment insurance” means a policy of an insurance company that will pay to the credit union, without any individual assessment of risk, all or part of the amount of a debt of a debtor to the credit union in the event that
(assurance crédit en cas de perte d’emploi)
(a)
the debtor, if the debtor is a natural person, becomes involuntarily unemployed, or
(b)
a natural person who is a guarantor of all or part of the debt becomes involuntarily unemployed;
“creditor’s vehicle inventory insurance” means a policy of an insurance company that provides insurance against direct and accidental loss or damage to vehicles that are held in stock for display and sale purposes by a debtor of the credit union, some or all of which have been financed by the credit union; (assurance crédit pour stocks de véhicules)
“export credit insurance” means a policy of an insurance company that provides insurance to an exporter of goods or services against a loss incurred by the exporter because exported goods or services are not paid for; (assurance crédit à l’exportation)
“group insurance policy” means a contract of insurance between an insurance company and a credit union that provides insurance severally in respect of a group of identifiable members each of whom holds a certificate of insurance; (police d’assurance collective)
“group life savings insurance” means a group insurance policy that provides insurance to each member of the credit union for an amount not greater than the amount held by the member as deposits at the time of the member’s death; (assurance collective d’épargne payable au décès)
“line of credit” means a commitment on the part of a credit union to lend to a debtor, without a predetermined repayment schedule, one or more amounts, where the aggregate amount outstanding does not exceed a predetermined credit limit which limit does not exceed the reasonable credit needs of the debtor; (marge de crédit)
“mortgage insurance” means an insurance policy that provides insurance to a credit union against loss caused by a default on the part of a debtor, who is a natural person, under a loan from the credit union that is secured by a mortgage on real property or on an interest in real property; (assurance hypothèque)
“small business” means a business that is, or if it were incorporated would be, a small business corporation within the meaning of subsection 248(1) of the Income Tax Act (Canada); (petite entreprise)
“travel insurance” means
(assurance voyage)
(a)
a policy of an insurance company that provides insurance to a natural person in respect of a trip by the person away from the place where the person ordinarily resides, without any individual assessment of risk, against
(i)
loss that results from the cancellation or interruption of the trip,
(ii)
loss of, or damage to, personal property that occurs while on the trip, or
(iii)
loss that is caused by the delayed arrival of personal baggage while on the trip, and
(b)
a group insurance policy that provides insurance to a natural person in respect of a trip by the person away from the province in which the person ordinarily resides,
(i)
against expenses incurred while on the trip that result from an illness or the disability of the person that occurs on the trip,
(ii)
against expenses incurred while on the trip that result from bodily injury to, or the death of, the person caused by an accident while on the trip,
(iii)
whereby the insurance company undertakes to pay one or more sums of money in the event of an illness or the disability of the person that occurs on the trip, or of bodily injury to, or the death of, the person that is caused by an accident while on the trip,
(iv)
against expenses incurred by the person for dental care necessitated by an accident while on the trip, or
(v)
in the event that the person dies while on the trip, against expenses incurred for the return of that person’s remains to the place where the person was ordinarily resident before death, or for travel expenses incurred by a relative of that person who must travel to identify that person’s remains.