|Evidence of Insurability|
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Definition of Evidence of Insurability
Evidence of Insurability
evidence submitted to Canada Life that is used to determine whether an individual is eligible for the insurance coverage the individual has applied for.
The act of changing from one type of life insurance policy to another, without having to give evidence of insurability.
Term life insurance products are offered as non-convertible or convertible to a certain time in the future. The coversion right has a time limit, usually to the policy holder's age 60 or possibly even age 70. This right means that the policy holder has the right to convert their existing policy to another specific different plan of permanent insurance within the specified time period, without providing evidence of insurability. There is a slightly higher cost for a term policy with the conversion priviledge but it is a valuable feature should a policy holder's health change for the worst and continued insurance coverage becomes a necessity.
This is a provision in some term insurance policies that allow the insured the right to renew the policy at a more favourable rate by providing updated evidence of insurability.
Sometimes, simply called YRT, this is a form of term life insurance that may be renewed annually without evidence of insurability to a stated age.
Person that uses various types of evidence to evaluate the insurability of a client.
Goods may be returned to the seller by the purchaser without restrictions.
A right of shareholders in a merger to demand the payment of a fair price for their shares, as
The length of time between a firm's purchase of inventory and the receipt of cash
Period between firm’s payment for materials
Refers to the sum of manufacturing direct labor and overhead
the total of direct labor and overhead cost;
Rules set by the Chicago Board of Trade for determining the invoice price of each
Related:Market conversion price
The percentage by which the conversion price in a convertible security exceeds the
The number of shares of common stock that the security holder will receive from
Also called parity value, the value of a convertible security if it is converted immediately.
A shareholders' rights to receive per-share dividends identical to those other shareholders receive.
In connection with a rights offering, shares of stock that are trading without the rights attached.
The date on which a share of common stock begins trading ex-rights.
Use of a firm's call option on a callable convertible bond when the firm knows that the
The rights of a firm's securityholders in the event the firm liquidates.
Market conversion price
Also called conversion parity price, the price that an investor effectively pays for
Actual forward rate expressed in dollars per currency unit, or vice versa.
Common stockholder's right to anything of value distributed by the company.
rights of individuals and companies to own and utilize property as they see fit and to receive
A short-lived (typically less than 90 days) call option for purchasing additional stock in a firm, issued
Right of Return
A sales agreement provision that permits a buyer to return products purchased
Issue of securities offered only to current stockholders.
Issuance of "rights" to current shareholders allowing them to purchase additional shares,
Shares trading with rights attached to them.
Special drawing rights (SDR)
A form of international reserve assets, created by the IMF in 1967, whose
Stated conversion price
At the time of issuance of a convertible security, the price the issuer effectively
stock appreciation right
a right to receive cash, stock, or a combination of cash and stock based on the difference between a specified dollar amount per share of stock and the quoted market price per share at some future date
Transferable put right
An option issued by the firm to its shareholders to sell the firm one share of its
Uniformed Services Employment and Reemployment Rights Act of 1994
A federal act that minimizes the impact on people serving in the Armed Forces
The right to vote on matters that are put to a vote of security holders. For example the right to
Purchase of shares in which the buyer is entitled to the rights to buy shares in the company's
Registered Pension Plan
Commonly referred to as an RPP this is a tax sheltered employee group plan approved by Federal and Provincial governments allowing employees to have deductions made directly from their wages by their employer with a resulting reduction of income taxes at source. These plans are easy to implement but difficult to dissolve should the group have a change of heart. Employer contributions are usually a percentage of the employee's salary, typically from 3% to 5%, with a maximum of the lessor of 20% or $3,500 per annum. The employee has the same right of contribution. Vesting is generally set at 2 years, which means that the employee has right of ownership of both his/her and his/her employers contributions to the plan after 2 years. It also means that all contributions are locked in after 2 years and cannot be cashed in for use by the employee in a low income year. Should the employee change jobs, these funds can only be transferred to the RPP of a new employer or the funds can be transferred to an individual RRSP (or any number of RRSPs) but in either scenario, the funds are locked in and cannot be accessed until at least age 60. The only choices available to access locked in RPP funds after age 60 are the conversion to a Life Income Fund or a Unisex Annuity.
A fee paid to an underwriter in connection with an underwritten rights offering or an
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