Regulations Respecting Veterans Insurance
2 (1) In these Regulations,
Act means the Veterans Insurance Act; (Loi)
Minister means the Minister of Veterans Affairs; (ministre)
policy means a contract of insurance entered into by the Minister under the Act; (police)
Superintendent means the Superintendent of Veterans Insurance. (surintendant)
(2) Any other word or phrase that is defined in the Act and used in these Regulations shall, for the purposes of these Regulations, have the same meaning as that given to it in the Act.
3 Every policy shall be
(a) in the form set out in the schedule;
(b) signed by the Minister or bear his facsimile or lithographed signature;
(c) countersigned by the Superintendent; and
(d) subject to any endorsements thereon or attached thereto that are signed by the Superintendent.
4 All moneys due under any policy are payable in the City of Ottawa, in the Province of Ontario.
5 (1) Premiums under any policy are due and payable monthly and the due date of all monthly premiums is the first day of the month.
(2) Premiums may be paid quarterly, semi-annually or annually in advance and where so paid are respectively three, six and 12 times the monthly premium.
(3) A period of one month shall be allowed for the payment of any premium after the first without interest charge, during which period the policy shall continue in force, but if the insured dies during such period the premium, if then unpaid, shall be deducted from the insurance money payable under the policy contract, provided that such period of grace shall not apply when the only premium that has been paid is an interim premium for a period of less than one month.
(4) Payment of a premium may be made by placing the amount thereof in an envelope addressed to the Department of Veterans Affairs, Ottawa, or to any district office of that Department and the payment, delivery or tender shall be deemed to have been made at the time of delivery of the letter at any post office, but nothing herein contained shall prevent proof by or on behalf of any insured that a payment otherwise made was made before the expiry of the period of grace.
(5) Payment, delivery or tender referred to in subsection (4) shall have the same effect as if made at the due date of the premium.
(6) Where the insured dies during any period for which a premium has been paid, there shall be refunded in the settlement of the policy the portion of the premium paid for the unexpired portion of that period calculated from the end of the calendar month in which the insured dies.
(7) Where during any period for which a premium has been paid the policy is surrendered, there shall be refunded in the settlement of the policy the cash surrender value of that policy and that portion of the premium paid for the unexpired portion of the period, calculated from
(a) the beginning of the calendar month in which the policy is surrendered, or
(b) the end of the calendar month in which the policy is surrendered,
whichever calculation produces the greater amount.
6 (1) In this section, interim term insurance means insurance subject to the terms and conditions of the policy for which application is made, in respect of a period of less than one month commencing at such time as the first monthly premium is paid and terminating upon the due date of such premium.
(2) Interim term insurance may be provided upon payment, at such time as the first monthly premium is paid, of an interim term premium computed on the same mortality basis as the monthly premium.
7 A cash surrender value based on the policy reserve on the British Offices Life Tables, Om (5), with interest at 3 1/2 per cent per annum, is, where the Superintendent is satisfied as to the circumstances of the case, payable to the insured where
(a) the policy has been in force at least two years and premiums have been paid for at least two years;
(b) a written application therefor is made to the Superintendent
(i) by the insured, and
(ii) by the beneficiary or beneficiaries, except where his or their whereabouts is unknown or cannot be ascertained by the insured after a search satisfactory to the Superintendent; and
(c) the policy is returned to the Superintendent for cancellation or retention.
8 In addition to those classes of persons authorized by subsection 7(1) of the Act as contingent beneficiaries, the insured may designate as a contingent beneficiary his uncle, aunt, nephew, niece or first cousin.
9 (1) The age, identity, existence or death of persons shall be proved by such documents or other evidence as the Minister may require.
(2) Where proof of age is furnished during the lifetime of the insured, the age may be admitted by an authorized endorsement on the policy.
10 Where premium payments have been in default for a period of less than five years on the policy in force for at least two full years and the policy is or has been in force under the authority of the automatic extended term insurance provision of the policy, the Minister may, where a payment of less than the total arrears of premiums and interest thereon is received and the insured so requests, authorize the application of the payment of arrears of premiums and interest thereon so as to effect a later date of default and thereby change the period of extended term of insurance if
(a) satisfactory evidence of the insurability of the insured is given at the time of such request; and
(b) the insured has paid an amount equal to at least three months premiums with interest.
Veterans Insurance Account
11 (1) There shall be an account in the Consolidated Revenue Fund to be called the Veterans Insurance Account (in this section referred to as “the Account”) to which shall be credited all moneys received and to which shall be charged all moneys paid under the Act.
(2) At the end of each fiscal year, the liability outstanding arising out of contracts entered into under the Act shall be calculated by the Superintendent.
(3) If the liability calculated under subsection (2) is greater than the balance of the Account at the date of such calculation, there shall be credited to the Account an amount equal to the excess of the liability over the balance of the Account.
(4) If the liability calculated under subsection (2) is less than the balance of the Account at the date of such calculation, there shall be charged to the Account an amount equal to the amount by which the balance of the account exceeds the liability.
(5) In this section, Superintendent has the same meaning as in the Department of Insurance Act.
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