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The beneficiary need not have an insurable interest over the life of the insured if the insured himself secured the policy. However, if the life insurance was obtained by the beneficiary, the latter must have insurable interest over the life of the insured. Must exist at the time the policy takes effect and when the loss occurs Limited to actual value of interest in property insured.
An expectation of a benefit to be derived from the continued existence of the property insured must have a legal basis. The beneficiary must have insurable interest over the thing insured. In case of a carrier or depositary A carrier or depository of any kind has an insurable interest in a thing held by him as such, to the extent of his liability but not to exceed the value thereof Sec.
In case of a mortgaged property The mortgagor and mortgagee each have an insurable interest in the property mortgaged and this interest is separate and distinct from the other. Mortgagor As owner, has an insurable interest therein to the extent of its value, even though the mortgage debt equals such value. The reason is that the loss or.
Mortgagee His interest is only up to the extent of the debt. Such interest continues until the mortgage debt is extinguished.
The lessor cannot be validly a beneficiary of a fire insurance policy taken by a lessee over his merchandise, and the provision in the lease contract providing for such automatic assignment is void for being contrary to law and public policy.
Cha vs. Reason: Mortgagor does not cease to be a party to the contract. Palileo vs. Cosio VIII. RISK What may be insured against: 1. Future contingent event resulting in loss or damage Ex.
Possible future fire 2. Past unknown event resulting in loss or damage Ex. Fact of past sinking of a vessel unknown to the parties 3. Contingent liability Ex. Reinsurance IX. Basis of the right of the insurer to collect premiums: Assumption of risk. Any agreement to the contrary is void. In case of life or industrial life insurance, when the grace periods applies; Sec.
When the insurer makes a written acknowledgment of the receipt premium; Sec. Section 77 may not apply if the parties have agreed to the payment of the premium in installments and partial payment has been made at the time of the loss.
Makati Tuscany Condominium Corp. Where a credit term has been agreed upon. UCPB vs. Where the parties are barred by estoppel. Maagana Telemart, SCRA Section 77 merely precludes the parties from stipulating that the policy is valid even if the premiums are not paid. Effects of Loss Payable Clause a. The contract is deemed to be upon the interest of the mortgagor; hence, he does not cease to be a party to the contract. Any act of the mortgagor prior to the loss, which would otherwise avoid the insurance affects the mortgagee even if the property is in the hands of the mortgagee.
Any act, which under the contract of insurance is to be performed by the mortgagor, may be performed by the mortgagee with the same effect. In case of loss, the mortgagee is entitled to the proceeds to the extent of his credit. Upon recovery by the mortgagee to the extent of his credit, the debt is extinguished.
Payment is not enforceable against the insured. Payment is enforceable once levied unless otherwise agreed upon. It becomes a debt once properly levied unless otherwise agreed. Whole: 1. If the thing insured was never exposed to the risks insured against; Sec.
If contract is voidable due to the fraud or misrepresentation of insurer or his agents; Sec. If contract is voidable because of the existence of facts of which the insured was ignorant without his fault; Sec.
When by any default of the insured other than actual fraud, the insurer never incurred liability; Sec. When rescission is granted due to the insurers breach of contract. Pro rata: 1. When the insurance is for a definite period and the insured surrenders his policy before the termination thereof; Exceptions: a.
When there is over-insurance Sec. When the risk has already attached and the risk is entire and indivisible. In life insurance. When the contract is rescindable or rendered void ab initio by the fraud of the insured.
When the contract is illegal and the parties are in pari delicto. Life Insurance It can be transferred even without the consent of the insurer except when there is a stipulation requiring the consent of the insurer before transfer. Property insurance It cannot be transferred without the consent of the insurer.
Reason: The insurer approved the policy based on the personal qualification and the insurable interest of the insured. Casualty insurance It cannot be transferred without the consent of the insurer.
Paterson cited in de Leon p. GENERAL RULE: A change of interest in any part of a thing insured unaccompanied by a corresponding change of interest in the insurance suspends the insurance to an equivalent extent, until the interests in the thing. In life, health and accident insurance. Change in interest in the thing insured after occurrence of an injury which results in a loss. Change in interest in one or more of several distinct things separately insured by one policy.
Change of interest, by will or succession, on the death of the insured. Transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to others.
When a policy is so framed that it will inure to the benefit of whomsoever, during the continuance of the risk, may become the owner of the interest insured.
When there is an express prohibition against alienation in the policy, in case of alienation, the contract of insurance is not merely suspended but avoided. Four Primary Concerns of the Parties: 1. Correct estimation of the risk; 2.
Precise delimitation of the risk; 3. Control of the risk; 4. Determining whether a loss occurred and if so, the amount of such loss. Devices used for ascertaining and controlling risk and loss: 1. Concealment A neglect to communicate that which a party knows and ought to communicate Sec. A party knows a fact which he neglects to communicate or disclose to the other. Such party concealing is duty bound to disclose such fact to the other. Such party concealing makes no warranty as to the fact concealed.
The other party has not the means of ascertaining the fact concealed. Material Effects: Entitles insurer to rescind, even if the death or loss is due to a cause not related to the concealed matter Sec. Note: Good Faith is not a defense in concealment. Test of Materiality: Determined not by the event, but solely by the probable and reasonable influence of the facts upon the party to whom the communication is due, in forming his estimate of the advantages of the proposed contract, or in making his inquiries Sec.
Exception to Sec. Incontestability clause b. Matters under Sec. Sunlife v. Bacani, SCRA The right to information of material facts may be waived, either by the terms of the insurance or by neglect to make inquiries as to such facts where they are distinctly implied in other facts of which information is communicated. Reason: The insurer cannot rely on those statements. He must make further inquiry. Philamcare Health Systems vs. CA, G. Representations Factual statements made by the insured at the time of, or prior to, the issuance of the policy to give information to the insurer and induce him to enter into the insurance contract.
They are considered an active form of concealment. Requisites of a false representation misrepresentation : a. The insured stated a fact which is untrue. Such fact was stated with knowledge that it is untrue and with intent to deceive or which he states positively as true without knowing it to be true and which has a tendency to mislead. Such fact in either case is material to the risk. Characteristics: a.
It is not a part of the contract but merely a collateral inducement to it. It may be oral or written. It is made at the same time of issuing the policy or before but not after. It may be altered or withdrawn before the insurance is effected but not afterwards.
It always refers to the date the contract goes into effect. Kinds: a. Effect of Misrepresentation: the injured party is entitled to rescind from the time when the representation becomes false. Test of Materiality: Same as that in concealment.
Where the insured merely signed the application form and made the agent of the insurer fill the same for him, it was held that by doing so, the insured made the agent of the insurer his own agent and he was responsible for his acts for IN. Insular Life Assur. Feliciano, 74 Phil. Warranties Statement or promise by the insured set forth in the policy or by reference incorporated therein, the untruth or non-fulfillment of which in any respect, and without reference to whether insurer was in fact prejudiced by such untruth or non-fulfillment, renders the policy voidable by the insurer.
Purpose: To eliminate potentially increasing hazards which may either be due to the acts of the insured or to the change to the condition of the property. EXPRESS an agreement expressed in a policy whereby the insured stipulates that certain facts relating to the risk are or shall be true, or certain acts relating to the same subject have been or shall be done. Example: In marine insurance, seaworthiness of the vessel. Effects of breach of warranty: a. Loss occurs before the time of performance of the warranty.
The performances becomes unlawful at the place of the contract. Performance becomes impossible. Immaterial ex. Life such right must be availed of during the first two years from the date of issue of policy or its last reinstatement; prior to incontestability.
Grounds: 1. Non-payment of premium; 2. Conviction of a crime out of acts increasing the hazard insured against; 3. Discovery of fraud or material misrepresentation; 4.
Discovery of willful or reckless acts of omissions increasing the hazard insured against; 5. Physical changes in property making the property uninsurable; and 6. Determination by the Insurance Commissioner that the continuation of the policy would violate the Insurance Code.
Prior notice of cancellation to the insured; 2. Notice must be in writing, mailed or delivered to the named insured at the address shown in the policy; 3. Notice must state which of the grounds set forth in Sec. Grounds should have existed after the effectivity date of the policy. Requisites: 1. Life insurance policy 2. Payable on the death of the insured 3. It has been in force during the lifetime of the insured for a period of at least two years from the date. Conditions Events signifying in its broadest sense either an occurrence or a non-occurrence that alters the previously existing legal relations of the parties to the contract.
They may be conditions precedent or conditions subsequent. Effect of breach: a. Condition precedent prevents the accrual of cause of action b. Condition subsequent avoids the policy or entitles the insurer to rescind The insurer may also protect himself against fraudulent claims of loss and this he attempts to do by inserting in the policy various conditions which take the form of conditions precedent. For instance, there are conditions requiring immediate notice of loss or injury and detailed proofs of loss within a limited period.
Exceptions Provisions that may specify excepted perils. It makes more definite the coverage indicated by the general description of the risk by excluding certain specified risk that otherwise would be included under the general language describing the risks assumed.
Effect: Limit the coverage of the contract. Concealment B. Misrepresentation C. Breach of material warranty D. Breach of a condition subsequent Waiver of the right to rescind: Acceptance of premium payments despite the knowledge of the ground for rescission. Non-life such right must be exercised prior to the commencement of an action on the contract;.
Incontestability only deprives the insurer of those defenses which arise in connection with the formation and operation of the policy prior to loss. Policy is void ab initio 2. Policy is rescindable by reason of the fraudulent concealment or misrepresentation of the insured or his agent IN.
Effect in case of loss: 1. The insurer is bound only to pay to the extent of the real value of the property lost; 2.
The insured is entitled to recover the amount of premium corresponding to the excess in value of the property; B. If you have been looking for the best free live webcam site, you have located it! YesCams has the very best options of any live sex webcam site on the internet with more features and the easiest signup process.
Why not search the live amateur webcam streams now and see for yourself? CrazyTicket: Show in progress. Tip tokens to see the show. Good vibes only! Roasting happens in this room when you. Happy Day Fingering play goal Lush on! Service Canada will start in February 18 paying her the allowance releasing a lump sum for her since May 17 till January Consequently, my GIS has been reduced for And I was overpaid What will happen to my payment if I change my marital status and divorce my wife?
Do I restore my original payment, more, or less? Hi Abumaj — If you divorce your wife, you will be considered as single and your GIS will be determined on a totally different rate table.
The result could be more or less than you are currently receiving, depending on what other incomes you have. I am 69 years old and I have decided to take a part time job. That job started in January Should I call and notify GIS office right away? This would be the case only if you had previously retired in Dec or had a reduction in pension income then, and requested that you be paid on what you believed would have been lower income.
I have another question. Any taxes? Thank you for your help. How you calculated this? Doug, thanks for the explanation. Probably the reason that Im getting only instead of The problem is likely that the GIS is currently calculated based on your income, which might have been different. Hi, Doug; I really appreciate your diligent help!
I am sooo grateful. Hi,both me and my wife will retire at age 65 …. They get the max though, only if they have zero income. My wife receives allowance since she is over Hi Abumaj — As the booklet says, her Allowance will stop if you separate. I have just separated from my husband, no chance of reconciliation.
Next April I will be I am currently on disability pension until age 65 when OAS kicks in. I have lived and resided in Canada all my life. I applied for the spousal allowance I am The allowance does not increase our income it just shifts part of it to me.
The benefit being He is 74 and if he were to pass away before I am 65 I would not have to redo paperwork to get the survivors benefit. Also, If we pay off the overpayment monthly there is no interest, and we can use it to pay down a debt.
So even though I am being paid they are taking it from my husband which does not decrease after the overpayment is paid off , or increase our income but the overpayment for the —19 tax year could make it look like we have extra income. How would a lump some being received on one hand and being paid back on the other affect our income for assessment purposes like for the carer benefit. Thanks for reading this it is very appreciated. I do know that neither the allowance nor GIS are taxable, so it possibly depends on whether your carer benefit is based on Net or Taxable income.
I wish you well. Yes your correct Doug, neither the Gis or the spousal allowance is taxable. Because there is back pay for me from when I qualified, it will cause an overpayment for him.
How does this appear on a Tax return as the 2 amounts being the amount paid to me and the amount be equalled out. If he pays his payback off gradually by the month, will the 2 amounts been shown on next years tax as cancelling out each other. Or will we be penalised for paying it off and accepting the lump sum I get, even though we end up giving it back bit by bit.
I imagine if we paid the whole lump sum back immediately both what I received and what he then was over paid will cancel each other out. We really would not end up seeing the money as it comes in one hand goes out back to Can pension in the other. We thought this could be a good idea as we could pay the lump sum on a loan we owe but not if we will be treated as having an increase in our income even though in reality it is not as it is being paid back monthly.
Many non Canada pension allowances are judged on gross income, so I am worried accepting it the way Canada pensions suggetsted, could adversely affect next years income, an falsely make our income look more than it actually is. The spousal allowance can be a trap few understand. The rules are never clear. I would like it to work for us but not at a greater cost of loosing another benefit when in reality we are not actually gaining money.
I hope I have explained it better. I am not sure where to get help from. Thanks again for looking at this I appreciate it. Your husband will receive his own T4A OAS slip and it will show any GIS that he receives in minus any portion of the overpayment that he pays back or they recover from his future benefits. He will report this net amount of GIS on his tax return the same as you.
If the overpayment is not fully recovered in , he will continue to get credits in subsequent years for any GIS repaid or recovered from future benefits. Hi Doug, thank you for that explanation you have helped me decide not to take the spousal allowance and leave things as they are. Sometimes it is very confusing when dealing with pensions and allowances. You are a gift to all of us trying to navigate the system, your help has been greatly appreciated. Hi Doug,my husband is nearing 65 in few months.
He is currently receiving a CPP Disability since 12, in or per month this is his only income no savings used them up when he got sick. We are both born and raised in Canada and married. My question is, once our CPP combined income is adjusted once he reaches 65 will it be roughly be He has to apply though, unless he received a letter telling him that he was approved automatically. And I believe you can also defer OAS until age 70 as part of the same strategy if it makes sense?
I love reading all the comments and questions on your website and hope you could help me to clarify my following questions. My husband retired in at 57 and I retired in August at We immigrated to Canada in May Since my income in and before retirement were relatively high, do you think we are still eligible for the GIS in due to loss of employment salary?
When will our GIS payment effectively start? I immigrated to Canada in May, and to May, is my 20 years no interruption. At my 65 birthday in January , I had been lived in Canada for 20 year 8 month, rather than 19 years. I have sent a request for reconsideration to Service Canada in February.
Am I right? Is there any chance my 3-month clawback could be returned? Your help is much appreciated. Hi Sherry 1. It could depend on what your immigration status was when you arrived in Canada. If you arrived in Canada as a Landed Immigrant, you are correct. If you arrived as a Visitor however, they may be using either the date that you applied for LI status or the date that you were granted LI status as the beginning of your residence status for OAS purposes.
Yes, you will definitely get the 3-month OAS clawback back when you file your income tax return. Thanks a lot for the replay. I arrived Canada as landed immigrant in Never as visitor before that. Oh, forgot to ask. My income tax return had finished with Notice of Assessment received. OAS clawback was not included.
What should I do? Thank you again. Hi Shery — Sorry, my mistake. This payment will be reflected on my T for although it is not taxable. I have a question regarding inheritance and GIS. How would that affect my GIS payments for ? Thank you for your diligent input. If you invest the money however, any taxable income from that investment e. Hi Doug,both my wife and I have recently retired,I am 68 and my wife is My question is based on the above figures,what gis will I be entitled to,and what Allowance will my wife be entitled to.
Thank You Kindly Trevor. The origin of this exemption goes back many many years, to when this exemption applied to earnings from employment under the Income Tax Act. Thanks for your job well done for the community. My question is this though. Or do I receive those payments for life, even if out of Canada. If not, it will end 6 months after you leave Canada. They both are considered healthy, not divorce but live in separate countries now.
She goes back to home country for a few months every year. Her spouse is not a Canadian resident. The GIS option was also ticked off in the application. Her allowance payments stopped once she turned Hi Pat — If she was receiving the Allowance, it should have automatically converted at age 65 without having to apply. I would recommend that your mother call Service Canada at I recently got married which should affect my GIS however, my wife is a German citizen and she resides in Germany.
Except for occasional visits usually lasting a few weeks, we have never lived together and I have nothing to do with her personal finances. The best thing to do is to let Service Canada know all of the details, and see what happens. If correct, then I believe you will be affected.
Given the story there must really be true love involved or…. He is an sponsored immigrant that got her permanent residence in September but only moved to Canada in June He sent his application for GIS and is waiting for the decision. He has not lived in Canada for 10 years, as he only moved to here in but the sponsorship agreement expires at the end of September.
Should his GIS be approved? My mom also applied for the supplement. She is in the same situation, her sponsorship agreement expires at the end of September but she has only lived in Canada for 7 years. Should her GIS get approved? Thanks a lot for your response, Adriana. Hi Adriana — This is a bit of a complicated area, and the legislation came into effect after I retired from the department. Thanks a lot for your response Doug. Would GIS increase for every year they reside in Canada until the complete 10 years?
As I understand it, my Allowance will cease once I turn 65, however I will presumably be eligible for the same GIS payment from March to June as my wife currently receives. What do I need to do prior to turning 65 next February? Thanks for your help. Hi Jim — Good questions! You should receive a letter notifying you of this conversion approx. Great, thanks for your help, Doug. Thanks again! Hi Jim — Thanks for the positive feedback.
And Yes, you have your rate tables properly figured out. And the following year when you do your taxes will it count against it again?
In other words is it better to retire in January to get full GIS right away? Thanks for all your input. So, in December of this year , I should either be automatically enrolled, or I may have to do it myself. A couple of questions:. Is a complete year for me, since I started living in Canada only as of March ?
Being partial OAS, am I going to be eligible for automatic enrollment, or will I have to do it myself? Am I right assuming this? No, is not a complete year for you. Your first complete year would have been March You need at least 40 years of valid residence in Canada for automatic enrollment, so you will have to apply for OAS.
Thank you kindly for your prompt reply, Doug. Will it still be , and only as of July , they will review my tax return and make possible adjustments to GIS payments. Am I understanding this correctly? Will the Government calculate my GIS based on my work income?
Or will they give me the full amount until June and then cut me off based on my tax return for ? What was your income and what will be your income? Hi Doug, Thanks for your quick reply. My income was really low due to an unexpected loss of employment. And if I worked past 65 and retired in June with loss of employment income how would that affect it? Effective July and until June your GIS would normally be based on your income, but if you retire at the end of June it will be based on a mixture of your income excluding the employment earnings and your estimated earnings after retirement annualized.
It is a bit confusing. Hi Doug, Thanks for all the information. Thanks again for your help to clarify everything. When our politicians go after the retirement vote they talk about increasing the GIS and most retirees believe they may see an increase in income, this is of course not true because they receive OAS and CPP.
Maybe you can provide an example? Effective July 1, , only pension income and employment or self-employment income from the current year is estimated. All other income from the preceding calendar year will be added to the estimated income.
The benefit is calculated on the combined total of these two parts. I stumbled on this website tonight quite by accident and am so grateful. You are a fountain of knowledge! I should preface my comment first by explaining that my mother is cognitively impaired to the point of it being classed as a disability which clearly affects how she manages her finances.
However, this week I learned she apparently did not file her taxes for and which in turn triggered a full stop of her GIS payments mid But from what I can see, about 16 GIS payments altogether were withheld due to her not filing taxes on time. My question is can she still recover these missed GIS payments retroactively if she files her taxes now? Any advice you have is greatly appreciated! Hi Shelley — Thanks for the positive feedback!
Yes, she can receive retroactive payment for the missed GIS and Yes it will likely be limited to the maximum of 11 months. Because of the break in payment, she may also be required to submit a GIS application in addition to filing her late income tax returns.
I suggest that you call Service Canada immediately at to see if a GIS application is indeed required also, and to discuss the possibility of using the incapacity provision. I and my wife are both receiving OAS payment. As our total income in exceeds the maximum for GIS so we cannot get it. But at the end of I was laid off from my job and is on EI payment till Oct The amount I can get it is below the GIS cut off point and my wife is not working in Do I need to inform Service Canada, or just leave it until they access my tax return next year and give me a retroactive payment.
Hi Raymond — You should notify Service Canada immediately, so that you can begin receiving GIS based on your current level of income sooner. I also noticed on the GIS instruction sheet that both lines and were eligible for this exemption. Line is for income not reported on a T4.
Depending on what caused your income to decrease, you may be eligible for retro GIS, but as mentioned above you will never be eligible for max GIS because of your other incomes. If you completed section F on the GIS application retirement or reduction in pension income you should receive form ISP to estimate your income for from which your GIS will be based rather than the previous year s.
Hi Doug, I love your website and turn to you for help. I retired in and get GIS from January based on my estimated income in I know my GIS will be adjusted based on my actual income. My question is if my future GIS from January thru June will also be based on my actual income? If so, my income will affect 2. Please clarify for me. Thank you for your considerations. Is that the case? What income did you estimate for ? Hi Doug, Thank you for your prompt replay.
It seems the GIS from January thru June is based on income as mentioned in the letter from Service Canada, and they sent me ISP forms to fill the estimated income for and I am quite confusing on this since my income retired in the middle of the year was much higher than that of GIC limit, and if the employment income is excluded, my income was negative due to the RRSP.
I am wondering how they calculate the income, or they mix the and income together, but not mentioned in the letter? I am afraid my actual income may be higher than the estimated because of unexpected increased investment income for special family need. If your actual income does differ from what you estimated, they will adjust your GIS retroactively up or down.
Hi Doug, wondering a couple of things. My income on tax filed was too high. In Sept my work pension was finished. I filled out the estimated income for July to June this year in July and made several phones calls.
Not too high! Again latest letter rejected. I was also told I would not receive back payments in July this was thru a phone call. Hi Wendy — What is your marital status? When did your QPP start and what is the monthly amount?
When did you make the RRSP withdrawal? I suggest that you appeal to the SST. Any idea of how long they take to process requests? Thanks again W. Hi Wendy — Unfortunately, it is a very slow process. If I take steps to contest the present decision will it affect my GIS for as it will be in the courts?
Good morning Doug. I have a question regarding gis and allowance. I am 62 and my income is zero. I know the combined income will still be the same,but any benefits to do this? Also based on the figures I have given can you tell me what gis and allowance we would recieve. Thank you Valerie. Thank you Doug for your quick reply,am I right in saying that it does not really matter wether we split the income or not,the outcome would still be the same.
Thanks Valerie. So when you file your taxes why does the GIS or net federal supplements are included in your Net Income? Later on you deduct them on Line — Other payments deductions, which reduces your taxable income on Line — Taxable Income. Hi Maxime — The ISP form can only be used if you have retired or if a pension has been reduced or ended.
Do either of these things apply in your situation? We hope the above fully explains the situations regarding your statement of estimated incomes for the years and Hi Wendy — If your company pension ended in Sept , you should be eligible to have your GIS entitlement based on your estimated income.
Hi Doug, Today my wife received an application for GIS and we have completed it based on both our Income tax returns. My knowledge on GIS is limited but I read that it is based on our combined incomes as we are married.
We are both retired. My question is will my wife qualify for GIS? If so how much? Is there a sliding scale or is our combined income too much for my wife to receive any GIS? Thank you Tony. Hi Doug, Thanks for the prompt reply.
Also since Revenue Canada has all the income information on out Tax Returns that is the same on the GIS application and the answer is going to be no GIS, why go through this process after getting the impression she may qualify for GIS? Thoughts Thanks again. Tony Cheers. Thanks for the update. The point is neither of us applied for OAS. I should have mentioned that.
We never responded to either letter advising us that we qualified for OAS. One last question does the CRA automatically deduct income tax at the source or do we declare it when we file our income tax returns? We will send in the application and see how it plays out. Thanks again. Cheers Tony. We have decided to buy her a place under her name for her to live in and we will pay her mortgage too. Would having an apartment under her name reduce her GIS?
How do I report foreign pension income for Canadian tax purposes in regards to exchange rate? I am talking about less than CAD a year.
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