Policies insuring multiple lives with liPolicies insuring multiple lives with limited form of profit sharing

Policies insuring multiple lives with limited form of profit sharing

23. A benefit in respect of which all the following conditions are satisfied:

(a) the benefit is provided for by a policy that does not have any investment component;

(b) a group of 2 or more people are insured by the policy against the same contingencies;

(c) the benefit has the features mentioned in paragraph 15(2)(b) of the Act;

(d) the benefit includes an entitlement to share in a distribution by the life company of profits or surplus, but only by way of repayment of premiums previously paid or reduction of future premiums;

(e) the amount of the entitlement is determined by reference to the history of claims made under one or both of the following:

(i) the policy;

(ii) policies of the same kind as the policy.