Insurance Definitions PDF

CIBC Canada Life Certificate of Insurance Insurance for your Credit Card Month 2025YYYY  NEW AGENDA...

CIBC Canada Life Certificate of Insurance Insurance for your Credit Card Month 2025YYYY  NEW AGENDA AGENDA LAYOUT. MORE OPTIONS IN LAYOUTS. ## 1 ## 2 ## 3 Click to Add Click to Add Click to Add Definitions Eligibility Coverages Topic Topic Topic ## 5 ## 6 ## 7 Click to Add Click Terms to and Add Concerns Click to Add and Topic Conditions Topic Complaints Topic P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 2  NEW Titles Should Use Title Capitalization BUBBLE DESIGN OPTIONS Sub-titles should use sentence capitalization IN LAYOUTS This Alorica sanctioned orange bullet is the default color for bulleted content Click Increase List Level  button to reach this gray subpoint bullet - Level 3 ◦ Level 4 - Level 5 P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 3 Definitions Commonly Used Terms  Group Policy  Applications  Independent Contractor  Canada Life  Involuntary Loss of Self-Employmen  CIBC t  Credit Card  Involuntary Unemployment / Involu  Date of Disability ntarily Unemployed  Date of Involuntary Loss of Se  Medical Treatment lf-Employment  Permanent Employee  Date of Involuntary Unemploy  Physician ment  Seasonal Worker / Seasonal Employ  Date of Loss ment  Disability / Disabled  Self-Employment / Self-Employed  Effective Date of Insurance  Statement Date  Employment / Employed  “You” and “Your” P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 5 Commonly Used Terms Applications Application” means Your written, digital, or verbal application for CIBC Payment Protector™ Insurance for Your Credit Card. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 6 Commonly Used Terms Credit Card “Credit Card” means the CIBC Credit Card account referenced in Your welcome letter that accompanies this Certificate of Insurance. It also means any new or replacement CIBC Credit Card account as described under the heading “What happens if Your Credit Card is lost/stolen or transferred to a new eligible CIBC Credit Card account.” P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 7 Commonly Used Terms CIBC “CIBC” means the Canadian Imperial Bank of Commerce. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 8 Commonly Used Terms Canada Life “Canada Life” means The Canada Life Assurance Company. References to “We” in this Certificate of Insurance also means Canada Life P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 9 Commonly Used Terms Group Policy “Group Policy” means the creditor’s group insurance policy number 60298 and 60299 providing the insurance evidenced by this Certificate issued by Canada Life, as insurer, to CIBC, as group policyholder P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 10 Commonly Used Terms Statement Date “Statement Date” means the last day of the period covered by Your monthly Credit Card statement. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 11 Commonly Used Terms Date of Involuntary Loss of Self- Employment permanent closure of Your business not within Your control temporary closure of Your business for being subject to a provincial or federal government mandatory closure order P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 12 Commonly Used Terms Date of Involuntary Unemployment “Date of Involuntary Unemployment” means the first date You are Involuntary Unemployed. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 13 Commonly Used Terms Date of Loss The date of Your death The date You are diagnosed with Cancer, Heart Attack or Stroke, or the date of Your Coronary Artery Bypass Surgery Your Date of Disability P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 14 Commonly Used Terms Disability / Disabled “Disability / Disabled” means You are completely unable, due to illness or injury, to perform tasks/duties. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 15 Commonly Used Terms Effective Date of Insurance the date Your coverage becomes effective as shown in Your welcome letter P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 16 Commonly Used Terms Employment / Employed You were actively working for salary, wages or any form of taxable remuneration P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 17 Commonly Used Terms Permanent Employee a person who has been hired by an employer for a position in exchange of salary/wages P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 18 Commonly Used Terms Self-Employment / Self-Employed You were actively working for taxable income for at least 20 hours per week immediately before Your Date of Involuntary Loss of Self-Employment in a business P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 19 Commonly Used Terms Independent Contractor a person who has a contract to perform work or services independently in exchange for salary/wages. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 20 Commonly Used Terms Seasonal Worker / Seasonal Employment a person whose Employment is dependent on seasonal weather or seasonal activities P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 21 Commonly Used Terms Physician a medical doctor appropriate for Your condition who is licensed to practice in Canada P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 22 Commonly Used Terms Medical Treatment Consulting Receiving advice, care or services provided by a Physician or other health care professional taking medication or injections for the condition or health problem P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 23 Commonly Used Terms Involuntary Unemployment / Involuntarily Unemployed A person who was involuntarily terminated by employer P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 24 Commonly Used Terms Involuntary Loss of Self-Employment a permanent closure of Your business for causes not within Your control a temporary closure of Your business due to being subject to a provincial or federal government mandatory closure order. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 25 Commonly Used Terms Date of Disability “Date of Disability” means the first date You become Disabled P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 26 Commonly Used Terms “You” and “Your” means the primary cardholder of the Credit Card who is insured P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 27 Eligibility Who is Eligible? You qualify if you are of the following: at least 18 less than actively working resident of years old 69 years Canada old P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 29 What the insurance covers P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 30 When Your insurance coverage begins Coverages start on the 31st day after the Effective Date of Insurance. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 31 What You pay (premiums) Premium rate for CIBC Payment Sample Calculation: Protector™ Insurance is $0.99 per $100 of the amount You owe on Your Your monthly premium is Statement Date for Your Credit calculated as follows: Card $2,000 /100 = $20.00. You turn age 70, the premium rate $20.00 x $0.99 = $19.80 will be reduced from $0.99 to $0.39 per $100 of the Amount You owe on Your monthly premium Your Statement Date would be $19.80 plus applicable taxes. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 32 What we pay 1. The amount owing on Your Credit Card on the Date of Loss; 2. The new balance shown on Your Credit Card’s monthly statement for the last statement period prior to the Date of Loss. The maximum benefit that will be paid under each coverage is $50,000. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 33 How we pay a benefit If more than one benefit is payable for a statement period, only the benefit with the largest amount payable will be paid. All benefit payments are made in Canadian dollars. Your insurance must be in effect on the date of Your claim event to be eligible to file a claim. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 34 What if You change Your mind about this insurance? You can cancel Your coverage at any time by calling Canada Life at 1 833 666-4295 or providing written notice. If You cancel within 30 days of receipt of this Certificate of Insurance, You will receive a full refund of any premiums paid. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 35 When does Your insurance coverage ends? P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 36 What happens when Your Credit Card account is suspended? P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 37 Credit Card is lost/ stolen or transferred to a new eligible CIBC Credit Card account This insurance will automatically be transferred to Your new or replacement CIBC Credit Card account P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 38 How to make a claim CIBC Creditor Insurance Helpline at 1 800 465-6020 creditorselfserve.canadalife.com P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 39  Coverages Life Coverage, Critical Illness Coverage, Disability Coverage Life Coverage Month YYYY What we cover The Life Insurance coverage pays a one-time lump sum benefit upon Your death. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 42 What we don’t cover You take Your own You were age 80 or the insurance life greater on the last is not in effect Statement Date of the on the date of Credit Card prior to the death date of Your death; P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 43 Critical Illness Coverage Month YYYY What we cover P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 45 What we don’t cover You are not alive on the 31st day following the date You are diagnosed with Cancer, Stroke or Heart Attack or undergo Coronary Artery Bypass Surgery; or The insurance is not in effect on the date You are diagnosed with Cancer, Stroke or Heart Attack or undergo Coronary Artery Bypass Surgery. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 46 Disability Coverage Month YYYY What we cover You are eligible for a Disability Insurance benefit if You are Disabled for at least 30 consecutive days. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 48 What we don’t cover If you are not If you do not meet If Your Date of Disabled for at the definition of Disability is least 30 “Disability / before the consecutive Disabled ”; Effective Date days. of Insurance P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 49 Involuntary Unemployment or Involuntary Loss of Self-Employment coverage Month YYYY What we cover You must experience the involuntary loss of one job where You multiple jobs where were actively working You were actively at least 20 hours per working for a week combined total of at least 20 hours per week P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F 51 ALORICA What if You experience Involuntary Unemployment or Involuntary Loss of Self-Employment again? To be eligible, You must have resumed Employment or Self-Employment and be working at least 20 hours per week for at least 3 consecutive months immediately before Your new claim P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 52 What we don’t cover (exclusions) You are You retire, Your business is You quit or terminate whether closed directly voluntarily d by Your mandatory or indirectly due ended Your employer or to Your illegal or Employment or for cause; voluntarily willful Self- misconduct Employment P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 53 Other Important Information Changes to the Policy terms or change of Insurer Month YYYY Terms and Condition Changes Premium rates for CIBC Payment Protector™ Insurance are subject to change. You will be provided with at least 30 days prior notice of a change to the premium rates P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 56 If You have a concern or complaint Canada Life at 1 800 380-4572 canadalife.co m P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 57 Access to documents You or any claimant may request a copy of Your Application, any written evidence of insurability and the Group Policy (other than confidential commercial information or other information exempted from disclosure by applicable law) by contacting Canada Life P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 58 Other things You should know about Your insurance If You give a false, misleading or incomplete response or information to Canada Life and that information was used to approve Your insurance coverage or changes to Your insurance coverage, Your Insurance coverage will be void from the date You provided that information. P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 59 Life coverage P R O P R I E TA RY A N D C O N F I D E N T I A L I N F O R M AT I O N O F ALORICA 60