Particularities Solo SecuriTerre

The following text is a translation of extracts taken from the French contract of Solo SécuriTerre. The information in bold refers specifically to this product.

"1. DEFINITIONS

The definitions in this section will be those used to interpret the contract between parties.

[...]

19)     Recognized agricultural producer  


By a recognized agricultural producer, we mean someone:

a) who is involved in the production of an agricultural product as other than a salaried employee; and
b) whose agricultural products are not consumed entirely by himself and the members of his family; and
c) whose agricultural production for the market has an annual value of at least $5,000. 

The current definition does not cover people who exploit the forest, except if they only use the wooded portion of their farm for this type of operation. 

By agricultural product, we mean:

a) any agricultural, horticultural, poultry, livestock or wood product either in its raw state or partially or wholly processed by or for the agricultural producer; or
b) any beverage or other food product derived therefrom; or
c) any aquaculture product
.

20)      Insurable gross earnings: all income received by the insured related to his 
          occupations, including salaries, fees, bonuses, company dividends, wages and 
          commissions, before income tax deductions, as well as any other amount
          reinvested  in the company, excluding any tax deductible business expenses. It is
          understood  that the gross insurable income for any given year is that income
          which appears on  the income tax slips for the said year, and does not include
          income from pensions,  interest and other investment income, rental income,
          capital gains royalties, dues,  support payments received or any other income not
          received directly in return for  services rendered.

For a recognized agricultural producer it is understood that the insurable
gross earnings is equal to the sum:

a) of the salary earned from the farm operation and which appears
    under "operating expenses" on the farm operation's income statement;

b) net operating income before deduction of income taxes, which is
    obtained by subtracting the operating expenses from the gross earnings;
    and

c) the amortization appearing on the farm operation's results and tax
    returns.

For the purposes of calculating the insurable gross earnings, the proportionate ownership of a recognized agricultural producer of the farm operation must be taken into consideration, the operation's net operating income and amortization must be pro rated to the shares held by the recognized agricultural producer of the farm operation.

[...]

11.     TERMINATION OF INSURANCE

1)       The insured's coverage terminates on the earliest of the following dates:

a) the date indicated in the written notice to this effect from the insurer to
    the policyowner in the event of non-payment of premiums;

b) the last day of the month during which written notice from the policyowner to
    this effect is received at the insurer's head office;

c) the last day of any year of insurance, provided the insurer sends a written
    notice to the policyowner at least 30 days prior to that date;

d) with respect to the Disability Insurance and Business Expense
    Insurance coverages, the date on which he reaches age 65, and with respect
    to all other coverages, the date on which he reaches age 70,

e) for a recognized agricultural producer, the date on which he no
    longer qualifies as such.

2)       A dependent's coverage terminates on the earliest of the following dates:

a) the date of termination of the insured's coverage;

b) the date indicated in the written notice to this effect from the insurer to
    the policyowner in the event of non-payment of premiums;

c) the last day of the month during which written notice from the policyowner to
    this effect is received at the insurer's head office;

d) the date on which he ceases to be a dependent of the insured,

e) for a recognized agricultural producer, the date on which he no
    longer qualifies as such.

3)       Furthermore, the spouse's life and accident insurance coverages terminate at the 
          latest when the said spouse reaches age 70.

4)       The policyowner must pay the insurer a premium proportional to the period 
          elapsed from the due date of the last premium to the termination date of the
          contract."

Last Update: September 29, 2006
 
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