Assignment agreement ontario insurance agent insurance

Assignment agreement ontario insurance agent insurance

Skip To Content Ontario. All FSCO. This is the designated form for both insurance companies and injured workers to use for assigning workers' compensation WC benefits that may be payable to some workers who are injured in automobile accidents. It supercedes any existing form that deals with the assignment of WC benefits. This form takes effect immediately.

Please note that the WCB will not consider an application for the assignment of WC benefits that is requested through any other assignment form. An assignment has two purposes. First, it ensures that the claimant receives benefits when there is a dispute as to whether WC or automobile accident benefits are payable. Second, it also ensures that an automobile insurance company will be repaid if it turns out that WC benefits, and not automobile accident benefits, are payable.

The requirement to assign WC benefits arises when there is a dispute about whether WC or automobile accident benefits are payable. When such a dispute arises, the injured worker is entitled to claim benefits from the automobile insurance company on an interim basis until the dispute is settled.

If it is determined at a later date that the worker should be in receipt of WC benefits, and an approved assignment is on file, the WCB will forward the appropriate compensation benefits to the insurance company prior to forwarding any funds to the worker.

The WCB shall pay to the insurance company the compensation benefits that are payable to the worker for the same time period that the worker received insurance benefits.

If the amount of compensation payable by the WCB exceeds the amount of insurance benefits already paid, the insurance company will be reimbursed first with any surplus being paid to the worker. It is also important to know that insurance companies can only be reimbursed for benefits paid if they are similar in nature to the WC benefits, such as compensation for lost earnings or health care benefits that are covered under the Workers Compensation Act as well as the Statutory Accident Benefits Schedule SABS.

Insurance benefits such as child care expenses are not reimbursed by the WCB. Under the SABS an automobile insurance company is not required to pay benefits where there is an outstanding dispute between it and an injured worker, until the assignment is made. To obtain additional copies of the required standard form, please photocopy both sides of the form provided with this OIC Bulletin, or contact Nick Norvack at the WCB at When the assignment form is filled out and signed by the insurance company, the injured worker and their respective witness, it should be mailed or faxed if immediate approval is necessary to:.

Standard Form for Assigning Workers' Compensation Benefits

If you have any questions about the WCB assignment form or the assignment of WC benefits, please contact:. Follow FSCO on social media.

Purposes of assignment An assignment has two purposes. Background The requirement to assign WC benefits arises when there is a dispute about whether WC or automobile accident benefits are payable. How to obtain forms To obtain additional copies of the required standard form, please photocopy both sides of the form provided with this OIC Bulletin, or contact Nick Norvack at the WCB at Blair Tully Commissioner September 20, About Automobile Insurance.Assignment of Insurance.

As additional security for the payment and performance of the Obligations, the Borrower hereby assigns to the Lender any and all monies including, without limitation, proceeds of insurance and refunds of unearned premiums due or to become due under, and all other rights of the Borrower with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto, and the Borrower hereby directs the issuer of any such policy to pay all such monies directly to the Lender.

At any time, whether or not a Default Period then exists, the Lender may but need notin the Lender's name or in the Borrower's name, execute and deliver proof of claim, receive all such monies, endorse checks and other instruments representing payment of such monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

Sample 1. Sample 2. Sample 3. The Grantors hereby assign to the Secured Party, as additional security for the payment of the Obligations, any and all moneys including but not limited to proceeds of insurance and refunds of unearned premiums due or to become due under, and all other rights of the Grantors under or with respect to, any and all policies of property or casualty insurance covering the Collateral, to the extent such moneys and other rights are due or arise in respect of the Collateral, and the Grantors hereby direct the issuer of any such policy to pay any such moneys directly to the Secured Party upon request of the Secured Party which request the Secured Party shall make only following the occurrence and during the continuance of an Event of Default.

After the occurrence and during the continuance of an Event of Default, the Secured Party may but need notin its own name or in the name of the Grantors, execute and deliver proofs of claim, receive all such moneys, endorse checks and other instruments representing payment of such moneys, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

Any monies received under any insurance policy assigned to Wells Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wells Fargo and, as determined by Wells Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wells Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Debtor hereby assigns to the Agents, as additional security for payment of the Obligations, any and all monies due or to become due under, and any and all other rights of Debtor with respect to, any and all policies of insurance covering the Collateral. As additional security for the Obligations, each Borrower and each other Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Borrower and such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Borrower and each other Loan Party and all business records and other documents relating to it, and all monies including proceeds and refunds that may be payable under any policy, and each Borrower and each other Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender.

At or prior to the closing of the Loans, the Debtor shall deliver to the Bank copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Bank, naming the Bank as an additional insured party as its interest may appear and indicating that the policy will not be terminated, or reduced in coverage or amount, without at least ten 10 days' prior written notice from the insurer to the Bank.

As further security for the due payment and performance of the Obligations, the Debtor hereby assigns to the Bank all sums, including returned or unearned premiums, that may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and from and after the occurrence of an Event of Default, the Debtor hereby directs each insurance company issuing any such policy to make payment of sums directly to the Bank.

The Debtor hereby appoints the Bank as the Debtor's attorney-in-fact and authorizes the Bank upon the occurrence and during the continuance of any Event of Default in the Debtor's or in the Bank's name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, to cancel, assign or surrender any such policies.

All such sums received by the Bank shall be applied promptly by the Bank to satisfaction of the Obligations or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Bank, or as otherwise required by applicable law and to the extent not so applied shall be paid over to the Debtor.

At or prior to the date hereof, Debtor shall deliver to Secured Party certificates of the issuing companies with respect to all policies of insurance owned by Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to Secured Party, naming Secured Party as an additional insured party as its interests may appear with respect to liability coverage and as loss payee with respect to property and extended insurance coverage, and indicating that no such policy will be terminated, or reduced in coverage or amount, without at least thirty 30 days prior written notice from the insurer to Secured Party.

Debtor hereby assigns to Secured Party all sums, including returned or unearned premiums, which may become payable under or in respect of any such policy of insurance, and Debtor hereby directs each insurance company issuing any such policy to make payment of sums directly to Secured Party.

assignment agreement ontario insurance agent insurance

Debtor hereby appoints Secured Party as Debtor's attorney-in-fact with authority to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and upon the occurrence of any Event of Default, to cancel, assign or surrender any such policies.

All such sums received by Secured Party shall be applied by Secured Party to satisfaction of the Obligations or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of Debtor and Secured Party, or as otherwise required by applicable law.

A first priority assignment of all insurances of each Vessel from all parties holding an interest in the insurances in the form as set out in Exhibit 3 - Form of Security Agreement. Debtor hereby assigns to Secured Party all of the rights of Debtor under the insurance policies maintained pursuant to Section 1. The Bank shall have received a valid and enforceable assignment of the life insurance policy described in Section 5.From: Canada Revenue Agency. Disclaimer: The information in this memorandum does not replace the law found in the Excise Tax Act the Act and its regulations.

It is provided for your reference.

All legislative references in this memorandum refer to the Excise Tax Act unless otherwise indicated. Insurance agents or brokers may be employees of an insurance company, an insurance agency or a brokerage firm, or they may be self-employed persons.

They may be involved solely in offering insurance policies, or they may provide a variety of services including risk management, consulting or advisory services. The solicitation of insurance by insurance agents or brokers is regulated by the provinces or territories of Canada.

R regulates the sale of insurance policies by brokers. Similarly, the solicitation of insurance policies by insurance agents is regulated under the Insurance Act R. The definition of "insurance policy" referred to above, excludes a warranty in respect of the quality, fitness or performance of tangible property where the warranty is supplied to a person who acquires the property otherwise than for resale i.

If the insurance agent or broker is a listed financial institution and it operates in a participating province, it may be considered to be a selected listed financial institution throughout a reporting period in a fiscal year that ends in its taxation year, where it has a permanent establishment in a participating province and a permanent establishment in any other province, at any time in the taxation year. The appendix provides the complete definition of "financial service". It is a question of fact whether the person is making a single supply or multiple supplies.

If it is determined that a single supply is being provided, then the predominant element of that supply must be established to determine the nature of the supply. If the predominant element of the single supply is determined to be a financial service, then the supply as a whole is considered to be a financial service.

He is self-employed and has agreements with insurers to offer their home and automobile insurance policies in Canada. C who resides in Ontario. He meets with Mr. C to discuss the insurance products that he offers on behalf of certain insurers. He explains the specific terms and options under the products, and answers Mr.

Once Mr. C with an information folder, and explains the details of the insurance policy.

assignment agreement ontario insurance agent insurance

C that the insurance policy and related documents will be delivered to Mr. C once the insurer accepts the application. He is directly involved with both the insurer and Mr. C has with the insurer. An insurance agent or broker may also provide other services including risk management services, estate planning or wealth management services. These services are not financial services.What rights does an insured have after assigning any and all insurance rights, benefits, and proceeds under the homeowners insurance policy to a third party?

Homeowners that have experienced the frustration of dealing with a loss to their home, whether by flood, fire or hurricane, can attest to the stressful nature of the re-building process. Most of these restoration services require the homeowner to sign a document called an Assignment of Benefits, prior to commencing any work. Stuck with a limited amount of options and under great stress, the homeowner signs the Assignment of Benefits and the restoration work begins.

This assignment essentially allows the restoration service company to perform its work on credit or with no immediate payment by the homeowner, leaving the homeowner with the comforting satisfaction that the restoration company will collect its fee for service from the homeowners insurance company directly. A typical Assignment of Benefits states, in part, as follows:. While it was most likely not the intent of the homeowner to assign all his or her rights to the restoration service, a plain reading of this sample Assignment of Benefits is leading insurance companies to argue that the homeowner has assigned any and all insurance rights, benefits, and proceeds under the applicable policy, including those available for the re-build of the home and under Coverages C and D, to the third party restoration service.

Some insurers are taking the position that by assigning any and all insurance rights, benefits, and proceeds under the applicable policy, homeowners have relinquished all claims available under the policy, including Additional Living Expenses and Personal Property.

Insurance Agents and Brokers

See Schuster v. It is extremely rare for homeowners to intend to assign their right to be paid for damage to their personal property to a restoration service. Similarly, homeowners usually do not intend on assigning their rights to be paid for Additional Living Expenses they must incur as a result of being ousted from their home. Good business ethics dictates that the restoration service probably did not intend for the assignment to limit the homeowners ability to pursue these benefits from their insurance company.

Regardless of the seemingly obvious intent of the parties, insurance companies are using these unqualified assignments assignments that assign all the rights, benefits and proceeds to preclude homeowners from obtaining benefits under their own homeowners insurance policy in favor of the restoration service.

Interpreting the assignment in a light most favorable to insured is one way to recover benefits under the homeowners policy after the assignment of benefits has been executed. The two most prominent ways to attack the validity of a properly executed assignment is to 1 find the assignment vague and ambiguous or 2 find the assignment qualified.

Where terms of agreement are unambiguous, the parties' intent must be discerned from the four corners of the document; in the absence of ambiguity, language itself is the best evidence of the parties' intent, and its plain meaning controls.

Fecteau v. Bank, N. A homeowner can assert that there is no claim number or date of loss identifying the rights or claim that was purportedly assigned. Moreover, this limiting language arguably indicates that the assignment only conveys rights to payment for services rendered by the restoration service company. When the assigned rights are limited by the language of the assignment, then the assignment is qualified and requires the agreement of all parties involved spouses, co-owners, mortgagees etc to be valid.

In the majority of cases, the intent of the parties to the assignment was to limit the assignment to the right to payment for the services rendered.

One last option the homeowner has available is to seek a re-assignment of benefits from the Restoration Service. After the restoration company has rendered its services, the insured is usually left with a moisture free home that has holes in the drywall, holes in the kitchen cabinets, and no flooring. As the insured still has to pursue its insurance carrier for benefits to rebuild their home, additional living expenses, and possible contents damage, the insured is the real party in interest.

assignment agreement ontario insurance agent insurance

That is, the person in whom rests, by substantive law, the claim sought to be enforced.A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan. Businesses readily accept life insurance as collateral due to the guarantee of funds if the borrower dies or defaults. In the event of the borrower's death before the loan's repayment, the lender receives the amount owed through the death benefit, and the remaining balance is then directed to other listed beneficiaries.

The borrower must be the owner of the policy, but not necessarily the insured, and the policy must remain current for the life of the loan with the owner continuing to pay all necessary premiums. Any type of life insurance policy is acceptable for collateral assignment, provided the insurance company allows assignment for the policy. Many lenders do not accept term life policies as collateral because they do not accumulate cash value and the term of the policy may be too short to accommodate the loan.

Some lenders will not guarantee a loan unless a life insurance policy with a collateral assignment is issued. Alternately, the policy owner's access to the cash value is restricted to protect the collateral. If the loan is repaid before the borrower's death, the assignment is removed, and the lender is no longer the beneficiary of the death benefit. Insurance companies must be notified of the collateral assignment of a policy; other than their obligation to meet the terms of the contract, they remain disinterested in the agreement.

This is a common question among business owners applying for a bank loan who want to use their life insurance as collateral to increase their chances of getting the loan. Collateral assignments make sure the lender gets paid only what they are due. If you are applying for life insurance to secure your own business loan, remember that there is no reason to make the lender the beneficiary.

Use a collateral assignment and make sure your broker walks you through its execution. Life Insurance. Your Money. Personal Finance. Your Practice. Popular Courses. Insurance Life Insurance. Key Takeaways The borrower must be the policy owner, who may or may not be the insured. The collateral assignment may be against part or all of the policy's value, and if any amount remains, beneficiaries receive the difference.

Full repayment of the loan terminates the assignment. Kobrin, LUTCF, Fair Lawn, NJ This is a common question among business owners applying for a bank loan who want to use their life insurance as collateral to increase their chances of getting the loan.

Related Articles. Life Insurance What are the pros and cons of life insurance policy loans? Life Insurance Term vs.Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. In the context of asset acquisition, and assuming that the target's contracts are assets being transferred to the purchaser, the transfer of contracts typically requires the parties to the transaction to go through either the novation process or assignment of the contract from the seller to the purchaser.

Novation is a trilateral agreement between the original parties to a contract and the purchaser seeking to replace the seller to the contract. Novation transfers not only the rights and benefits under the original contract to the purchaser, but also the obligations, thus releasing the seller from all obligations under the original contract.

All parties to the original agreement need to consent to the new agreement. Novation has been referred to as the "Hail Mary" defence for parties seeking to avoid contractual liability, however, the standard of establishing novation is quite high. The party asserting novation must prove:.

The SCC also stated that in the absence of an express new agreement, a court should not find novation unless the circumstances are especially compelling. Unlike novation, an assignment does not extinguish the original agreement and does not create a new and separate agreement.

assignment agreement ontario insurance agent insurance

The original contract remains in force. Also, unlike novation, depending on the terms of the subject contract, an assignment of the contract may not require the consent of all parties to the agreement. If the contract is silent as to its assignability, then the courts have held that the contract is generally assignable, except for personal services contract, where consent must be obtained.

Assignment and assumption may be more convenient for the seller than novation given that the seller may not need to ask for consent from a third party to assign its interest in an agreement to the purchaser, however, the seller needs to be aware of the potential liabilities if the purchaser fails to perform under the assigned contract.

Although novation can protect the seller from such future liabilities, it is a more cumbersome process for all parties involved, and may not be feasible if the third party refuses to provide consent. Therefore, it is essential for parties to assess their relationship with the third party before proceeding with novation.

Norton Rose Fulbright is a global law firm. We provide the world's preeminent corporations and financial institutions with a full business law service. Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

For more information about Norton Rose Fulbright, see nortonrosefulbright. Law around the world nortonrosefulbright. The content of this article is intended to provide a general guide to the subject matter.

The Assignment of Benefits & Your Homeowner’s Claim

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