For each of the following benefits, individual and group policies, the covered person is:
Death Benefit
Life insured
Health Expense
Person whose health status incurs the expense
Cash Value
Policyowner
Monthly Income
Payout Life Annuity
The person whose survival depends on the payout
Term Certain Annuity
Policyowner
Disability Income Insurance
Disabled life
Periodic Payment under Guaranteed Minimum Withdrawal Benefit
Policyowner
Periodic Payment from a RRIF
Policyowner
Periodic Payments under Long-term Care policies
The person whose health status determines payments
Accumulated Value
For individual policies
Policyowner
For group policies
Defined Contributions Plans – Plan Participant
Defined Benefit Plans – Plan Sponsor