D-13.2 - Succession Duty Act

Section 13 Disposition versions

1978-12-22

13. Notwithstanding the provisions of the Civil Code, the proceeds of an insurance policy payable owing to or upon the death of an insured person, including an annuity payable by the insurer, is deemed to be transmitted owing to such death to the beneficiary of the policy, even when the insured person did not himself take out the insurance or pay the premiums thereon.

However, that proportion of the proceeds corresponding to the premiums paid by the beneficiary personally and actually borne by him and that part of the proceeds that the beneficiary has otherwise acquired for valuable consideration are not deemed to be transmitted owing to the death of the insured person.

1978, c. 37, s. 13.