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• 9 (1) The insurance money or the portion thereof to which any beneficiary is entitled may, at the option of the insured, be made payable in whole or in part

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  • (b) as an annuity-certain for a term of years;

  • (c) as a life annuity to the beneficiary; or

  • (d) as an annuity guaranteed for a term of 5, 10, 15 or 20 years and so long thereafter as the beneficiary lives.

• (2) If option (1)(b) or (d) is chosen, and if the beneficiary dies before the specified term of years has been completed, the remaining annuity payments payable within that term shall be payable to such other beneficiary or beneficiaries as the insured had designated for that purpose or, failing such designation, the commuted value of the remaining payments shall be payable in one sum to the beneficiary’s estate.

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• (4) For the purposes of subsections (2) and (3), the commuted value of the remaining annuity payments shall be determined on the same actuarial bases as those used in determining the amount of the annual payment of the annuity.

• (5) The annuities payable under the Act shall be calculated on the basis of the 1971 Individual Annuity Mortality Table, as published in Vol. XXIII of the Transactions of The Society by Actuaries, and the following rates of interest:

  • (a) for the first 15 years of the term of the annuity, an annual rate of interest equal to the most recent annual yield to maturity of all outstanding obligations of the Government of Canada as fixed by the Minister under subsection 113(2) of the Canada Pension Plan, plus 0.5 per cent rounded to the nearest 0.25 per cent; and

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• (2) If, after an insurance contract has been in force for at least two years, two or more annual premiums or their half-yearly, quarterly or monthly equivalents having been paid thereon, any premium is not paid on or before its due date and remains unpaid at the expiration of a period of 30 days following its due date, the contract shall thereupon be deemed to be changed to one of paid-up insurance for such amount as the net level premium reserve under the contract, calculated according to the H.M. Mortality Table of the Institute of Actuaries of Great Britain and a rate of interest of six per cent per annum, at the due date of the unpaid premium, will purchase when applied as at that date as a single premium on the basis of the said table of mortality and rate of interest.

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7 If the age of the insured is understated in an application for an insurance contract, the amount payable under that contract shall be the amount that bears the same ratio to the sum assured that the premium proper to the age stated of the insured bears to the premium proper to the actual age of the insured, the stated age and the actual age being both taken as at the date of the contract; the premium proper herein referred to is the net annual premium shown by the mortality table mentioned in section 4, the rate of interest being six per cent as therein mentioned.

• 16 (1) There shall be an account in the Consolidated Revenue Fund to be called the Civil Service Insurance Account (in this section referred to as “the Account”) to which shall be credited all moneys received and to which shall be charged all moneys paid under the Act.

• 5 (1) A person who is eligible under the Act to be a beneficiary, but was not originally named as a beneficiary, may be made a beneficiary by an instrument signed by the insured if

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