2014 0922 - Insurance-Portal.com - House purchased using universal life at risk of lapsing: buyer must reimburse the seller, By Alain Thériault - [link]
Canada v National Life Assurance Company of Canada,
[320] This conclusion is supported by the decision of the Federal Court of Appeal in Canada v National Life Assurance Company of Canada, 2008 FCA 14, 371 NR 299, where, for the Court, Ryer J.A. discusses in detail the characteristics of segregated fund policies, which he notes are also known as variable insurance. Therein, he discusses in detail that, for income tax purposes, Segregated Fund Policies are considered to be so fundamentally different from other life insurance policies that they are governed by specific rules under the Income Tax Act and the reserves for Segregated Fund liabilities are separately calculated from the general reserves of insurance companies.