Investment activities of a retired person did not constitute self-employment for calculating death benefits.
The applicant sought maximum death benefits of $200,000 following her husband's death in a motor vehicle accident, arguing he was self-employed as a securities trader.
The insurer paid the minimum $50,000, contending he was retired and living off investments.
The arbitrator found that the deceased's investment activities did not constitute self-employment or a business, as he was not an aggressive trader and his portfolio consisted largely of secure, fixed-income investments.
Consequently, the deceased was not employed at the time of the accident, and the applicant was entitled only to the minimum death benefit of $50,000.
OFSCDRSOntario Financial Services Commission - Dispute Resolution ServicesMar 13, 1997
