Income Tax Regulations — 1401
 risk in respect of the conversion of a term policy or the conversion of the benefits under a group policy into another policy after that time, (v) an additional risk under a settlement option, (vi) an additional risk under a guaranteed insurability benefit, (vii) a guarantee in respect of a segregated fund policy, or (viii) any other benefit that is ancillary to the policy, subject to the prior approval of the Minister on the advice of the Superintendent of Insurance for Canada, but is not (ix) a benefit, risk or guarantee in respect of which an amount has been claimed under any other paragraph of this subsection by the insurer as a deduction in computing its income for its taxation year that includes that time, equal to the lesser of (x) a reasonable amount in respect of the benefit, risk or guarantee, and (xi) the reserve in respect of the benefit, risk or guarantee that (A) if the insurer is required to file an annual report with its relevant authority for a period that includes that time, is used in preparing that report, and (B) in any other case, is used in preparing its annual financial statements for the period that includes that time. (d.1) to (e) [Repealed, 2009, c. 2, s. 99] (1.1) [Repealed, 2009, c. 2, s. 99] (2) For the purposes of subsection (1), (except in respect of subparagraph (d)(vii) thereof), any amount claimed by an insurer for the year shall not include an amount in respect of a liability of a segregated fund (within the meaning assigned segregated fund by section 138.1 of the Act). (3) The following definitions apply in this section. benefit on death includes the amount of an endowment benefit but does not include (a) any additional amount payable as a result of accidental death; and (b) where interest, if any, on an amount held on deposit by an insurer is included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit. ( prestation de décès ) coverage , under a life insurance policy, means each life insurance (other than a fund value benefit) under the policy in respect of a specific life, or two or more specific lives jointly insured, and in respect of which a particular schedule of premium or cost of insurance rates applies. For greater certainty, each such insurance is a separate coverage. ( protection ) fund value benefit , under a life insurance policy at any time, means a benefit under the policy the amount of which is the amount by which the fund value of the policy at that time exceeds the total of all amounts each of which is a fund value of a coverage under the policy at that time. ( bénéfice au titre de la valeur du fonds ) fund value of a coverage , under a life insurance policy at any time, means the total of all amounts each of which is the amount at that time of an investment account in respect of the policy that reduces the net amount at risk as determined for the purpose of calculating the cost of insurance charges for the coverage during the period over which those charges are incurred or would be incurred if they were to apply until the termination of the coverage. ( valeur du fonds d’une protection ) fund value of a policy , at any time, means the total of all amounts each of which is the amount at that time of an investment account in respect of the policy and, for greater certainty, (a) includes, where interest, if any, on an amount held on deposit by an insurer is not included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit; and (b) excludes, where interest, if any, on an amount held on deposit by an insurer is included in computing the income of a policyholder for a taxation year, the amount held on deposit and interest on the deposit. ( valeur du fonds d’une police ) future benefits to be provided , in respect of a coverage under a life insurance policy at any time, means (a) if there is a fund value of the coverage at that time, each benefit on