Credit Life Insurance. 2.1 The credit life insurance agreement is entered into between Universal Insurance Administrators Proprietary Limited (the “Insurer”) and the Applicant detailed in Part A (“Credit Life Insurance”).
2.2 The Insurer is a registered financial services provider registered under the Financial Advisory and Intermediary Service Act No 37 of 2002 (“FAIS Act”).
2.3 The Applicant understands that:
2.3.1 The terms and conditions applicable to the Credit Life Insurance will at all times be subject to the provisions of the FAIS Act;
2.3.2 If the Applicant has selected the Insurer as proposed by FUNDI, the Applicant acknowledges that:
2.3.2.1 The Applicant was informed of his/her right to waive the proposed policy of insurance and substitute a policy of his/her choice.
2.3.2.2 FUNDI furnished the Applicant with a copy of the policy document and have explained the terms and conditions of the policy to the Applicant;
2.3.2.3 The Applicant is familiar with the exclusions contained in the policy document;
2.3.2.4 “The Applicant has nominated FUNDI as first loss payee in terms of the policy up to the settlement value such that upon the occurrence of one of the insurable events under the Credit Life Insurance, FUNDI will receive payment up to the settlement value in terms of the policy of insurance.”
2.4 The Applicant irrevocably authorizes FUNDI on behalf of the Insurer to obtain from any person, doctor or institution (whom the Applicant hereby authorizes and requests to provide) any information which FUNDI, on behalf of the Insurer deems necessary to facilitate the consideration of any claim for any benefits payable in terms of the policy of insurance.
2.5 The premium rates under the policy of insurance are not guaranteed and may be altered on the advice of an actuary from the Insurer. In such an event the Applicant will be given one month’s prior written notice of any changes to the rates.
2.6 The Applicant acknowledges that the insurance coverage will be effected once the first premium is received by the insurer.
2.7 If the Applicant has arranged his/her own insurance policy, the Applicant must:
2.7.1 furnish FUNDI with documentary evidence that the policy is effective, including specific details thereof upon request therefore;
2.7.2 upon request by FUNDI, provide FUNDI with written proof of payment of all premiums relating to the above-mentioned insurance cover and where the Applicant fails to do so, FUNDI shall be entitled but not obliged to effect payment of any premi...
Credit Life Insurance. Seller and Buyer agree that Buyer shall become the beneficiary of credit life and/or disability insurance written on any direct consumer installment loans included in the Loans and coverage will continue to be the obligation of the current insurer after the Closing and for the duration of such insurance as provided under the terms of the policy or certificate. Seller and Buyer agree to cooperate in good faith to develop a mutually satisfactory method by which the current insurer will make rebate payments to and satisfy claims of the holders of such certificates of insurance after Closing. The parties’ obligations in this Section are subject to any restrictions contained in existing insurance contracts as well as applicable law and regulations.
Credit Life Insurance. Sellers and Purchaser agree that Purchaser will become the beneficiary of credit life insurance written on direct consumer installment loans and coverage will continue to be the obligation of the current insurer after the Closing Date and for the duration of such insurance as provided under the terms of the policy or certificate. If the Purchaser becomes the beneficiary of credit life insurance written on direct consumer installment loans, Sellers and Purchaser agree to cooperate in good faith to develop a mutually satisfactory method by which the current insurer will make rebate payments to and satisfy claims of the holders of such certificates of insurance after the Closing Date. The parties’ obligations in this Section are subject to any restrictions contained in existing insurance contracts as well as applicable laws and regulations.
Credit Life Insurance. Mortgage Broker may not sell, or offer to sell, credit life insurance to Borrowers without prior disclosure of such sale, or offer to sale, to FCM and proper disclosure of same to the Borrower.
Credit Life Insurance. We require you to maintain credit life insurance to cover your outstanding obligations under the Agreement at any time, and that we are named as Loss Payee under this policy. In this regard, we offer a Personal Protection Plan underwritten by Hollard Life Insurance Company Ltd which provides cover in respect of the settlement value of your loan (excluding any arrears or charges thereon) under the circumstances described below, at any time during the life of the Agreement. This cover will be provided in the event of your death, permanent disability or being diagnosed as suffering from certain dread diseases such as cancer, heart attacks, strokes, diabetes, renal failure, blindness, total and irreversible loss of use of a limb, serious xxxxx and coma. Most heart related surgery and major organ transplants are also covered. This plan also provides limited cover for instalments due whilst you are temporarily disabled or in the six months following retrenchment. Furthermore certain exclusions exist, the main ones being that no claim will be considered in respect of a condition or event arising from: • Your suicide or attempted suicide or self-inflicted injury within 24 months subsequent to entering the Agreement • Driving a vehicle while under the influence of intoxicating liquor or narcotic drugs, or your excessive use of such substances • Your illness, injury or any other condition which materially contributed to your claim against the policy having existed in the 12 months preceding the Agreement and continuing or recurring in the 12 months subsequent to entering the Agreement You have the right to waive the Personal Protection Plan that we offer, and to substitute a policy of your choice. In such a case we require documentary evidence of the existence of this cover, the details thereof, and that we have been named as a Loss Payee under the policy up to the settlement value of the Agreement (as per Form 23 of the Act). The loan amount will not be advanced until such time as we have received and are satisfied with the evidence provided. Should you need further details of our Personal Protection Plan before you exercise your choice, we will send you a copy of the detailed policy document prior to you deciding whether to accept our policy or to substitute a policy of your choice. Where you agree to accept our Personal Protection Plan, we will not add any surcharge, fee, or additional premium above the actual cost of this insurance, and we will: • Disclose the m...
Credit Life Insurance. 6.1 The Consumer undertakes to maintain credit life insurance to cover his/her outstanding obligations under this Agreement at any time and that the Credit Provider is named as beneficiary/cedent under this policy.
6.2 Description of the circumstances under which the credit life insurance cover should be paid to the Credit Provider:
6.2.1 on the death or permanent disability of the Consumer, the balance of this credit Agreement must be settled; and
6.2.2 on the retrenchment of the Consumer, an amount equal to the monthly instalment(s) of this credit Agreement for a period of up to 12 (twelve) months.
6.3 If the Consumer chose the credit life insurance underwritten by African Unity Insurance Limited (hereinafter the “Underwriter”):
6.3.1 the Consumer can refer to the terms and conditions as set out in the policy contract issued by the Underwriter;
6.3.2 the Consumer acknowledges that he understands that he/she is entitled to a copy of the insurance policy contract, which is available on request;
6.3.3 contact details for the Underwriter: Tel 000 000 0000; Fax 000 000 0000.
6.4 Should the Consumer require any form of credit life insurance other than that issued by the Underwriter, the Consumer may substitute it with an equivalent policy of his/her choice.
Credit Life Insurance. 5.1 The Consumer undertakes to maintain credit life insurance to cover his/her outstanding obligations under this Agreement at any time and that the Credit Provider is named as beneficiary/cedent under this policy.
5.2 Description of the circumstances under which the credit life insurance cover should be paid to the Credit Provider:
5.2.1 on the death or permanent disability of the Consumer, the balance of this credit Agreement must be settled; and
5.2.2 on the retrenchment of the Consumer, an amount equal to the monthly instalment(s) of this credit Agreement for a period of up to 12 (twelve) months.
Credit Life Insurance. If such Contract also financed a policy of Credit Life Insurance: (i) the Company has been assigned a valid beneficial interest in such policy; (ii) the Company has the power and authority to pledge its interest as the beneficiary of such policy, and it has so pledged its interest to the Collateral Agent pursuant to various effective Documents of Pledge and Assignment; (iii) the Company has the sole power and authority to direct the cancellation of such policy in the event of nonpayment of such Contract and the sole right to receive any unearned premium in the event of cancellation of such policy; and (iv) the Company has the power and authority to assign its right to receive any unearned premium with respect to such policy, and it has so pledged its right to the Collateral Agent pursuant to various effective Documents of Pledge and Assignment.
Credit Life Insurance. Repayment of Instalment -Stop Order deducted from source 6.3. Acknowledgement of debt
Credit Life Insurance. If such Contract also --------------------- financed a policy of Credit Life Insurance:
(i) the Collateral Agent has been assigned a valid and perfected security interest in and to the rights of the beneficiary thereunder; (ii) FCI had the power and authority to assign its interest as the beneficiary of such policy, and it has so assigned its interest to the Borrower pursuant to the Receivables Purchase Agreement, (iii) the Borrower has the power and authority to pledge its interest as the beneficiary of such policy, and it has so pledged its interest to the Collateral Agent pursuant to this Agreement; and (iv) the Collateral Agent has the sole power and authority to cancel such policy in the event of nonpayment of such Contract and the sole right to receive any unearned premium in the event of cancellation of such policy.
