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”).
Credit Life Insurance. Seller and Buyer agree that Buyer will become the beneficiary of credit life and/or disability insurance written on any direct 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 that are made after the close of business on the Closing Date. 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. 9.1. For the Borrower’s own protection, the Borrower understands that it is a condition of each Loan being granted that the Outstanding Loan Balance of such Loan is covered by a credit protection policy at the Borrower’s cost and instance.
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. 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.
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 1Life Insurance Ltd with whom Direct Axis shares in its positive performance. Direct Axis is authorised to sell life insurance products for which they carry professional indemnity cover with Leppard Underwriting. This plan provides cover in respect of the settlement value of your loan (including any additional loan amount that may be paid out to you in terms of a change to the Agreement but excluding any arrears or finance charges) at any time during the life of the Agreement. Subject to certain circumstances (such as waiting periods or severity levels) or exclusions, this cover will be provided in the event of death, permanent disability or specified dread diseases such as cancer, heart attacks, strokes, renal failure, blindness, total and irreversible loss of use of a limb, serious xxxxx and coma. Coronary artery bypass surgery, heart valve surgery and major organ transplants are also included under dread diseases. This plan also provides limited cover for instalments due: • while you are temporarily disabled • in the 6 months following retrenchment, or in the 6 months following loss of income where you are self-employed. • in the 3 months following a protected strike. In addition it provides a limited maternity benefit equal to 2 instalments in the event that you give birth during the period of insurance as well as a limited hospital benefit equal to 1 instalment in the month that you are hospitalised, provided you are self employed and hospitalised for a minimum period of 7 consecutive days. Pensioners or other persons not earning an income as an employee are not eligible for permanent or temporary disability cover or for retrenchment or protected strike cover. Furthermore, certain exclusions exist, for example 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, • any pre-existing illness, injury or any other condition (such as of heart disease, cancer, stroke, diabetes, psychiatric and/or psychological disorders, or any disability such as spinal or back ailment) which materially contr...
Credit Life Insurance. The Credit Life Insurance provides coverage on the unpaid balance of the Gross Contract Price. This insurance coverage shall terminate upon death of the Planholder during the Paying Period of the Plan, upon the end of Paying Period of the Plan or upon your attainment of age 65, whichever comes first.
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. 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.
