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 premium, whether in arrear or current, in which event any such amount paid by FUNDI shall be repaid upon demand and may be set off against any sums due by FUNDI to the Applicant from whatsoever cause arising; 2.7.3 at all times adhere strictly to the terms and conditions imposed in terms of the policy of insurance referred to above; 2.7.4 not use the Equipment in breach of the terms of the insurance cover referred to above; 2.7.5 procure that FUNDI is endorsed as first loss payee on the policy of insurance and furnish FUNDI with written proof of such endorsement by the insurers elected by the Applicant. Initial: 00183 Applicant Spouse “Pre-Agreement Statement, Quotation and Loan Agreement in terms of Section 92 and 93 of the National Credit Act, 34 of 2005. Fundi Capital (Pty) Ltd (formerly Edu-Loan (Pty) Ltd) is a registered credit provider (NCRCP 158) Co. Reg. 1996/003961/07. Terms and Conditions apply. In support of responsible lending, FUNDI would like to notify you that you have the right to Debt Counselling. For more information, contact the NCR on 0000 000 000 / xxx.xxx.xxx.xx Fundi, Constantia Park, Cnr 14th Ave & Xxxxxxx Xxxxxxxxx Road, Weltevreden Park XX Xxx 0000, Xxxxxxxxxxx Xxxx 0000 Email : xxxxxxxxxxxx@xxxxx.xx.xx Call centre: 0000 00 00 00 | email : xxxxxxxxxxxx@xxxxx.xx.xx VAT No: 4550176798 | Initiation & admin fee are VAT inclusive
Appears in 3 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement
Credit Life Insurance. 2.1 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.
9.2. The credit life insurance agreement Borrower acknowledges that they have the freedom to cover each Loan with a Credit Protection Policy of their choice but that such a policy should be acceptable to the Lender and must be ceded in security to the Lender for the period of the Loan until such a time as the Outstanding Loan Balance of the Loan is entered into between Universal paid in full. The Borrower undertakes to ensure that the Lender’s financial interest is endorsed on the Credit Protection Policy by the Credit Protection Policy provider.
9.3. In pursuance of clause 9.1 and 9.2 above, the Lender can provide Credit Protection Policy for the Loan as is required under this Agreement, as an option to the Borrower and as an authorised intermediary of Botswana Life Insurance Administrators Proprietary Limited and or Botswana Insurance Company Limited (the “Insurer”) and ). Should the Applicant detailed in Part A (“Borrower elect to take up the aforesaid Credit Life Insurance”).
2.2 The Insurer is a registered financial services provider registered under Protection Policy offered by the Financial Advisory and Intermediary Service Act No 37 of 2002 (“FAIS Act”).
2.3 The Applicant understands thatLender:
2.3.1 The terms and conditions applicable to 9.3.1. the Credit Life Insurance will at all times be Protection Policy referred to in clause 9.3 is subject to the provisions terms, conditions and exceptions detailed in the Credit Protection Policy attached hereto as Annexure A, which the Borrower acknowledges to have read. A Policy Summary is attached hereto as Annexure B;
9.3.2. the Borrower acknowledges that the Lender acts as an authorised intermediary for the Insurer but is not a representative as understood under the Applicable Law, and that no employee or contractor of the FAIS ActLender is authorized to offer the Borrower any advice on the selection of the insurance policy or to compare it for the Borrower to any other insurance policy or lead the Borrower towards the choice of any particular insurance policy;
2.3.2 If 9.4. should the Applicant has selected Borrower wish to cancel the Insurer as proposed by FUNDIabove policy requested for at any time before the relevant Loan is paid in full, the Applicant Borrower acknowledges thatthat he/she cannot do so without the prior written approval of the Lender and the Borrower further undertakes and acknowledges that he/she will be required to replace it with a paid up policy of equal benefit which meets the approval of the Lender and which must be ceded as security to the Lender. The Borrower grants the Lender full authority to:
2.3.2.1 The Applicant was informed of his/her right to waive 9.4.1. together with the proposed policy of insurance and substitute a policy of his/her choice.
2.3.2.2 FUNDI furnished the Applicant with a copy Borrower’s monthly repayment 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 Outstanding Loan Balance, deduct any premium due in terms of the policy up relevant Credit Insurance Policy from the Borrowers bank account or from his/her salary as the case may be and pay such premium successfully deducted to the settlement value relevant insurer on the Borrower’s behalf and continue to deduct such premiums for the period that upon the occurrence of one of the insurable events under the Credit Life Insurance, FUNDI will receive payment up to the settlement value Borrower’s insurance cover is in force and whilst there is still an Outstanding Loan Balance; and/or
9.4.2. pay any premium due in terms of the policy relevant Credit Protection Policy to the relevant insurer on the Borrower’s behalf, in which case, the amount of insurance.”
2.4 The Applicant irrevocably authorizes FUNDI on behalf any such premium paid shall be added to the Outstanding Capital Balance of the Insurer relevant Loan.
9.5. The Borrower understands that any failure to obtain from any person, doctor or institution (whom pay the Applicant hereby authorizes and requests to provide) any information which FUNDI, on behalf agreed premium may result in the termination of the Insurer deems necessary policy and the Outstanding Loan Balance becoming due and payable immediately to facilitate the consideration Lender.
9.6. The Borrower acknowledges that in the event of default for reasons outside the scope of the insurance cover, the Borrower or his/her estate will be liable for the settlement of the outstanding amount.
9.7. Notwithstanding any claim insurance that may be in effect in respect of the Loan or the repayment thereof, the Borrower remains liable for any benefits payable the repayment of the Loan in terms of the policy of insurancethis Agreement until its actual repayment.
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 premium, whether in arrear or current, in which event any such amount paid by FUNDI shall be repaid upon demand and may be set off against any sums due by FUNDI to the Applicant from whatsoever cause arising;
2.7.3 at all times adhere strictly to the terms and conditions imposed in terms of the policy of insurance referred to above;
2.7.4 not use the Equipment in breach of the terms of the insurance cover referred to above;
2.7.5 procure that FUNDI is endorsed as first loss payee on the policy of insurance and furnish FUNDI with written proof of such endorsement by the insurers elected by the Applicant. Initial: 00183 Applicant Spouse “Pre-Agreement Statement, Quotation and Loan Agreement in terms of Section 92 and 93 of the National Credit Act, 34 of 2005. Fundi Capital (Pty) Ltd (formerly Edu-Loan (Pty) Ltd) is a registered credit provider (NCRCP 158) Co. Reg. 1996/003961/07. Terms and Conditions apply. In support of responsible lending, FUNDI would like to notify you that you have the right to Debt Counselling. For more information, contact the NCR on 0000 000 000 / xxx.xxx.xxx.xx Fundi, Constantia Park, Cnr 14th Ave & Xxxxxxx Xxxxxxxxx Road, Weltevreden Park XX Xxx 0000, Xxxxxxxxxxx Xxxx 0000 Email : xxxxxxxxxxxx@xxxxx.xx.xx Call centre: 0000 00 00 00 | email : xxxxxxxxxxxx@xxxxx.xx.xx VAT No: 4550176798 | Initiation & admin fee are VAT inclusive
Appears in 1 contract
Samples: Credit Agreement
Credit Life Insurance. 2.1 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.
9.2. The credit life insurance agreement Borrower acknowledges that they have the freedom to cover each Loan with a Credit Protection Policy of their choice but that such a policy should be acceptable to the Lender and must be ceded in security to the Lender for the period of the Loan until such a time as the Outstanding Loan Balance of the Loan is entered into between Universal paid in full. The Borrower undertakes to ensure that the Lender’s financial interest is endorsed on the Credit Protection Policy by the Credit Protection Policy provider.
9.3. In pursuance of clause 9.1 and 9.2 above, the Lender can provide Credit Protection Policy for the Loan as is required under this Agreement, as an option to the Borrower and as an authorised intermediary of Botswana Life Insurance Administrators Proprietary Limited and or Botswana Insurance Company Limited (the “Insurer”) and ). Should the Applicant detailed in Part A (“Borrower elect to take up the aforesaid Credit Life Insurance”).
2.2 The Insurer is a registered financial services provider registered under Protection Policy offered by the Financial Advisory and Intermediary Service Act No 37 of 2002 (“FAIS Act”).
2.3 The Applicant understands thatLender:
2.3.1 The terms and conditions applicable to 9.3.1. the Credit Life Insurance will at all times be Protection Policy referred to in clause 9.3 is subject to the provisions terms, conditions and exceptions detailed in the Credit Protection Policy attached hereto as Annexure A, which the Borrower acknowledges to have read. A Policy Summary is attached hereto as Xxxxxxxx X;
9.3.2. the Borrower acknowledges that the Lender acts as an authorised intermediary for the Insurer but is not a representative as understood under the Applicable Law, and that no employee or contractor of the FAIS ActLender is authorized to offer the Borrower any advice on the selection of the insurance policy or to compare it for the Borrower to any other insurance policy or lead the Borrower towards the choice of any particular insurance policy;
2.3.2 If 9.4. should the Applicant has selected Borrower wish to cancel the Insurer as proposed by FUNDIabove policy requested for at any time before the relevant Loan is paid in full, the Applicant Borrower acknowledges thatthat he/she cannot do so without the prior written approval of the Lender and the Borrower further undertakes and acknowledges that he/she will be required to replace it with a paid up policy of equal benefit which meets the approval of the Lender and which must be ceded as security to the Lender. The Borrower grants the Lender full authority to:
2.3.2.1 The Applicant was informed of his/her right to waive 9.4.1. together with the proposed policy of insurance and substitute a policy of his/her choice.
2.3.2.2 FUNDI furnished the Applicant with a copy Borrower’s monthly repayment 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 Outstanding Loan Balance, deduct any premium due in terms of the policy up relevant Credit Insurance Policy from the Borrowers bank account or from his/her salary as the case may be and pay such premium successfully deducted to the settlement value relevant insurer on the Borrower’s behalf and continue to deduct such premiums for the period that upon the occurrence of one of the insurable events under the Credit Life Insurance, FUNDI will receive payment up to the settlement value Borrower’s insurance cover is in force and whilst there is still an Outstanding Loan Balance; and/or
9.4.2. pay any premium due in terms of the policy relevant Credit Protection Policy to the relevant insurer on the Borrower’s behalf, in which case, the amount of insurance.”
2.4 The Applicant irrevocably authorizes FUNDI on behalf any such premium paid shall be added to the Outstanding Capital Balance of the Insurer relevant Loan.
9.5. The Borrower understands that any failure to obtain from any person, doctor or institution (whom pay the Applicant hereby authorizes and requests to provide) any information which FUNDI, on behalf agreed premium may result in the termination of the Insurer deems necessary policy and the Outstanding Loan Balance becoming due and payable immediately to facilitate the consideration Lender.
9.6. The Borrower acknowledges that in the event of default for reasons outside the scope of the insurance cover, the Borrower or his/her estate will be liable for the settlement of the outstanding amount.
9.7. Notwithstanding any claim insurance that may be in effect in respect of the Loan or the repayment thereof, the Borrower remains liable for any benefits payable the repayment of the Loan in terms of the policy of insurancethis Agreement until its actual repayment.
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 premium, whether in arrear or current, in which event any such amount paid by FUNDI shall be repaid upon demand and may be set off against any sums due by FUNDI to the Applicant from whatsoever cause arising;
2.7.3 at all times adhere strictly to the terms and conditions imposed in terms of the policy of insurance referred to above;
2.7.4 not use the Equipment in breach of the terms of the insurance cover referred to above;
2.7.5 procure that FUNDI is endorsed as first loss payee on the policy of insurance and furnish FUNDI with written proof of such endorsement by the insurers elected by the Applicant. Initial: 00183 Applicant Spouse “Pre-Agreement Statement, Quotation and Loan Agreement in terms of Section 92 and 93 of the National Credit Act, 34 of 2005. Fundi Capital (Pty) Ltd (formerly Edu-Loan (Pty) Ltd) is a registered credit provider (NCRCP 158) Co. Reg. 1996/003961/07. Terms and Conditions apply. In support of responsible lending, FUNDI would like to notify you that you have the right to Debt Counselling. For more information, contact the NCR on 0000 000 000 / xxx.xxx.xxx.xx Fundi, Constantia Park, Cnr 14th Ave & Xxxxxxx Xxxxxxxxx Road, Weltevreden Park XX Xxx 0000, Xxxxxxxxxxx Xxxx 0000 Email : xxxxxxxxxxxx@xxxxx.xx.xx Call centre: 0000 00 00 00 | email : xxxxxxxxxxxx@xxxxx.xx.xx VAT No: 4550176798 | Initiation & admin fee are VAT inclusive
Appears in 1 contract
Samples: Credit Agreement
