Creditor Insurance. Generally up to a maximum of 75 percent of a secured loan unless agreement has a loan provision calling the loan due upon the death of owner/key person. Coverage should usually be applied for or in force on all major active partners. A business insurance questionnaire should be fully completed in all cases unless a detailed cover letter and company financial statements are submitted with the application. Each partner’s ownership percentage should be included and coverage should be proportional to the ownership interest. Company financial statements and copies of a buy/sell agreement are sometimes necessary to help establish a reasonable market valuation for the company and may be ordered at the underwriter’s discretion.
Creditor Insurance. Flexiti will promote and offer creditor insurance to Applicants and Cardholders electronically during the Application and/or Credit Transaction process. Provided that a written agreement is in effect between Flexiti and TGI, and subject to Applicable Law and appropriate support from TGI as issuer of the creditor insurance product, Flexiti agrees to serve as the distributor of creditor insurance issued by TGI to Cardholders for the Province of Quebec, and will work with LFL and TGI towards the launch or relaunch of a compliant creditor insurance program in the Province of Quebec. Provided that Trans Global Insurance Company and Trans Global Life Insurance Company (collectively, “TGI”) remain Affiliates of Merchant, Flexiti agrees that it will only promote creditor insurance provided by TGI in connection with the Program, provided that TGI and Flexiti have a written agreement in effect in connection with same.
Creditor Insurance. If you don't have the optional creditor insurance that we make available to eligible borrowers and would like more information or wish to apply for it, please contact us.
Creditor Insurance. The following provisions apply to the promotion and sale of Creditor Insurance to Customers (“Policies”).
(a) Promotion at Point of Sale. Flexiti may promote and offer Creditor Insurance to Customers electronically during the Application and/or Credit Transaction process. Unless approved by Flexiti in writing, Merchant and its Personnel shall not promote, offer, or solicit the sale of Creditor Insurance to Customers. Merchant shall direct all Customer inquiries regarding Creditor Insurance to Flexiti or its insurance provider as Flexiti may direct from time to time.
Creditor Insurance. You understand that it is an additional condition of this agreement that you take up creditor insurance (to insure against the possibility of your death or disability during the term of this agreement) for an amount not less than the value of your loan for the term of this agreement. You will be required to provide us with proof that you have taken up a creditor insurance policy and you agree to pay the said insurance premiums on a monthly basis for the duration of this agreement. If you fail to do this, you authorise us to take out a creditor insurance policy on your behalf with an insurance company of our choice and you will pay the said insurance premiums on a monthly basis which will be debited to your account.
Creditor Insurance. You understand that it is an additional condition that you take up creditor insurance for all borrowers (to insure against the possibility of death or disability during the term of the loan) for an amount not less than the value of your loan from an insurer of your choice acceptable to the Bank. You will be required to provide us with proof that the insurance policies and you agree to pay the said insurance premiums for the duration of the loan. You understand that the subsequent annual premiums may vary and or increase depending on the change of rates by the insurer as per prevailing market conditions. If you do not take up the required insurance policy or you do not pay the premiums, you hereby authorise us to take out the required insurance policy on your behalf and pay the said insurance premiums, which payments will be debited to any of your bank accounts, (including loan accounts) now or in the future. If we take up the insurance policy on your behalf then we will provide you with details of the policy when you request for them. If we take up the insurance policy on your behalf then the bank will earn a fee from the insurance company which will be a percentage of the loan amount. This fee will not be paid by you and will not affect the premium that you pay to the insurer. If you make early repayment of the loan you will be entitled to a refund of the premium that you have paid proportionate to the balance of the remaining loan period after early repayment. Please note that the insurer may have a waiting period of up to six(6) months during which any claim arising will not be paid. It is your responsibility to read and understand the terms and conditions of any insurance cover policy that you take or that has been taken for you. You will notify us of any event which may give reason for a claim to be made under the insurance policy. Any proceeds received by us from payment of a claim under the insurance policy shall be used to pay off the loan together with interest and all costs and expenses. Any remaining balance will be credited to your transactional account. You acknowledge that we are not the insurer and do not provide the cover and that when we process the form and any claim it is purely administrative.
