Common use of POLICY PAYMENTS Clause in Contracts

POLICY PAYMENTS. The proceeds of the Sum Insured under the Insurance Policy are payable by the Insurer to the Policyholder. Upon receipt of the payment from the Insurer, the Policyholder will pay these proceeds to the Beneficiaries of the Investor or, in the case of joint Investors, the Beneficiaries of the last surviving Investor. These payments may be less than the amount to which the Investor’s estate is subject to IHT in respect of the applicable Shares held in the Investor’s Portfolio. The Policyholder will only be obliged to pay the proceeds of a successful claim under the Insurance Policy to the Investor’s Beneficiaries to the extent that the Policyholder receives such proceeds from the Insurer. This means that if, for whatever reason, the Insurer is unable or unwilling to pay a claim in relation to an Investor, the Policyholder will have no obligation to make any payment to the Investor's Beneficiaries. Neither the Policyholder nor any Associate of the Policyholder gives any representation or warranty as to the solvency or ability to pay claims of the Insurer or anyone acting on its behalf.