Common use of Settlement Figure Clause in Contracts

Settlement Figure. The amount required by the Finance Company at the Date of Loss to clear the amount owing under the Finance Agreement, excluding: o any outstanding or uncollected premiums and resulting interest due under this Policy o any default charges, associated costs and arrears on Your Finance agreement. Such settlement amount must take into consideration Your entitlement to the full rebate of interest allowable to You under existing consumer credit legislation. No settlement amount will be payable in respect of any credit provided under the Finance Agreement which exceeds the Purchase Price of the Insured Vehicle. • If the deposit and credit advanced by Your Finance Company exceeds the Purchase Price of the Insured Vehicle, Our liability will be reduced accordingly in line with any such additional finance You may have taken. If there is Negative Equity included in the Purchase Price, Our liability will be reduced accordingly in line with any such amount. Total Loss: Your Insured Vehicle is deemed to be beyond economical repair by Your Comprehensive Motor Insurer and they have agreed to accept Your claim on terms that the Insured Vehicle becomes the property of the Comprehensive Motor Insurance provider. We/Us/Our: In this policy, We/Us/Our refers to the Insurer and the Administrator for ease of reference. Any individual or company who is detailed on the schedule.

Settlement Figure.  The amount required by the Finance Company at the Date of Loss to clear the amount owing under the Finance Agreement, excluding: o any outstanding or uncollected premiums and resulting interest due under this Policy o any default charges, associated costs and arrears on Your Finance agreement. Such settlement amount must take into consideration Your entitlement to the full rebate of interest allowable to You under existing consumer credit legislation. No settlement amount will be payable in respect of any credit provided under the Finance Agreement which exceeds the Purchase Price of the Insured Vehicle. •  If the deposit and credit advanced by Your Finance Company exceeds the Purchase Price of the Insured Vehicle, Our liability will be reduced accordingly in line with any such additional finance You may have taken. If there is Negative Equity included in the Purchase Price, Our liability will be reduced accordingly in line with any such amount. Total Loss: Your Insured Vehicle is deemed to be beyond economical repair by Your Comprehensive Motor Insurer and they have agreed to accept Your claim on terms that the Insured Vehicle becomes the property of the Comprehensive Motor Insurance provider. We/Us/Our: In this policy, We/Us/Our refers to the Insurer and the Administrator for ease of reference. Any individual or company who is detailed on the schedule.