BMW CREDIT PROTECTION DEBT RELIEF COVER....BMW Financial Services (South Africa) (Pty) Ltd., is an...

transcript

BMW CREDIT PROTECTION DEBT RELIEF COVER.

BMW Financial Services

Sheer Driving Pleasure

TABLE OF CONTENTS.

Section Page/s

Table of contents. 02

Terms and conditions. 03

Definitions. 04-05

Benefitspayableintermsofthispolicy. 06-07

General exclusions. 08

Provisions and conditions. 09

The BMW Group Debt Relief Policy (To a maximum specified Insured sum of R1 500 000). BMW Financial Services (South Africa) (Pty) Ltd., is an Authorised Financial Services and Registered Credit Provider (NCRCP2341).

ThisdocumentcontainstheBMWGroupDebtReliefCoverPolicywording.ThedetailsofthisPolicydocumenthavebeensetoutforYourinformation.ThisPolicyisunderwrittenbyGuardriskInsuranceCompanyLimited(FSPNo.75),hereafterreferredtoas(Guardrisk)andadministeredbyIUABusinessSolutions(Pty)Ltd,anAuthorisedFinancialServicesProvider(FSPNo.15737),hereafterreferredtoas(IUA).

TheBMWDebtReliefproductcoversaseriesofEventsandcanbespecificallypackagedforaclient’s needs. Thebenefitscaneitherpaytheoutstandingbalanceorthemonthlyinstalmentunderafinanceagreement,dependingonwhichEventhastakenplace.Thisproductisavailablewherethereisanydebtorfinanceagreement.

TERMS AND CONDITIONS.

InreturnfortheInsuredpayingthePremiumandcontinuingtomeetalltheconditionsforcover,GuardriskwillprovideinsurancecoverundertheBMWGroupDebtReliefPolicyasdescribedinthisdocument.

Guardrisk,agreesandundertakesinfavouroftheInsured’snamedintheScheduleofInsurancetopaythebenefitsdescribedinthePolicy,subject to:

1. theactualreceiptbyGuardriskatitsheadofficeofthecorrectandsufficientPremiumor Premiums;2. whereneitherOption(Life,TotalandPermanentDisability,CriticalIllness,Retrenchment,Hospitalisation,TemporaryTotalDisability)isselected,the

Insurer’sliabilitywillberestrictedtothePolicythatcorrelatestothePremiumreceivedandthemaximumspecified sum;3. thetruthandaccuracyoftheinformationgivenintheInsured’sScheduleofInsurance;4. thetermsandconditionscontainedhereinorendorsedhereon;5. theMandatoryDeclarationbeingmadewithoutqualification;6. intheEventofahealthdeclarationbeingmade,writtenacceptanceoftheproposalwillbemadeinwritingbyGuardriskorits

appointedadministrator.

OTHER MATTERS OF IMPORTANCE.

1. Youwillbeinformedofanymaterialchangestotheinformationabouttheintermediary,insurerandorunderwriterprovided above.2. Ifanyoftheinformationreflectedabovewasgiventoyouorally,thisdisclosurenoticeservestoprovideyouwiththeinformationinwriting.3. Ifwefailtoresolveyourcomplaintsatisfactorily,youmaysubmityourcomplainttotheOmbudofShort-TermInsurance.4. Youwillalwaysbegivenareasonfortherepudiationofyour claim.5. Iftheinsurerwishestocancelyourpolicy,thiswillbedoneinwriting,toyourlastknown address.6. Youwillalwaysbeentitledtoacopyofyourpolicyatnoextracharge.

COOLING OFF PERIOD.

Shouldyounotbesatisfiedwiththepolicy,youareentitledtoaperiodofupto30(Thirty)Daysafterthepolicyhasbeenissuedwithinwhichyoumaycancelyourpolicyinwritingatnocost.Coverwillceaseuponcancellationofthepolicy.

Pleasenotethatyoumayonlycancelthispolicywithin30(Thirty)Dayswherenobenefithasyetbeenpaidorclaimedoriftheeventinsuredagainstunderthepolicyhasnotyet occurred

WARNING.

1. Donotsignanyblankorpartiallycompletedapplication form.2. Keepnotesofwhatissaidtoyouandalldocumentshandedtoyou.3. Don’tbepressurisedtobuytheproduct.4. Failuretoprovidecorrectorfullrelevantinformationmayinfluencetheinsureronanyclaimsarisingfromyourcontractofinsurance.

WAIVER OF RIGHTS.

TheGeneralCodeofConductstipulatesthatnoFinancialServicesProvidermayrequestorinduceinanymanneraclienttowaiveanyrightorbenefitconferredontheclientby/orintermsofanyprovisionsofthesaidCode,orrecognise,acceptoractonanysuchwaiverbyaclient.Anysuchwaiverisnull and void.

“Balance of Indebtedness”ThetotalamountofallinstalmentsfallingdueunderandintermsoftheCreditAgreement,afterthedateoftheEventgivingrisetoaclaimunderthisPolicy,plustheresidualwhereapplicable,lessallsuchfinancechargesasaretoberebatedinaccordancewiththeprovisionsoftheNationalCreditAct34of2005relatingtotheadvancedpaymentofinstalmentsunderandintermsofaCreditAgreement,excludingearlysettlementinterest.TheaboveshallequallyapplytoLeaseandRentalAgreements.

ThebenefitpayableisbasedupontheSumInsuredreflectedontheProposalatthetimeofinceptionofthisPolicy,beingequaltotheamountofthe(PrincipalDebt+VAT)asreflectedontheCreditAgreement.ShouldtheSumInsuredontheProposal,belessthanthe(PrincipalDebt+VAT)asreflectedontheCreditAgreement,thenthebenefitspayablewillbedeterminedatthesameproportionthattheSumInsuredbearstotheamountadvancedundertheCreditAgreement(PrincipalDebt+VAT).

Allarrearpaymentsareexcludedfromthebenefitpayment,andanyamountonunexpiredriskportionofinsurancePremiums,including,interaliabutnotlimitedtoanyshort-term,creditlifeassuranceormotorwarrantyPremiums,asattheDateofLoss;asdeterminedbyUs.

“Benefit”Coversthecostofyourdebtifyouaren’tabletopayitbackduetoDeathorPermanentDisabilityorCriticalIllnessorRetrenchment orHospitalisation.

“Comprehensive Underlying Insurance Policy”ThefullycomprehensiveenforceablemotorvehicleinsurancePolicyenteredintobyYouwithanyregistereddomesticinsurancecompany(TheComprehensiveUnderlyingInsurer),whichcoversTheVehicleagainst,andobligestheComprehensiveInsurertopay,forallpossiblemotorvehiclerisks(includingtheftandhijacking)occurringatleastinthewholeoftheRepublicofSouthAfrica.TheVehicleanditsaccessoriesandextrasmustbecorrectlyInsuredintermsoftheTransUnionAutoDealerGuideforatleastitsfullMarketValue,RetailValueorNewListPriceatDate of Loss.

“Credit Agreement”TheAgreementasdefinedintheNationalCreditAgreementsAct34of2005(OrasAmended)andreferredtointheScheduleofInsurance,whichshallbeavalidandcurrentCreditAgreementorloanagreementtowhichtheInsured’sshallbeboundeitherasadebtororassuretyforthedebtor.

“Credit Provider”Theinstitutiongrantingthe finance.

“Days”OrdinaryDays,includingweekendsandpublicholidays.ADayshallalsomeanacontinuous24(Twenty-Four)hour Period.

“Deposit”AcontractualmonetaryamountasdescribedintheNationalCreditAgreementsAct34of2005(OrasAmended).

“Dual Insurance”SituationinwhichthesameriskisInsuredby2(Two)overlappingbutindependentInsurance Policies.

“Event”TheEventwhichgaverisetoYourclaimintermsoftheComprehensiveUnderlyingInsurancePolicy.

“Ex Gratia”WhereliabilityundertheComprehensiveUnderlyingInsurancePolicyisdeniedandanon-contractualpartialorfullsettlementoftheclaimismadewithoutprejudice.

“Extras”Anytangibleadditiontothefinancedasset,allinsurancepoliciesandfeesareexcludedfromthisdescription.

“His / Her”For“his”and“he”wheretheInsuredismaleandread“her”and“she”wheretheInsuredis female.

“Hospitalisation”Meansbeingadmittedtohospitalandregisteredasanin-patientduetoanaccidentorillness.Youmustbeself-employedtobeeligible for thiscover.

“Insured”AnInsuredshallmeanapersonorlegalentitywhohassuccessfullyappliedforthisPolicyandpaidforitinfull.WherethePolicyisissuedonthelifeofmorethanonedebtor,referencetothe“Insured”shallapplytothefirstclaimantofthelivesInsurednamedintheScheduleofInsurance.Thiswillapplytoanyfullsettlementpayment.

“Insurer”ShallmeanGuardriskInsuranceCompanyLimited’s FSPNo.75.

“IUA Business Solutions (Pty) Ltd”Anon-mandatedintermediarywhoismandatedbyGuardrisktoadministerthePolicyandisanauthorisedFinancialServicesProvider(FSPNo.15737).

DEFINITIONS.

“Market Value”TheaverageoftherecommendedretailvalueandtradevalueofTheVehicle(IncludingitsaccessoriesandsparepartsasspecifiedintheInvoice/OffertoPurchase)attheDateofLoss,asdeterminedbythatmonth’sissueoftheTransUnionAutoDealerGuide,andadjustedaccordingtotheKilometrereading,atthetimeoftheEvent,andConditionchartcontainedintheGuide.WheretheparticularmakeandmodelofTheVehicleisnotreflectedinthe“AutoDealer’sGuide”(or“AutoDealer’sDigestforCarsOver10(Ten)YearsOld”or“CommercialVehicleDealer’sGuide”)thentheaveragevaluegivenforTheVehiclebythreeindependentmotorindustrysourcesofOurchoicewillbeusedastheMarketValueofTheVehicle.TheMarketValueislimitedto10%(TenPercent)overtheMarketValueasstated above.

“Maximum Indemnity”OurMaximumIndemnityisequalto R1500000(OneMillionFiveHundredThousandRand).ShouldtheVehiclebeunderinsuredintermsofitsSumInsuredunderthisPolicy,Ourbenefitpaymentwillbeadjustedinthesameproportionastheproportion of under insurance.

“Misrepresentation”Consciousdecisiontochangethefactsastheyare,tomisleadaninterestedparty.ThisshallalsomeanthefailuretodisclosematerialinformationatthedateofapplicationthathadtheInsurerbeenawareofwouldhaveresultedinthePolicynotbeing issued.

“Period of Insurance”AsstatedintheScheduleofInsuranceissuedintermsofthisPolicy.

“Policy”TheScheduleofInsurance.

“Policy Inception Date”Thepolicyinceptiondateisthepurchasedateof thepolicy.

“Pre-existing Condition”Pre-existingConditionsmeansanIllnessorBodilyInjurysustainedorcontractedbyanInsuredPersonwhichheorshehasbeenawareof,orreceivedmedicaltreatmentoradvicebyaPhysician,priortosuchInsuredPerson’sinitial Commencement or Reinstatement Date (WhicheverOccurredLast)underthisPolicy.Thisincludes,butisnotlimitedto,anyphysicalormentaldefect,symptoms,disease,infirmityorconditionwhichexistedpriortotheinitialCommencementorReinstatementDateofthisPolicy(WhicheverOccurredLast).

“Premium” ThemonthlyamountpayableasstatedintheScheduleofInsuranceoranyendorsementissuedintermsofthisPolicy.

“Premium Due Date”TheDatethattheagreedPremiumsaredue,eitherinadvanceofthePeriodofInsuranceonorbeforethedateappearingontheScheduleof Insurance.

“Purchase Value”ThevalueofTheVehicleandextrasasstatedontheoriginalpurchaseinvoice,beforedeductionoftheDeposit,includingtangible extras.

“Schedule of Insurance”TheschedulecontainingYourdetailsandthedetailsofTheVehicle,PeriodofInsurance,Premiumpayable,SumInsured,bankdetailsand address.

“Selling Price”TheSellingPriceofTheVehicle,istheprice,includingphysicalextraswhichYoupaidforTheVehicleatthetime.ThisPolicywillnotcovermorethan10%(TenPercent)abovethenewlistpriceorretailvalueofTheVehicleasstatedinthatmonth’sissueoftheTransUnionAutoDealerGuide.TheSellingPriceislimitedtoaminimumofR50000(FiftyThousandRand)andamaximumofR1500000(OneMillionFiveHundredThousandRand)excludinganyinsurancePremiumsandfees,warrantycosts,fuelanddeliverycharges,interiorandpaintworkprotectionapplications,administrationchargesorotheradditionalrefundableorfinanceamountsincludedinthe invoice.

“Statutory Settlement Balance”ThepaymentduebyYouasattheDateofLosswhichwouldliquidateYouroutstandingliabilitytoTheCreditProviderinTermsoftheCreditAgreementandentitleYoutoretainTheVehicleunencumbered,excludinganyarrearinstalmentsdueasattheDateofLoss,interestand/orfinancechargesonsucharrearinstalmentsandanyearlysettlementpenalties.

“Sum Insured”TheequivalentoftheSelling Price.

“Suspensive Condition”AconditionoftheComprehensiveUnderlyingInsurancePolicywhichsuspendscover,eitherpartlyorwholly,pendingtheimplementationofarequirementintermsofthatPolicy.

“The Vehicle”TheVehicledescribedintheScheduleofInsuranceandwhichmaybeanyofthefollowing:lightmotorvehicles,minibuses(maximum16(Sixteen)seater),motorcycles,lightdeliveryvehiclesandpanelvansallwithagrossvehiclemassofnotmorethan3500kg(ThreeThousandFiveHundred)withacarryingcapacityofnotmorethan750kg(SevenHundredandFifty).

“We, Us, Our”GuardriskInsuranceCompanyLimited(“Guardrisk”).AnauthorisedFinancialServicesProvider,FSPNo.75.

“You, Your”ThepersonorentitynamedastheInsuredintheScheduleofInsurance.Youmustbe18(Eighteen)yearsofageandbeapermanentresidentofSouthAfricaand/orpermanentlyresidinginSouthAfricaoraproperlyconstitutedandregisteredCompany or Trust.

DEFINITIONS.

BENEFITS PAYABLE IN TERMS OF THIS POLICY.1. Death Benefit Anamountequivalenttobutnotexceeding

theBalanceoftheIndebtednessashereindefinedassumingallinstalmentsdueintermsoftheCreditAgreementhavebeenpaid.TheInsurer’sliabilityunderthisandallotherPoliciesissuedbytheInsurerinrespectoftheInsurednamedintheScheduleofInsurancewillnotexceeda total of R1500000(OneMillionFiveHundredThousandRand).IntheEventthatthetotalofallsuchassurancepolicies exceeds R1500000(OneMillionFiveHundredThousandRand)suchPolicywillcontributeonapro-ratabasisandPremiumspaidinrespectofInsuranceinexcessofR1500000(OneMillionFiveHundredThousandRand)willbe refunded.

CoverundertheDeathBenefitwillceaseat65(Sixty-Five)years of age.

2. Total and Permanent Disability Benefit IntheEventofthetotalandpermanent

disablementoftheInsuredoccurringpriortotheattainmentofage65(Sixty-Five)andbeforetheexpiryofthetermofthePolicy,anamountequivalenttothedeathbenefitshallbepayablebytheInsurer.Forthepurposeshereof,permanentandtotaldisablementshallmeansuchincapacitywhichpreventstheInsuredfromfollowinghisownoranysimilaroccupationforwhichheisorcouldreasonablybeexpectedtobequalifiedbyvirtueofhisknowledge,training,education,abilityandexperience.TheInsuredshallbedeemedtohavesufferedtotalandpermanentdisablementuponthetotalandpermanentlossofeitherhand,orbothfeet,orbotheyes.

CoverundertheTotalandPermanentDisabilityBenefitwillceaseat65(Sixty-Five)years of age.

3. Retrenchment Benefit IntheEventoftheInsuredsuffering

lossofemploymentresultingfromtheimplementationofastaffreductionprogrammebyhisemployer,priortotheattainmentofage65(Sixty-Five),afteradeferredperiodof30(Thirty)DaysthebenefitpayableshallbethemonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance.SuchbenefitshallbepayableonamonthlybasistotheCreditProvideronlyforsuchtimeastheInsuredcontinuestosufferlossofemployment,subjecttoamaximumbenefitperiodof4(Four)continuousmonths.Thebenefitisfurtherrestrictedtoamaximumof4(Four)months’inrespectofanystaffreductionprogrammebyanemployer,whicheffectstheInsuredduringtheperiodoftheCreditAgreement.Nobenefitispayablewithin3(Three)monthsoftheinceptiondateofthePolicyorwithin3(Three)monthsofthepaymentofaclaimundertheRetrenchmentbenefit.NofurtheramountsshallbepayableunderthisbenefitintheEventofasubsequentlossofemploymentbytheInsuredwherethefullbenefitof4(Four)months’paymentshasbeenpaidunderprior claims.

NotwithstandingthelatterprovisionofClause6(Six)“Claims”undertheheadingProvisionsandConditionsonpage9(Nine),GuardriskhastherighttocallfordocumentsfromtheInsuredand/ortheCreditProviderand/ortheInsured’sretrenchingemployerand/orwhomsoeverelse,toverifytheauthenticityandvalidityoftheretrenchment,whethersuchdocumentsbeintheformofUIFandIRP5certificates,bankstatements,salaryadviceoranyotherformwhatsoever.

CoverundertheRetrenchmentBenefitwillceaseat65(Sixty-Five)years of age.

4. Critical Illness Benefit IntheEventoftheInsured’shaving

sufferedanyofthefollowing,priortohis60th(Sixtieth)birthday

4.1 HeartAttack; 4.2 StrokeCerebro-vascular Incident; 4.3 Cancer-thefollowingare

specificallyexcluded: 4.3.1 allskincancersexceptinvasive

malignant melanomas; 4.3.2 Stage1Hodgkin’s disease; 4.3.3 Cancerin-situonthecervix. 4.4 Renal failure; 4.5 Paraplegia; 4.6 Blindness; 4.7 Surgeryforcoronaryheartdisease,

excludingpercutaneousangioplastyand/oranyintra-arterialprocedure;

4.8 SurgeryforthediseaseoftheAorta;4.9 Replacementoftheheart valve;

4.10 Human-to-humanorgantransplantofkidney,heart,lung,liver,pancreasorbonemarrow;

4.11 Coma; 4.12 Majorburns–thirddegreeburns

coveringatleast20%(twentypercent)ofthebodysurface area;

4.13 Lossofspeech–totalandirrevocablelossoftheabilitytospeakforaperiodof12(Twelve)continuousmonths.

TheInsurershallpayanamountequaltothedeathbenefitprovidednoclaimismadeunderthetotalandpermanentdisabilitybenefit.Thediagnosedillnessmustbediagnosedbyaregisteredmedicalpractitionerorspecialistandmustbesupportedbycritical,radiological,histologicalandlaboratoryevidenceacceptabletothe Insurer.

Coverundercriticalillnesswillceaseat60(Sixty)years of age.

5. Hospitaliation Benefit (Only for self-employed)

IntheEventoftheInsuredsufferinghospitalisationpriortotheattainmentofage65(Sixty-Five),thebenefitshallbethemonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance.Suchbenefitshallbepaidafter7(Seven)consecutivedaysandonamonthlybasisthereaftertotheCreditProvideronlyforsuchtimeastheInsuredishospitalisedoruntil4(Four)monthlyinstalmentshavebeenpaid.Whenpayingyourclaim,weshallconsiderthefirstdayoftheInsuredhospitalisationtobethedaytheInsuredisregisteredasanin-patient.Nobenefitispayablewithin3(Three)monthsoftheinceptiondateofthePolicy.

ForpolicieswherearecurringPremiumisbeingpaid,aclaimwillonlybeconsideredifthePremiumpositionisuptodateatthetimeoftheInsuredhavingreceivednotificationofhospitalisation.

CoverunderHospitalisationwillceaseat65(Sixty-Five)years of age.

6. Temporary Total Disability Benefit If,beforethePolicyanniversarypreceding

theInsured’s65th(Sixty-Fifth)birthdayandtheexpiryofthetermofthisPolicy,theInsuredisprevented,asaresultofillnessorbodilyinjury,fromearninghisnormalincomefromhisownoranysimilaroccupation,theInsurershallpay,afteradeferredperiodof30(Thirty)Days,themonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance,oraproportionthereofiftheInsuredsuffersonlyapartiallossofincome,untilthefirsttooccur of :

6.1 theexpiryofthetermofthisPolicy;or 6.2 theInsured’sattainmentofage65

(Sixty-Fifth);or 6.3 therecoveryoftheInsured; or 6.4 12(Twelve)monthlyinstalmentshave

beenpaid; 6.5 thetotalandpermanentdisablementof

theInsured; or 6.6 thedeathofthe Insured.

WhentheInsuredisnolongertemporarytotallydisabled,hemustreturntoworkforatleast6(Six)continuousmonthsbeforehecanmakeaclaimforarelatedtemporarytotaldisability,orforonecompletemonthbeforehecanmakeaclaimforanunrelatedtemporarytotaldisability.

CoverunderTemporaryTotalDisabilitywillceaseat65(Sixty-Five)years of age.

BENEFITS PAYABLE IN TERMS OF THIS POLICY.

GENERAL EXCLUSIONS.TheInsurershallnotbeobligedtomakeanypaymentinrespectofanyconditionorEventarisingdirectlyorindirectlyfromortraceable to:1. Intentionallyself-inflictedinjury,suicide

orsuicideattemptwithin24(twenty-four)monthsoftheinceptiondateofthisPolicy;or

2. AnyphysicaldefectormedicalconditionofwhichtheInsuredwasawareofandwhichhaditsoriginpriortotheissueofthisPolicy;or

3. TheInsuredbeingaffected(temporarilyorotherwise)byalcoholordrugsotherthanasprescribedbyamedicalpractitioner,or

4. TheInsuredcommittinganybreachofcriminallaw;or

5. Airbornepursuitsexceptasapassengerflyingsolelyforthepurposeoftransportinanaircraftholdingavalidcertificateofairworthinessandpilotedbyapilotholdingavalidpilot’slicense; or

6. Nuclearaccidents,warorarmedconflict(whetherwarbedeclaredornot),terroristorinsurgencyactivities,rebellion,civilcommotion,sedition,sabotageoranyactivityassociatedwiththeforegoing,orthedefence,quelling,investigationorcontainmentthereofbyanysecurity force; or

7. AreaswithatravelriskalertaspertheUnitedStatesofAmericaGovernmentandwebsite; or

8. Hazardouspursuitsoranyotheractivitywhichcouldenhancethechanceofa claim; or

9. Refusing medical treatment as recommendedbyyourownmedicalpractitioner; or

10.Pregnancy,childbirth,theendingofpregnancyoranyrelatedcondition; or

11.AmedicalprocedureundertakenattheInsured’srequestwhichintheopinionofadoctorisnotnecessarytomaintainthequalityoftheInsured’s life; or

12.Aconditionofmentalornervousoriginincludingstress,anxietyordepressionunlesstheconditionisbeingtreatedunderthedirectandregularcareofaconsultantpsychiatricspecialist; or

13.AbackorspinalconditionunlessitisshownbyanMRIorCTscanconductedorsupervisedbyanappropriatespecialistattheInsured’sexpense;or

14.AclaimunderBenefits–Section2,3,4,&5iftheyoccurredwithin90(Ninety)DaysoftheinceptionofthePolicy,or

15.Notbeinginpossessionofarequiredlicense,formotorizedvehiclesincludingaircraftandwaterbornevehicleswhilstincontrolofthesaidvehicleandbeinginvolvedinanaccidentwhichresultedin a claim.

16.RetrenchmentExclusions Nobenefitswillbepayablewhere: 16.1theInsuredisself-employed,

oremployedwithinafamily-owned business;

16.2theInsuredisanindependentorfixedterm contractor;

16.3theInsuredisapartnerinapartnership,memberofaclosecorporationoradirectorofacompany;

16.4resignation,normalorearlyretirement,voluntaryretrenchmentoutsideofacompanyrestructureordismissalbyreasonoftheInsured’smisconduct;

16.5theInsuredisawareoforhaspriorknowledgeofpendingretrenchmentprogramsbeinginstitutedbyhisemployerpriortooratthetimeoftheinceptionofthis contract;

16.6theInsuredhasanalternativesourceofincomeotherthanthatreceivedfromhisemployer;

16.7theInsuredhasnotbeencontinuouslyemployedforatleast6(SixMonths)priortotheinceptionofthis contract.

1. Specific Restrictions on Liability TheInsurer’sliabilityintermsofthis

Policyshallnot,underanycircumstances,extendbeyond:

1.1 nomonthlyinstalmentbenefitpaidintermsofaclaimshallexceedR20000(TwentyThousandRand);

1.2 notmorethanonebenefitshallbepayableforanyoneconditionorclaimatany one time.

TheInsurer’sliabilityintermsofthePolicyshallceaseintheEventofaclaimsettlementbeingmadeforthebenefitoftheInsured.Thisisapplicable to a once-offclaimpayment,whichsettlestheCredit Agreement.

AnyPermanentDisabilityBenefitpaidintermsofthisPolicywillbesubjecttothelimitationofdisabilitybenefitsagreementasenteredintobyamemberofficesoftheASISA,whereapplicable.

2. Termination of this Policy Theenddatewillbetheearliest of: 2.1 thedateattheendofthePeriod

of Insurance; 2.2wheretheCreditProvideristheowner

ofTheVehicle,thedateonwhichTheVehicleisrepossessed;

2.3thedateonwhichTheVehicleissoldbyYou;

2.4thedateonwhichabenefitispaidunderthisPolicy;

2.5whenWedonotreceiveYourPremium,subjecttoCondition16under Provisions and Conditions and Premium under Definitions;

2.6wheneitherYouorWecancelthePolicy,subjecttoCondition17underProvisions and Conditions;

2.7whenCreditAgreementis settled; 2.8the65th(Sixty-Fifth)birthdayofthe

InsurednamedinthisPolicy.

3. Premium Computation IntheEventthatthePremiumorPremiums

actuallypaidtotheInsurerareincorrectlycalculatedsothattheyareinfactinsufficienttopayforthebenefitsassetforthintheScheduleofInsurance,then:

3.1 writtennotificationthereofshallbesentbytheInsurertoboththeCreditProvidernamedintheScheduleofinsurance,aswellastothe Insured;

3.2theerrormaybecorrectedandsubjecttopaymentoftheadditionalPremiumthefullSumInsuredwillbemaintained; or

3.3ifnoadjustmentiseffectedwithin30(Thirty)DaysofthedateoftheoriginalproposalasreflectedintheScheduleofInsurance,theInsurer’sliabilityshallbereducedbytheratiowhichtheshortfallofthePremiumbearstothetotal Premium due.

4. Refund of Unexpired Portion of Net Premium

IntheEventthattheInsuredhadcancelledormadepaymentinfulltotheCreditProviderofallamountsowingunderandintermsoftheCreditAgreementinadvanceofthedateofexpiryofthefulltermofsuchagreementandwheretheCreditProviderterminatestheCreditAgreement,theCreditProvider,actingunderandbyvirtueofthecession,shallbeentitledtocancelthisPolicywiththeInsurer.TheInsurerwillpayarefundofunexpiredportionofnetPremiumintermsofthePolicy,providedthatsuchfullpaymentwasactuallymadetotheCreditProvideratleast6(six)monthspriortotheexpiryofthefulloriginaltermoftheagreementinquestion.Norefundisduewhereapreviousclaimhasbeenadmitted.TheabovementionedonlyapplieswherethePremiumfrequencyisasingle Premium.

5. Limitation of Cover TheInsurershallbeundernoliabilityin

termsofthisPolicywhentheindebtednessinrespectofwhichthePolicywasissuedshallhavebeenpaidinfulltotheCreditProviderorwhenitwouldhavebeenpaidinfullhadtheInsuredcompliedwiththisobligationtotheCreditProviderasoriginallyundertaken,whicheverEventoccursfirst.TheInsurershallnotbeaffectedbyanyarrangement,whichmayhavebeenmadebetweentheCreditProviderandtheInsuredtoanyreductionoftheamountofinstalmentsoriginallyagreedupon,oranydefermentofinstalmentsasstipulatedbytheCreditAgreement.

6. Claims UnlesstheInsurershallreceivewritten

notificationwithin60(Sixty)DaysofthehappeningofanyEventresultinginaclaimbeingmadeagainstthisPolicy,theInsurershall,innocasewhatsoever,beliabletopayanybenefit.TheCreditProviderand/ortheInsuredshalldulycompletesuchformsandgivesuchdetailsandassistanceandfurnishsuchproofinrelationtoanyclaimsastheInsureratitsdiscretionmayrequire.

IntheEventofaclaimbeingrejected,theInsuredisentitledtoreliefthroughlegalaction,theOmbudforShortTermInsuranceandthecomplaintsprocessas detailed;

Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: compliance@guardrisk.co.zaTel. 0116691039Fax. 0126753856

7. Arbitration ShouldanydisputearisebetweenYouand

UsastotheamountofanyclaimunderthisPolicy,liabilityhavingalreadybeenadmittedbyUsfortheclaiminprinciple,Youmayrefersuchdisputetoarbitrationwithin90(Ninety)DaysofthedisputearisinginaccordancewiththeArbitrationAct42of1965(AsAmended).

8. Rejection of Claim and Time Bar IntheEventofaclaimbeingrejectedor

YoudisputethebenefitamountpaidbyUs,YouareentitledtomakerepresentationstoUsinrespectofOurdecisiontorejecttheclaimorastothemannerinwhichthebenefitamountwascalculatedforaperiod180(OneHundredandEighty)Daysfromthedateofreceiptoftheletterofrejectionorthedateoftheclaimpayment.

ThedisputeshouldberaisedwiththeInsurerpriortodisputingthematterwiththeOmbud.

Representationmustbesubmittedinwriting to: IUABusinessSolutions(Pty)LtdP.O.Box1800,UmhlangaRocks,4320Fax. 0866393867Email: claims2@iua.co.za

WhereYouarenotsatisfiedwiththeresponsefromtheInsurerYouareentitledtomakefurtherrepresentation to:

The Ombud for Short-Term InsuranceP.O.Box32334,Braamfontein,2017Tel. 0117268900Fax. 0117265501

IntermsofSection15oftheFinancialServicesOmbudSchemesActNo.37of2004thatonthereceiptoftheofficialreferraltotheaforementionedOmbud,anyapplicabletimebarringclauseintermsofthisPolicyortherunningofprescriptionintermsofthePrescriptionActNo68of1969,fromthedateofreferraltothedateofwithdrawalofthereferralordeterminationofthereferralbytheOmbudshallbestayed.Ifthedisputeisnotsatisfactorilyresolvedinthismanner,legalactionmaybeinstitutedagainsttheInsurerfortheenforcementoftheclaimbywayoftheserviceofsummonsagainsttheInsurer.SummonsmustbeservedontheInsurerwithin6(Six)monthsfromthedateYoureceivetheoutcomeinrespectoftherepresentationsYouhavemade,failingwhichallbenefitsinrespectofsuchclaimshallbeforfeitedandnoliabilitycan arise in terms of suchclaim.

PROVISIONS AND CONDITIONS.

9. Misrepresentation IfanyclaimundertheComprehensive

UnderlyingInsurancePolicyorthisPolicyisinanywaymisrepresentedorifanyfraudulentmeansareusedbyYouoranyoneactingonYourbehalftoobtainanybenefitunderthisPolicyorifanyoftheEventsInsuredagainstareoccasionedbyYourintentionalact,orwithYourconnivance,allbenefitsunderthisPolicyshallbeforfeited,andthePolicywillbevoidableandPremiumspaidreturnedtoyou.

10. Examination TheInsurershallbeentitledtorequirethat

anyInsured,whetherornotsufferingfromtheeffectsofinjury,beexaminedatanyreasonabletime,atthecostoftheInsurer,byamedicalpractitioneracceptabletotheInsurer.Thereportofsuchmedicalpractitionershall,forallpurposesunderthisPolicy,befinalandbindingupontheparties.

11. Conditions Precedent StrictcompliancebytheInsuredandby

theCreditProviderwithalltheprovisions,conditionsandtermsofthisPolicyshallbeaconditionprecedenttoliabilityonthepartoftheInsurerhereunder.

12. Waiver of Conditions Nowaiverofanyoftheterms,conditions

andendorsementofthisPolicyshallbevalidunlessmadeinwritingunderthesignatureofadulyauthorisedofficeroftheInsurer.Inaddition,noactoromissiontoactbytheInsureroranyofficer,employeeorservantoftheInsurershallbedeemedtobearepresentationonbehalfoftheInsureruponwhichtheInsuredortheInsured’sheirs,executorsorassignsareentitled to act.

13. Interpretation IntheEventofaninterpretationdispute

arisingunderthisPolicy,thenormaleverydayusageoftheEnglishwordingcontainedinthisdocumentshallapply.

14. Hold Cover Wewillprovidefullcoveruntilthefirst

Premiumduedateasnotedinthepolicyapplication,however,allwaitingperiodsarestillapplicableandallexclusionsstillapply.

15. Period of Grace for Premium Payment Youshallbeentitledtoaperiodof15

(Fifteen)DaysfromthePremiumDueDateinwhichtopayYourPremium.Inthecaseofmonthlypolicies,thisperiodofgraceonlyappliesfromthesecondmonthofthecurrencyofthePolicy.NorelaxationbytheInsurerofthisperiod;willbedeemedtobeachangeinthiscondition.

16. Cancellation and Refund of Premiums ThisPolicymaybecancelledbyYouor

Usatanytimeon31(Thirty-One)Days’writtennoticetothelastknownaddress.InthecaseoftermpoliciesYourSinglePremiumwillberefundedonascaledeterminedbyOuractuarybasedonOurcalculationfortheunexpiredportionoftheTermPolicy,providedthatnoclaimwassubmitted,inwhichEventNoPremiumshallberefunded.

17. “Dual Insurance” IntheEventofDualInsurance,theInsurer

whohastheearlierPolicyInceptionDateandhasreceivedPremiumwillbeliablefortheclaim.IntheEventwhereIUAdoesnothavetheearlierInceptionDate,WeshallrefundPremiumfromInception Date.

TheOnusisontheInsuredtoEstablishwheremorethan1(One)Insurerontheassetsexists.Therefore,noInterestwillbeincludedintherefundpayment.

IntheEventwhereanInsurerhasalreadypaidunderasimilarPolicy,TheInsuredmustsupplyproofoftheInceptionDateofthelatterPolicytoestablisharefunddue,anycoverwhereDualInsurancedidnotexistwillnotbe refunded.

PROVISIONS AND CONDITIONS.

MATTERS OF IMPORTANCE.

Youmustaccurately,fullyandproperlydiscloseallmaterialfacts.AllinformationprovidedbyYouoronYourbehalfisYourownresponsibility.YouneedtobesatisfiedwiththeaccuracyofanytransactionsubmittedbyanyoneonYourbehalf.

Misrepresentation,incorrectornon-disclosurebyYouofanymaterialfactsorcircumstancemayimpactnegativelyonanyclaimsarisingfromthisinsurance contract.

GENERAL DISCLOSURES.

Complaint Resolution Process.AllcomplaintsareforwardedtotheInsurer’sComplianceOfficerwhowillforwardthemattertotheresponsibledepartmentforinvestigation.Oncethematterisresolved,theoutcomeiscommunicatedtothecomplainant.Ifthecomplainantissatisfiedwiththeresponse,thematterisconcluded.Shouldthecomplainantbedissatisfiedwiththeresponse,theOmbudforShort-TermInsurancemaybecontacted.

CONFLICT OF INTEREST POLICY.

ItisgenerallyacceptedpracticewithinOurindustrythat“entertainment”and“giftsandincentives”collectivelyreferredtoasanimmaterialfinancialinterestintheConflictofInterestregulationsareoftenprovidedbytheproductproviderandtheiragentstovariousintermediary,independentintermediariesandbrokers(AllofwhommustberegisteredasFinancialServicesProviders)andviceversaandalsopotentiallyfromandtovariousotherFinancialServiceProvidersinthesupplychain.

TheRandvalueofsuchinterestsarelimited,bylegislation,percalendaryear,toR1000(OneThousandRand)inrespectofanyoneindividualbetheytheprovideroforbeneficiaryofsuchimmaterialfinancialinterest.SuchlimitationsaredealtwithandmanagedbyOurConflictofInterestManagementPolicy.AfullcopyofOurOverallConflictofInterestManagementPolicycanbeobtainedfromwww.iua.co.zaorOurofficesuponwrittenrequest.

TREATMENT OF VAT.

Youare,intermsofaSARSrulingissuedintermsofsection20(7)oftheVATAct,abletoclaiminputtaxonlyifYouareinpossessionofaPolicydocumentandproofofpayment.

TREATING THE CUSTOMER FAIRLY.

Wehavecreatedasuperiorsolution–encompassingproducts,processingandservice–tailoredtoeachofOurcustomers’requirements.Wewillatalltimes,deliverasuperiorcustomerexperience,simplifyingandimprovingbothOurclientsandtheircustomers’lives.Wewillachievethisthroughamotivatedteamofskilledpeople,absolutefairnessinOurtreatmentofOurclientsandpartnersandcomplyingwiththe6(Six)TreatYourCustomerFairlyOutcomes,namely;

• YouareconfidentthatYourfairtreatmentiskeytoOur culture;• ProductsandservicesaredesignedtomeetYour needs;• Wewillcommunicateclearly,appropriatelyand on time;• WeprovideadvicewhichissuitabletoYourneedsandcircumstances;• OurproductsandservicesmeetYourstandardsandareofanacceptable level;• TherearenobarrierstoaccessOurservicesortolodgeanycomplaints.

VARIATIONS.

NovariationtothisPolicyshallbebindingontheInsurerunlessmadeinwritingandsignedbyaDirectororPublicOfficeroftheInsurerandconfirmedthereafterbypaymentoftheInsuredofthePremiumwhethervaried or not.

ThisPolicyisissuedonthebasisthatthestatementsandinformationmadeandsetforthintheapplicationandalldeclarationsmadeinrespectthereofaretrueandcorrectandconstituteafulldisclosureofallfactsandcircumstanceslikelytomateriallyaffecttheassessmentoftheriskatthetimeoftheissueofthisPolicy.

TheCompanyreservestherighttoamend,addorchangetheTermsandConditionsofthisPolicybygiving31(Thirty-One)Days’writtennoticeofitsintentiontodoso.AnyvariationsandorchangeswillbebindingonboththeInsurerandtheInsuredandcanbeappliedatanytimetotheexistingTermsandConditionsafterwrittencommunicationofthesechangeshasbeensenttotheInsured’slastknownaddressasitappearsinOurrecordsatthattime.

UNDERWRITTEN BY GUARDRISK INSURANCE COMPANY LIMITED AN AUTHORISED FINANCIAL SERVICES PROVIDER.

FSPLicenseNumber75 VATNumber:42501380722ndFloor,102RivoniaRoad Sandton 2196

Tel. 0116691000Fax. 0126753856

The Compliance OfficerGuardriskInsuranceCompanyLimitedP.O. Box786015Sandton2146Email: compliance@guardrisk.co.za complaints@guardrisk.co.za

Tel. 0116691039Fax. 0126753856

ADMINISTERED BY IUA BUSINESS SOLUTIONS (PTY) LTD AN AUTHORISED FINANCIAL SERVICES PROVIDER.

IUABusinessSolutions(Pty)Ltd(IUA)hasbeenappointedbytheInsurerintermsofaBinderAgreementtoadministerpoliciesandsettleclaimsonitsbehalf.IUAwillassistyouwithanypolicyqueriesoramendmentswhichyoumayrequire,aswellasanyclaimswhichyouneedtolodge.Inperformingthesebinderfunctions,thebinderholder(IUA)ispaidafeeasapercentageofgrosswrittenpremium,whichfeeisdisclosedintheinsurancescheduleprovidedtoyou.IUAisauthorisedbytheInsurertocollectpremiumsonitsbehalf.

IUABusinessSolutions(Pty)Ltd,CoRegNo1981/006334/07,isanauthorisedFinancialServicesProvider,FSPLicenseNumber15737.IUAisauthorisedtoprovideIntermediaryServicesinrespectofLicenseCategory1:ShortTermInsurance–PersonalLines,PersonalLinesA1andCommercial Lines.

LongTermInsurance–CategoryA,B1,B1-A,B2,B2-A.

Thecompanydetails are:Cnr.KeynshamandUmhlangaRocksDrive P.O.Box1800,19CrewkerneClose UmhlangaRocksSomersetPark 4320UmhlangaRocks4319

Tel. 0315707600Fax. 0866796554Website: www.iua.co.zaEmail addresses:admin@iua.co.za(Forpolicyadministrationmatters,includingchangestoanyinformationyouprovidedtous)claims2@iua.co.za(Forclaimsmatters)

IUAholdsProfessionalIndemnityandFidelityGuaranteeinsurance cover.IUAdoesnotholdmorethan10%oftheInsurer’ssharesanddoesnotreceivemorethan30%oftotalremunerationfromthe Insurer.IUA’sConflictofInterestManagementPolicycanbeaccessedonitswebsitewww.iua.co.za.

The Compliance Officer for IUA Business Solutions (Pty) Ltd is:AssociatedComplianceMotor(Pty)LtdPracticeNumber7218Tel. 0116782533Fax.: 0116787731Email: info@associatedcompliance.co.za

COMPLAINTS PROCEDURE.

ShouldyouwishtolodgeacomplaintabouttheservicesyoureceivedfromtheInsurerorIUAregardingyourpolicydocumentation,premiumsoranyclaimrelatedservicetheyprovided,pleaseusethefollowingcontact details:

Complaints ManagerP.O.Box1800,UmhlangaRocks,4320Tel. 0315707600Email: complaints@iua.co.za

IUAdoeshaveaformalcomplaintsmanagementpolicyandprocess,butifyourcomplaintisnotresolvedtoyoursatisfaction,youmaycontact:

THE OMBUD SHORT-TERM INSURANCE.

P.O.Box32334Braamfontein2017

Tel.0117268900or0860726890Fax.: 0117265501Email address: info@osti.co.za

THE REGISTRAR OF SHORT-TERM INSURANCE.

P.O.Box35655MenloPark0102

Tel. 0124288000Fax.: 0123470221

THE FAIS OMBUD.

P.O.Box74571LynnwoodRidge0040

Tel.0124709090or0860324766Fax. 0123483447Email address: info@faisombud.co.za

For BMW Financial Services (South Africa) (Pty) Ltd.

1 BavariaAvenueRandjesparkExt.17Midrand1685

Tel. 0860100269Email address: VAPS.BMW@BMWfinance.co.za

BMWFinancialServices(SouthAfrica)(Pty)LtdisanAuthorisedFinancialServices(FSP4623)andRegisteredCreditProvider(NCRCP2341). InsuranceisunderwrittenbyGuardriskInsuranceCompanyLtd.,LicenceNo.75.

BMW Financial Services1BavariaAvenueRandjesparkExt.17Midrand1685

Tel.0860100269Email. VAPS.BMW@BMWfinance.co.za

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BMW CREDIT PROTECTION DEBT RELIEF COVER....BMW Financial Services (South Africa) (Pty) Ltd., is an...

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