13
ALPHERA Credit Protection Debt Relief Cover.
ALPHERA Credit Protection Debt Relief Cover.
Section Page/s
Table of contents.
Table of contents 02
Terms and conditions 03
Definitions 04-05
Benefitspayableintermsofthispolicy 06
General exclusions 07
Provisionsandconditions 08-09
Generaldisclosures 10-12
Page 2 of 12
The ALPHERA Financial Services Debt Relief Policy (To a maximum specified Insured sum of R1 500 000.)
ThisdocumentcontainstheALPHERAFinancialServicesDebtReliefCoverPolicywording.ThedetailsofthisPolicydocumenthavebeensetoutforYourinformation.ThisPolicyisunderwrittenbyGuardriskInsuranceCompanyLimited(FSPNo.75),hereafterreferredtoas(Guardrisk)andadministeredbyIUABusinessSolutions(Pty)Ltd,anAuthorisedFinancialServicesProvider(FSPNo.15737),hereafterreferredtoas(IUA).
TheALPHERADebtReliefproductcoversaseriesofEventsandcanbespecificallypackagedforaclient’s needs.
Thebenefitscaneitherpaytheoutstandingbalanceorthemonthlyinstalmentunderafinanceagreement,dependingonwhichEventhastakenplace.Thisproductisavailablewherethereisanydebtorfinanceagreement.
Terms and conditions.InreturnfortheInsuredpayingthePremiumandcontinuingtomeetalltheconditionsforcover,GuardriskwillprovideinsurancecoverundertheALPHERAFinancialServicesDebtReliefPolicyasdescribedinthisdocument.
Guardrisk,agreesandundertakesinfavouroftheInsured’snamedintheScheduleofInsurancetopaythebenefitsdescribedinthePolicy,subject to:
1. theactualreceiptbyGuardriskatitsheadofficeofthecorrectandsufficientPremiumor Premiums;2. whereneitherOption(Life,TotalandPermanentDisability,CriticalIllness,Retrenchment,Hospitalisation,TemporaryTotalDisability)isselected,theInsurer’s
liabilitywillberestrictedtothePolicythatcorrelatestothePremiumreceivedandthemaximumspecified sum;3. thetruthandaccuracyoftheinformationgivenintheInsured’sScheduleofInsurance;4. thetermsandconditionscontainedhereinorendorsedhereon;5. theMandatoryDeclarationbeingmadewithoutqualification;6. intheEventofahealthdeclarationbeingmade,writtenacceptanceoftheproposalwillbemadeinwritingbyGuardriskoritsappointedadministrator.
Other matters of importance.1. Youwillbeinformedofanymaterialchangestotheinformationabouttheintermediary,insurerandorunderwriterprovided above.2. Ifanyoftheinformationreflectedabovewasgiventoyouorally,thisdisclosurenoticeservestoprovideyouwiththeinformationinwriting.3. Ifwefailtoresolveyourcomplaintsatisfactorily,youmaysubmityourcomplainttotheOmbudofShort-TermInsurance.4. Youwillalwaysbegivenareasonfortherepudiationofyour claim.5. Iftheinsurerwishestocancelyourpolicy,thiswillbedoneinwriting,toyourlastknownaddress.Youwillalwaysbeentitledtoacopyofyourpolicyatno
extracharge.
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.
ALPHERA Financial Services is a division of BMW Financial Services (South Africa) (Pty) Ltd, an Authorised Financial Services (FSP 4623) and Registered Credit Provider (NCRCP2341).
Page 3 of 12
“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’tabletopayitbackduetoDeathorPermanentDisabilityorCriticalIllnessorRetrenchmentorHospitalisation.
“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-employedtobeeligibleforthiscover.
“Insured”.AnInsuredshallmeanapersonorlegalentitywhohassuccessfullyappliedforthisPolicyandpaidforit in full.
WherethePolicyisissuedonthelifeofmorethanonedebtor,referencetothe“Insured”shallapplytothefirstclaimantofthelivesInsurednamedintheScheduleofInsurance.Thiswillapplytoanyfullsettlementpayment.
“Insurer”.ShallmeanGuardriskInsuranceCompanyLimited’sFSPNo.75.
“IUA Business Solutions (Pty) Ltd”.Anon-mandatedintermediarywhoismandatedbyGuardrisktoadministerthePolicyandisanauthorisedFinancialServicesProvider(FSPNo.15737).
“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”.OurMaximumIndemnityisequaltoR1500000(OneMillionFiveHundredThousandRand).ShouldtheVehiclebeunderinsuredintermsofitsSumInsuredunderthisPolicy,Ourbenefitpaymentwillbeadjustedinthesameproportionastheproportionofunderinsurance.
“Misrepresentation”.Consciousdecisiontochangethefactsastheyare,tomisleadaninterestedparty.ThisshallalsomeanthefailuretodisclosematerialinformationatthedateofapplicationthathadtheInsurerbeenawareofwouldhaveresultedinthePolicynotbeing issued.
“Period of Insurance”.AsstatedintheScheduleofInsuranceissuedintermsofthisPolicy.
“Policy”.TheScheduleofInsurance.
“Policy Inception Date”.Thepolicyinceptiondateisthepurchasedateofthepolicy.
“Pre-existing Condition”.Pre-existingConditionsmeansanIllnessorBodilyInjurysustainedorcontractedbyanInsuredPersonwhichheorshehasbeenawareof,orreceivedmedicaltreatmentoradvicebyaPhysician,priortosuchInsuredPerson’sinitialCommencementorReinstatementDate(WhicheverOccurredLast)underthisPolicy.Thisincludes,butisnotlimitedto,anyphysicalormentaldefect,symptoms,disease,infirmityorconditionwhichexistedpriortotheinitialCommencementorReinstatementDateofthisPolicy(WhicheverOccurredLast).
“Premium”.ThemonthlyamountpayableasstatedintheScheduleofInsuranceoranyendorsementissuedintermsofthisPolicy.
“Premium Due Date”.TheDatethattheagreedPremiumsaredue,eitherinadvanceofthePeriodofInsuranceonorbeforethedateappearingontheScheduleofInsurance.
“Purchase Value”.ThevalueofTheVehicleandextrasasstatedontheoriginalpurchaseinvoice,beforedeductionoftheDeposit,includingtangible extras.
“Schedule of Insurance”.TheschedulecontainingYourdetailsandthedetailsofTheVehicle,PeriodofInsurance,Premiumpayable,SumInsured,bankdetailsand address.
Definitions.
Page4of12
“Selling Price”.TheSellingPriceofTheVehicle,istheprice,includingphysicalextraswhichYoupaidforTheVehicleatthetime.ThisPolicywillnotcovermorethan10%(TenPercent)abovethenewlistpriceorretailvalueofTheVehicleasstatedinthatmonth’sissueoftheTransUnionAutoDealerGuide.TheSellingPriceislimitedtoaminimumofR50000(FiftyThousandRand)andamaximum of R1500000(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(ThreeThousandFiveHundredKilogram) withacarryingcapacityofnotmorethan750kg(SevenHundred and FiftyKilogram).
“We, Us, Our”.GuardriskInsuranceCompanyLimited(“Guardrisk”).AnauthorisedFinancialServicesProvider,FSPNo.75.
“You, Your”.ThepersonorentitynamedastheInsuredintheScheduleofInsurance.Youmustbe18(Eighteen)yearsofageandbeapermanentresidentofSouthAfricaand/orpermanentlyresidinginSouthAfricaoraproperlyconstitutedandregisteredCompany or Trust.
Definitions.
Page5of12
1. Death Benefit. AnamountequivalenttobutnotexceedingtheBalanceofthe
IndebtednessashereindefinedassumingallinstalmentsdueintermsoftheCreditAgreementhavebeenpaid.TheInsurer’sliabilityunderthisandallotherPoliciesissuedbytheInsurerinrespectoftheInsurednamedintheScheduleofInsurancewillnotexceedatotalofR1500000(OneMillionFiveHundredThousandRand).IntheEventthatthetotalofallsuchassurancepoliciesexceedsR1500000(OneMillionFiveHundredThousandRand)suchPolicywillcontributeonapro-ratabasisandPremiumspaidinrespectofInsuranceinexcessofR1500000(OneMillionFiveHundredThousandRand)willbe refunded.
CoverundertheDeathBenefitwillceaseat65(Sixty-Five)years of age.
2. Total and Permanent Disability Benefit. IntheEventofthetotalandpermanentdisablementoftheInsured
occurringpriortotheattainmentofage65(Sixty-Five)andbeforetheexpiryofthetermofthePolicy,anamountequivalenttothedeathbenefitshallbepayablebytheInsurer.Forthepurposeshereof,permanentandtotaldisablementshallmeansuchincapacitywhichpreventstheInsuredfromfollowinghisownoranysimilaroccupationforwhichheisorcouldreasonablybeexpectedtobequalifiedbyvirtueofhisknowledge,training,education,abilityandexperience.TheInsuredshallbedeemedtohavesufferedtotalandpermanentdisablementuponthetotalandpermanentlossofeitherhand,orbothfeet,orbotheyes.
CoverundertheTotalandPermanentDisabilityBenefitwillceaseat65(Sixty-Five)years of age.
3. Retrenchment Benefit. IntheEventoftheInsuredsufferinglossofemploymentresultingfrom
theimplementationofastaffreductionprogrammebyhisemployer,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“Claims”undertheheadingProvisionsandConditionsonpage6,GuardriskhastherighttocallfordocumentsfromtheInsuredand/ortheCreditProviderand/ortheInsured’sretrenchingemployerand/orwhomsoeverelse,toverifytheauthenticityandvalidityoftheretrenchment,whethersuchdocumentsbeintheformofUIFandIRP5certificates,bankstatements,salaryadviceoranyotherformwhatsoever.
CoverundertheRetrenchmentBenefitwillceaseat65(Sixty-Five)years of age.
4. Critical Illness Benefit. IntheEventoftheInsured’shavingsufferedanyofthefollowing,priorto
his60th(Sixtieth)birthday4.1 HeartAttack;4.2 StrokeCerebro-vascularIncident;4.3 Cancer-thefollowingarespecificallyexcluded:
4.3.1 allskincancersexceptinvasivemalignantmelanomas;4.3.2 stage1(One)Hodgkin’s disease;4.3.3 cancerin-situonthecervix.
4.4 Renal failure;4.5 Paraplegia;4.6 Blindness;4.7 Surgeryforcoronaryheartdisease,excludingpercutaneous
angioplastyand/oranyintra-arterialprocedure;4.8 SurgeryforthediseaseoftheAorta;4.9 Replacementoftheheart valve;4.10 Human-to-humanorgantransplantofkidney,heart,lung,liver,
pancreasorbonemarrow;4.11 Coma;4.12 Majorburns–thirddegreeburnscoveringatleast20%(Twenty
Percent)ofthebodysurface area;4.13 Lossofspeech–totalandirrevocablelossoftheabilitytospeakfor
aperiodof12(Twelve)continuousmonths.
TheInsurershallpayanamountequaltothedeathbenefitprovidednoclaimismadeunderthetotalandpermanentdisabilitybenefit.Thediagnosedillnessmustbediagnosedbyaregisteredmedicalpractitionerorspecialistandmustbesupportedbycritical,radiological,histologicalandlaboratoryevidenceacceptabletotheInsurer.
Coverundercriticalillnesswillceaseat60(Sixty)years of age.
5. Hospitaliation Benefit (Only for self-employed). IntheEventoftheInsuredsufferinghospitalisationpriortothe
attainmentofage65(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,beforethePolicyanniversaryprecedingtheInsured’s65th
(Sixty-Fifth)birthdayandtheexpiryofthetermofthisPolicy,theInsuredisprevented,asaresultofillnessorbodilyinjury,fromearninghisnormalincomefromhisownoranysimilaroccupation,theInsurershallpay,afteradeferredperiodof30(Thirty)Days,themonthlyinstalmentagreeduponundertheCreditAgreementreferredtointheScheduleofInsurance,oraproportionthereofiftheInsuredsuffersonlyapartiallossofincome,untilthefirsttooccur of :6.1 theexpiryofthetermofthisPolicy;or6.2 theInsured’sattainmentofage65(Sixty-Five);or6.3 therecoveryoftheInsured; or6.4 12(Twelve)monthlyinstalmentshavebeenpaid;6.5 thetotalandpermanentdisablementoftheInsured; or6.6 thedeathoftheInsured.
WhentheInsuredisnolongertemporarytotallydisabled,hemustreturntoworkforatleast6(Six)continuousmonthsbeforehecanmakeaclaimforarelatedtemporarytotaldisability,orforonecompletemonthbeforehecanmakeaclaimforanunrelatedtemporarytotaldisability.
CoverunderTemporaryTotalDisabilitywillceaseat65(Sixty-Five)years of age.
Benefitspayableintermsofthispolicy.
Page6of12
TheInsurershallnotbeobligedtomakeanypaymentinrespectofanyconditionorEventarisingdirectlyorindirectlyfromortraceable to:1. Intentionallyself-inflictedinjury,suicideorsuicideattemptwithin24
(Twenty-Four)monthsoftheinceptiondateofthisPolicy;or2. AnyphysicaldefectormedicalconditionofwhichtheInsuredwasaware
ofandwhichhaditsoriginpriortotheissueofthisPolicy;or3. TheInsuredbeingaffected(temporarilyorotherwise)byalcoholordrugs
otherthanasprescribedbyamedicalpractitioner,or4. TheInsuredcommittinganybreachofcriminallaw;or5. Airbornepursuitsexceptasapassengerflyingsolelyforthepurposeof
transportinanaircraftholdingavalidcertificateofairworthinessandpilotedbyapilotholdingavalidpilot’slicense; or
6. Nuclearaccidents,warorarmedconflict(whetherwarbedeclaredornot),terroristorinsurgencyactivities,rebellion,civilcommotion,sedition,sabotageoranyactivityassociatedwiththeforegoing,orthedefence,quelling,investigationorcontainmentthereofbyanysecurity force; or
7. AreaswithatravelriskalertaspertheUnitedStatesofAmericaGovernmentandwebsite; or
8. Hazardouspursuitsoranyotheractivitywhichcouldenhancethechanceof a claim; or
9. Refusingmedicaltreatmentasrecommendedbyyourownmedicalpractitioner; or
10. Pregnancy,childbirth,theendingofpregnancyoranyrelatedcondition; or11. AmedicalprocedureundertakenattheInsured’srequestwhichin
theopinionofadoctorisnotnecessarytomaintainthequalityoftheInsured’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:
16.1 theInsuredisself-employed,oremployedwithina family-owned business;
16.2 theInsuredisanindependentorfixed-termcontractor;16.3 theInsuredisapartnerinapartnership,memberofaclose
corporationoradirectorofacompany;16.4 resignation,normalorearlyretirement,voluntaryretrenchment
outsideofacompanyrestructureordismissalbyreasonoftheInsured’smisconduct;
16.5 theInsuredisawareoforhaspriorknowledgeofpendingretrenchmentprogramsbeinginstitutedbyhisemployerpriortooratthetimeoftheinceptionofthis contract;
16.6 theInsuredhasanalternativesourceofincomeotherthanthatreceivedfromhisemployer;
16.7 theInsuredhasnotbeencontinuouslyemployedforatleast6 (Six)Monthspriortotheinceptionofthis contract.
Page 7 of 12
General exclusions.
1. Specific Restrictions on Liability. TheInsurer’sliabilityintermsofthisPolicyshallnot,underany
circumstances,extendbeyond:1.1 nomonthlyinstalmentbenefitpaidintermsofaclaimshallexceed
R20000(TwentyThousandRand);1.2 notmorethanonebenefitshallbepayableforanyoneconditionor
claimatany one time.
TheInsurer’sliabilityintermsofthePolicyshallceaseintheEvent ofaclaimsettlementbeingmadeforthebenefitoftheInsured. Thisisapplicabletoaonce-offclaimpayment,whichsettlesthe Credit Agreement.
AnyPermanentDisabilityBenefitpaidintermsofthisPolicywillbesubjecttothelimitationofdisabilitybenefitsagreementasenteredintobyamemberofficesoftheASISA,whereapplicable.
2. Termination of this Policy.Theenddatewillbetheearliest of: 2.1 thedateattheendofthePeriodofInsurance;2.2 wheretheCreditProvideristheownerofTheVehicle,thedateon
whichTheVehicleisrepossessed;2.3 thedateonwhichTheVehicleissoldbyYou;2.4 thedateonwhichabenefitispaidunderthisPolicy;2.5 whenWedonotreceiveYourPremium,subjecttoCondition16
under Provisions and Conditions and Premium under Definitions;2.6 wheneitherYouorWecancelthePolicy,subjecttoCondition17
under Provisions and Conditions;2.7 whenCreditAgreementis settled;2.8 the65th(Sixty-Fifth)birthdayoftheInsurednamedinthisPolicy.
3. Premium Computation. IntheEventthatthePremiumorPremiumsactuallypaidtotheInsurer
areincorrectlycalculatedsothattheyareinfactinsufficienttopayforthebenefitsassetforthintheScheduleofInsurance,then:3.1 writtennotificationthereofshallbesentbytheInsurertoboththe
CreditProvidernamedintheScheduleofinsurance,aswellastotheInsured;
3.2 theerrormaybecorrectedandsubjecttopaymentoftheadditionalPremium,thefullSumInsuredwillbemaintained; or
3.3 ifnoadjustmentiseffectedwithin30(Thirty)DaysofthedateoftheoriginalproposalasreflectedintheScheduleofInsurance,theInsurer’sliabilityshallbereducedbytheratiowhichtheshortfallofthePremiumbearstothetotalPremium due.
4. Refund of Unexpired Portion of Net Premium. IntheEventthattheInsuredhadcancelledormadepaymentinfull
totheCreditProviderofallamountsowingunderandintermsoftheCreditAgreementinadvanceofthedateofexpiryofthefulltermofsuchagreementandwheretheCreditProviderterminatestheCreditAgreement,theCreditProvider,actingunderandbyvirtueofthecession,shallbeentitledtocancelthisPolicywiththeInsurer.TheInsurerwillpayarefundofunexpiredportionofnetPremiumintermsofthePolicy,providedthatsuchfullpaymentwasactuallymadetotheCreditProvideratleast6(Six)monthspriortotheexpiryofthefulloriginaltermoftheagreementinquestion.Norefundisduewhereapreviousclaimhasbeenadmitted.TheabovementionedonlyapplieswherethePremiumfrequencyisasingle Premium.
5. Limitation of Cover. TheInsurershallbeundernoliabilityintermsofthisPolicywhenthe
indebtednessinrespectofwhichthePolicywasissuedshallhavebeenpaidinfulltotheCreditProviderorwhenitwouldhavebeenpaidinfullhadtheInsuredcompliedwiththisobligationtotheCreditProviderasoriginallyundertaken,whicheverEventoccursfirst.TheInsurershallnotbeaffectedbyanyarrangement,whichmayhavebeenmadebetweentheCreditProviderandtheInsuredtoanyreductionoftheamountofinstalmentsoriginallyagreedupon,oranydefermentofinstalmentsasstipulatedbytheCreditAgreement.
6. Claims. UnlesstheInsurershallreceivewrittennotificationwithin60(Sixty)Days
ofthehappeningofanyEventresultinginaclaimbeingmadeagainstthisPolicy,theInsurershall,innocasewhatsoever,beliabletopayanybenefit.TheCreditProviderand/ortheInsuredshalldulycompletesuchformsandgivesuchdetailsandassistanceandfurnishsuchproofinrelationtoanyclaimsastheInsureratitsdiscretionmayrequire.
IntheEventofaclaimbeingrejected,theInsuredisentitledtoreliefthroughlegalaction,theOmbudforShortTermInsuranceandthecomplaintsprocessas detailed;
Guardrisk Compliance Officer GuardriskInsuranceCompanyLimited P.O.Box786015,Sandton,2146 Email: [email protected] Tel. 0116691039 Fax.0126753856
7. Arbitration. ShouldanydisputearisebetweenYouandUsastotheamountofany
claimunderthisPolicy,liabilityhavingalreadybeenadmittedbyUsfortheclaiminprinciple,Youmayrefersuchdisputetoarbitrationwithin90(Ninety)DaysofthedisputearisinginaccordancewiththeArbitrationAct42of1965(AsAmended).
8. Rejection of Claim and Time Bar. IntheEventofaclaimbeingrejectedorYoudisputethebenefitamount
paidbyUs,YouareentitledtomakerepresentationstoUsinrespectofOurdecisiontorejecttheclaimorastothemannerinwhichthebenefitamountwascalculatedforaperiod180(OneHundredandEighty)Daysfromthedateofreceiptoftheletterofrejectionorthedateoftheclaimpayment.
ThedisputeshouldberaisedwiththeInsurerpriortodisputingthematterwiththeOmbud.
Representationmustbesubmittedinwriting to: IUABusinessSolutions(Pty)LtdP.O.Box1800,UmhlangaRocks,4320Fax.0866393867Email: [email protected]
Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: [email protected]. 0116691039Fax.0126753856
WhereYouarenotsatisfiedwiththeresponsefromtheInsurerYouareentitledtomakefurtherrepresentation to:
The Ombud for Short-Term Insurance.P.O.Box32334,Braamfontein,2017Tel. 0117268900Fax.0117265501
IntermsofSection15oftheFinancialServicesOmbudSchemesActNo.37of2004thatonthereceiptoftheofficialreferraltotheaforementionedOmbud,anyapplicabletimebarringclauseintermsofthisPolicyortherunningofprescriptionintermsofthePrescriptionActNo68of1969,fromthedateofreferraltothedateofwithdrawalofthereferralordeterminationofthereferralbytheOmbudshallbestayed.Ifthedisputeisnotsatisfactorilyresolvedinthismanner,legalactionmaybeinstitutedagainsttheInsurerfortheenforcementoftheclaimbywayoftheserviceofsummonsagainsttheInsurer.SummonsmustbeservedontheInsurerwithin6(Six)monthsfromthedateYoureceivetheoutcomeinrespectoftherepresentationsYouhavemade,failingwhichallbenefitsinrespectofsuchclaimshallbeforfeitedandnoliabilitycanariseintermsofsuchclaim.
9. Misrepresentation. IfanyclaimundertheComprehensiveUnderlyingInsurancePolicyor
thisPolicyisinanywaymisrepresentedorifanyfraudulentmeansareusedbyYouoranyoneactingonYourbehalftoobtainanybenefitunderthisPolicyorifanyoftheEventsInsuredagainstareoccasionedbyYourintentionalact,orwithYourconnivance,allbenefitsunderthisPolicyshallbeforfeited,andthePolicywillbevoidableandPremiumspaidreturnedtoyou.
10. Examination. TheInsurershallbeentitledtorequirethatanyInsured,whetherornot
sufferingfromtheeffectsofinjury,beexaminedatanyreasonabletime,atthecostoftheInsurer,byamedicalpractitioneracceptabletotheInsurer.Thereportofsuchmedicalpractitionershall,forallpurposesunderthisPolicy,befinalandbindingupontheparties.
11. Conditions Precedent. StrictcompliancebytheInsuredandbytheCreditProviderwithall
theprovisions,conditionsandtermsofthisPolicyshallbeaconditionprecedenttoliabilityonthepartoftheInsurerhereunder.
Provisions and conditions.
Page 8 of 12
Provisions and conditions.12. Waiver of Conditions. Nowaiverofanyoftheterms,conditionsandendorsementofthis
PolicyshallbevalidunlessmadeinwritingunderthesignatureofadulyauthorisedofficeroftheInsurer.Inaddition,noactoromissiontoactbytheInsureroranyofficer,employeeorservantoftheInsurershallbedeemedtobearepresentationonbehalfoftheInsureruponwhichtheInsuredortheInsured’sheirs,executorsorassignsareentitled to act.
13. Interpretation. IntheEventofaninterpretationdisputearisingunderthisPolicy,
thenormaleverydayusageoftheEnglishwordingcontainedinthisdocumentshallapply.
14. Hold Cover. WewillprovidefullcoveruntilthefirstPremiumduedateasnotedinthe
policyapplication,however,allwaitingperiodsarestillapplicableandallexclusions stillapply.
15. Period of Grace for Premium Payment. Youshallbeentitledtoaperiodof15(Fifteen)DaysfromthePremium
DueDateinwhichtopayYourPremium.Inthecaseofmonthlypolicies,thisperiodofgraceonlyappliesfromthesecondmonthofthecurrencyofthePolicy.NorelaxationbytheInsurerofthisperiod;willbedeemedtobeachangeinthiscondition.
16. Cancellation and Refund of Premiums. ThisPolicymaybecancelledbyYouorUsatanytimeon31(Thirty-
One)Days’writtennoticetothelastknownaddress.InthecaseoftermpoliciesYourSinglePremiumwillberefundedonascaledeterminedbyOuractuarybasedonOurcalculationfortheunexpiredportionoftheTermPolicy,providedthatnoclaimwassubmitted,inwhichEventNoPremiumshallberefunded.
17. “Dual Insurance”. IntheEventofDualInsurance,theInsurerwhohastheearlierPolicy
InceptionDateandhasreceivedPremiumwillbeliablefortheclaim.IntheEventwhereIUAdoesnothavetheearlierInceptionDate,WeshallrefundPremiumfromInception Date.
TheOnusisontheInsuredtoEstablishwheremorethan1(One)Insurerontheassetsexists.Therefore,noInterestwillbeincludedintherefundpayment.
IntheEventwhereanInsurerhasalreadypaidunderasimilarPolicy,TheInsuredmustsupplyproofoftheInceptionDateofthelatterPolicytoestablisharefunddue,anycoverwhereDualInsurancedidnotexistwillnot be refunded.
Page9of12
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.
Guardrisk Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015,Sandton,2146Email: [email protected]. 0116691039Fax.0126753856
Conflict of interest policy.ItisgenerallyacceptedpracticewithinOurindustrythat“entertainment”and“giftsandincentives”collectivelyreferredtoasanimmaterialfinancialinterestintheConflictofInterestregulations,areoftenprovidedbytheproductproviderandtheiragentstovariousintermediary,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.
Page 10 of 12
Underwritten by Guardrisk Insurance Company Limited an Authorised Financial Services Provider. FSPLicenseNumber75 VATNumber:42501380722ndFloor,102Rivonia Road Sandton 2196 Tel. 0116691000Fax.0126753856
The Compliance OfficerGuardriskInsuranceCompanyLimitedP.O.Box786015Sandton2146Email addresses:[email protected]@guardrisk.co.zaTel. 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.
Long Term Insurance – Category A, B1, B1-A, B2, B2-A.Thecompanydetails are:Cnr.KeynshamandUmhlangaRocksDrive 19Crewkerne Close UmhlangaRocksSomersetPark4319 P.O.Box1800,UmhlangaRocks4320
Tel. 0315707600Fax.0866796554Website: www.iua.co.zaEmail addresses:[email protected](Forpolicyadministrationmatters,includingchangestoanyinformationyouprovidedtous)[email protected](Forclaimsmatters)
IUAholdsProfessionalIndemnityandFidelityGuaranteeinsurance cover.IUAdoesnotholdmorethan10%oftheInsurer’ssharesanddoesnotreceivemorethan30%oftotalremunerationfromtheInsurer.IUA’sConflictofInterestManagementPolicycanbeaccessedonitswebsitewww.iua.co.za.
The Compliance Officer for IUA Business Solutions (Pty) Ltd is:AssociatedComplianceMotor(Pty)LtdPracticeNumber 7218Tel. 0116782533Fax.0116787731Email: [email protected]
Page 11 of 12
Complaints Procedure.ShouldyouwishtolodgeacomplaintabouttheservicesyoureceivedfromtheInsurerorIUAregardingyourpolicydocumentation,premiumsoranyclaimrelatedservicetheyprovided,pleaseusethefollowingcontact details:
Complaints Manager.P.O.Box1800,UmhlangaRocks,4320Tel. 0315707600Email: [email protected]
IUAdoeshaveaformalcomplaintsmanagementpolicyandprocess,butifyourcomplaintisnotresolvedtoyoursatisfaction,youmaycontact:
The Ombud Short-term Insurance.P.O.Box32334Braamfontein2017
Tel.0117268900or0860726890Fax.0117265501Email address: [email protected]
The Registrar of Short-term Insurance.P.O.Box35655MenloPark0102
Tel. 0124288000Fax.0123470221
The FAIS Ombud.P.O.Box74571LynnwoodRidge0040
Tel.0124709090or0860324766Fax.0123483447Email address: [email protected]
For ALPHERA Financial Services (South Africa) (Pty) Ltd.1 Bavaria AvenueRandjiesparkExt.17Midrand1685
Email address: [email protected]. 0860100269
Page 12 of 12
ALPHERAFinancialServicesisadivisionofBMWFinancialServices(SouthAfrica)(Pty)Ltd,anAuthorisedFinancialServices(FSP4623)andRegisteredCreditProvider(NCRCP2341).
ALPHERA Financial Services (South Africa) (Pty) Ltd.1 Bavaria AvenueRandjesparkExt.17Midrand1685
716573
