BMW CREDIT PROTECTION DEBT RELIEF COVER.

BMW Financial Services

Sheer Driving Pleasure

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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

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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.

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“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.

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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.

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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.

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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.

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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

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

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.

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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.

Page 10 of 13

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.

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

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.

Page 11 of 13

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

Page 12 of 13

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

Page 13 of 13

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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