1. The special words we use
The special words we use in these terms and conditions are shown below with
their meanings alongside them. Except where the context otherwise requires, the
masculine shall include the feminine, the singular shall include the plural and
vice versa as appropriate.
| Additional cover | an amount up to 25% of the mortgage payment
you have chosen under the policy. |
| Administrator | Paymentshield Limited. |
| Benefit period | a period of up to 12 months for each separate
period of claim. |
| Benefit split | either single cover or split cover as shown
on your certificate of cover. |
| Business | a company, profession,
trade or industry owned and run by you (either
alone, or with others) which is registered in
the United Kingdom, Channel Islands or Isle of
Man. |
| Certificate of cover | the document you receive confirming the specific
type and level of cover we give you under the
policy. |
| Consultant | a suitably qualified registered medical specialist
(other than you or a relative) at a major hospital
in the United Kingdom, Channel Islands or Isle
of Man. |
| Controlling director | you own more than 20% of the issued shares
of the business you work in. |
| Direct debit | the instruction which gives us the authority
to collect the premium from your bank or building
society. |
| Disability | an accident or sickness which a doctor (or
consultant) confirms prevents you from doing your
normal work or any other work you are reasonably
able to do given your experience, education or
training. |
| Disabled | you are suffering from a disability. |
| Doctor | a medical practitioner (other than you or
a relative) who is registered with the General
Medical Council and working in the United Kingdom,
Channel Islands or Isle of Man. |
| Eligible for cover | you meet the eligibility requirements
of the policy (see
section 8). |
| Employed | your employer is taking
PAYE tax and national insurance contributions
for you and;
your work is permanent; or
you work
on a fixed term contract and you have at least
two years continuous service.
If you work on a
fixed term contract and you have less than two
years continuous service, you are not insured
against your employer not renewing your contract
and your entitlement to receive monthly benefit
will end on the date that your contract should
originally end. |
| End date |
the date cover under
the policy ends (see
section 15). |
| Exclusion period | a period of three calendar months immediately
after the policy start date. |
| Existing borrower | your mortgage has been in force for more
than 30 days on the policy start date. |
| Free cover | the period immediately after the policy start
date during which you will not have to pay any
premium. The free cover you will receive is shown
on your certificate of cover. |
| Important facts | the circumstances that you must reveal on
or before the policy start date (see
section 22). Lender the bank, building society
or finance company that grants you a mortgage.
|
| Lender | the bank, building society
or finance company that grants you a mortgage.
|
| Monthly benefit | the total amount of monthly cover you have
under the policy. This is also the most we will
pay you each month if you make a claim (this will
depend on the benefit split). The monthly benefit
you have chosen is shown on your certificate of
cover. |
| Mortgage | the first loan you took out with a lender
and secured against the property you are living
in as your private home. |
| Mortgage payment | the normal monthly amount you must pay your
lender under the terms of your mortgage agreement
(see
section 2). |
| New borrower | your mortgage has been in force for 30 days
or less on the policy start date. |
| Normal income | if you are employed - the average monthly
income you have received before deductions (or
if you are paid every week, the monthly equivalent)
during the past 12 months; or if you are self-employed
- the monthly average of your yearly income as
declared on your self- assessment return for the
previous tax year. This must be confirmed by the
Inland Revenue. |
| Payment in lieu of notice | any payment, or any compensation for losing
your job (including any payment made under a compromise
agreement), that relates to any period of notice
that you are entitled to, or should have been
served by your employer, under the terms of your
contract of employment or letter of appointment.
|
| Period of claim | any separate period of unemployment or disability
for which you are receiving monthly benefit. |
| Policy | the insurance cover we provide under these
conditions. |
| Policy start date | the date cover begins as shown on your certificate
of cover. |
| Pre-existing medical condition | any condition or disease for which you received
treatment, medication or advice (including examinations
or consultations to monitor the condition) in
the 12 months before the policy start date. |
| Premium | the monthly amount you pay to us by direct
debit for insurance under the policy. The monthly
premium you pay is shown on your certificate of
cover. |
| Proposal | your application for insurance under the
policy including the direct debit. |
| Proprietor | you own (either alone or with others, except
as a shareholder) the business that you work in.
|
| Relative |
your husband, wife, partner, or any other
immediate family member related to you by blood, marriage, or law. |
| Self-employed | you are classed for taxation purposes as
schedule D and you have to make Class 2 national
insurance contributions: and/or
you are a proprietor;
you are a controlling director; or
you are a relative
of either the proprietor or a controlling director
of the business that you work in. |
| Single cover | you alone, are insured for 100% of the monthly
benefit. |
| Split cover | both people named on the certificate of cover
are insured for a percentage of the monthly benefit.
|
| Type of cover | unemployment and disability cover;
unemployment
only cover; or
disability only cover.
The type
of cover you have chosen is shown on your certificate
of cover. |
| Unemployed | you no longer have a job because of circumstances
beyond your control. |
| Unemployment | you have become unemployed. |
| Waiting period | means the first 30 days of any claim for
unemployment or disability as shown on your certificate.
|
| We, us or our | Hamilton Insurance Company Limited. |
| Work | you are actively employed or self-employed
for at least 16 hours a week and you are making
the appropriate national insurance contributions.
|
| You or your | the person or people named on your certificate
of cover. |
| |
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