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CHAPTER 4

THE LABYRINTH

4.5Active Concealment
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A study of THE SCHEDULE and a prima facie DECODING of the Encashment Value clearly implies that there is 100% investment of the Premiums paid to Irish Life into the Homeway Mortgage Fund (Series 4).

How, then, within the terms and conditions of the Endowment Mortgage Contract, were the Irish Life Assurance Company enabled to effectively ‘cream off’ the entirety of the first year’s, and 4% of each subsequent year’s, investment into that Fund ?

How much trouble have they gone to, to conceal this fact ?


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Consider the CLEAR STATEMENT in Irish Life's letter (see Appendix 1/7):-

'During the first year of the policy there is no investment due to various start up costs like, stamp duty, commission and initial expenses.’

 

No such CLEAR STATEMENT is present in the policy Provisions, Privileges and Conditions (see Document 6C of Appendix 1/6).


No direct statement that is even tenuously synonymous with this CLEAR STATEMENT exists in the policy Provisions, Privileges and Conditions.


One can only conclude that the fact, that there is no investment in the first year and that the first year’s payments are effectively ‘creamed off’ by Irish Life, is HIDDEN within the policy Provisions, Privileges and Conditions.

 

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