Home APPENDICES INDEX (Links Titled and Fully Expanded)

APPENDICES

APPENDIX 1/6

Document 6C
Print

THE HOME-WAY MORTGAGE PLAN

The Home-Way Mortgage Plan - Cover page

THE HOME-WAY MORTGAGE PLAN

THIS POLICY is granted by Irish Life Assurance plc (hereinafter called “The Company”) to and accepted by the Proposer(s) named in the Schedule on the basis of the Proposal (hereinafter called “The Proposal”) made in writing and signed by the Proposer(s) and on no other basis.

THE CONTRACT of Assurance shall consist of this Policy (which includes the Schedule, Provisions, Privileges and Conditions and Endorsernents hereinafter set forth) and the Proposal.

THIS POLICY is issued out of the Ordinary Branch of the Company and the Ordinary Branch Fund together with the Capital Stock of the Company shall alone be answerable for any claims made under the Policy.

IN consideration of the premiums, as stated in the Schedule, being paid to the Company on the dates stipulated, the Company, on proof to its reasonable satisfaction of the benefits becoming payable and of the ages of the Life or Lives Assured and of title, shall pay to the Proposer(s) or the survivor of them or his/their legal personal representatives or assigns, at the Chief Office of the Company, the benefits expressed in the Policy.

PROVISIONS, PRIVILEGES AND CONDITIONS

Paragraph 1 - POLICY

The Policy contains all the benefits, terms, privileges and conditions of the Contract of Assurance. No representations, benefits, terms, conditions or alterations shall operate to bind the Company unless incorporated in the Policy or properly endorsed on the Policy.

Paragraph 2 - DEFINITONS

(a)

A “Fund” means any Fund in the Panels of Funds.

(b)

The “Panels of Funds” include the Panel of Unit Funds, if any, and the Panel of Unitised Funds. The Panel of Unit Funds, if any, shall consist of any Fund which the Company shall include therein from time to time at it's discretion. The Panel of Unitised Funds consists of the Home-way Guaranteed Fund and/or any other Fund which the Company shall include in the Panel of Unitised Funds. Copies of the resolutions creating these Funds and the rules governing their operation are available from the Company's Chief Office.

(c)

The terms “Premium Unit”, “Offer Price” and “Bid Price” shall be interpreted by reference to the resolutions referred to in sub-paragraph (b).

(d)

A “Unit” means a Premium Unit of any Fund.

(e)

"Ancillary Benefits" means the benefits described in paragraphs 24 and 25 of the policy. “Ancillary Benefits Charge” means the amount payable for the Ancillary Benefits calculated in accordance with Paragraph 13.

(f)

A “Non Recurring Premium” means an amount paid under the provisions of paragraph 3.

(g)

The “Premium Due Dates” are the dates described as such in the Schedule or such other dates as are substituted thereforee by endorsement to the Policy.

(h)

The "Mortgage Repayment Date" means the date so described in the Schedule or such other date as is substituted thereforee by endorsement to the policy, the most recent endorsement in this respect representing the operative date.

(i)

The “Regular Investment” shall relate to the initial premium and any increase thereon in accordance with Para- graphs 16 or 19 and shall be an amount equal to the appropriate percentage, in accordance with the table below, of the initial premium and any increase thereon.

Method of Premium Payment

Appropriate Percentage

Direct Debit Remittance

100%

Other than by Direct Debit Remittance

98%

(j)

The “Investment Factor” applicable to the initial premium or any increase thereon in accordance with Paragraphs 16 or 19 shall be determined from the following table:

INVESTMENT FACTOR

During first twelve months following the
date the initial premium or increase thereon
first becomes payable

During Subsequent Periods

0

0.96

EXCEPT that in respect of every increase in premium in accordance with Paragraphs l6 or l9 the Investment Factor During Subsequent Periods shall be subject to such alterations as the Company's Actuary deems appropriate (to take account inter alia of the bonus payable under Paragraph 11).

PROVIDED ALWAYS that where the Life Assured is aged 55 or over at the date the initial premium or any increase thereon first becomes payable, the Investment Factor for the first twelve months shall be increased by 0.02 x (age next birthday - 55) subject to a maximum age next birthday of 65. For joint Life Assurances the relevant age shall be that of the youngest life assured.

(k)

The “Guaranteed Minimum Death Benefit” means the amounts so described in the schedule or such other amount as is agreed in accordance with the Provisions Privileges and Conditions of the Policy.

(l)

The “Unit Account” at any date means the sum total of Units in all Funds attaching to the Policy.

(m)

The “Accumulated Fund” at any date shall mean the value at Bid Price of the Unit Account at that date except that the Company's Actuary may apply at his discretion a factor to the Bid Price of the Units in any fund in the Panel of Utilised Funds; such factor to reflect inter alia current investment conditions. The factor will not be applied where the calculation is in relation to the provision of benefit at the Mortgage Repayment Date in accordance with Paragraph 17(a) or 17(b).

(n)

“The Guaranteed Maturity Benefit” insofar as the Proposer(s) has invested SOLELY in Units in the Home-way Guaranteed Fund, shall equal such proportion of the Associated Mortgage and any increase thereon as the Company's Actuary shall determine in accordance with the table of Maturity Guarantees (available from the Company on request) based on the period in years between the Date of Commencement of the Assurance(s) and the Mortgage Repayment Date and the aggregate amount of the Associated Mortgage and any increase thereon.

OTHERWISE the Guaranteed Maturity Benefit will be determined by the Company's Actuary having regard inter alia to the Fund Link of the Unit Account.

(o)

The “Policy Fee” shall initially be IR£2.00 per month or IR£0.50 per week if premiums are paid by Payroll Scheme and may be increased at such rate or to such level as the Company's Actuary may from time to time decide.

(p)

The “Policy Review Date” means each fifth anniversary of the Date of Commencement of the Assurance provided always that where the Life Assured or the older of the Lives Assured has attained age 70 and the Policy shall have been in force for not less than five years the Policy Review Date shall mean each anniversary of the Date of Commencement of the Assurance.

(q)

For the purpose of this Policy where the context so permits the term "Premium” shall mean the aggregate of the initial premium shown in the Schedule and all increases payable under Paragraphs 16 and 19. Specific references to initial premium and any increases thereon (each such increase to be taken in isolation and calculated as the difference between the premium payable following such increase and the premium payable in the period immediately preceding such increase) shall be construed accordingly.

(r)

The “Associated Mortgage” means that part of the mortgage applied for by the Proposer(s) in the Proposal in conjunction with which this Policy was issued.

(s)

The “Fund Link” means the Fund or combination of Funds in the Panels of Funds to which the Policy is linked and shall initially mean the Fund or combination of Funds specified in the Schedule.

Paragraph 3 - OPTION TO PAY NON-RECURRING PREMIUM

The Proposer(s) may at any time augment the Unit Account by paying a Non-Recurring Premium to the Company provided the amount thereof is not less than IR£500.00. The payment shall be applied in accordance with the provisions of sub-paragraph 10(c) and the Guaranteed Minimum Death Benefit shall be appropriately amended as determined by the Company's Actuary.

Paragraph 4 - PERIOD OF GRACE

A Period of Grace of ninety days is allowed for the payment of each premium. If the life Assured or either of the Lives Assured dies during the Period of Grace any premium due but unpaid shall be deducted from the amount otherwise payable by the Company hereunder.

Paragraph 5 - NON-PAYMMNT OF PREMIUMS

Subject to the provisions of Paragraph 24 if any Premium due remains unpaid at the expiration of the Period of Grace the Policy shall lapse with effect from the date the first unpaid Premium fell due for payment unless the Policy has acquired an encashment value in accordance with Paragraph 18 and the Company has received no prior notice of Encashment whereupon the Policy shall be converted to a paid-up assurance without Endorsement with effect from the date the first unpaid Premium fell due for payment and the Guaranteed Minimum Death Benefit shall be adjusted to such amount as the Company’s Actuary shall decide.

Paragraph 6 - REVIVAL

If payment of any Premium is in default and if the Policy has not been previously encashed in full, then the Company may at its absolute discretion and upon such terms and conditions as it may impose, revive the Policy within one year from the date when the first unpaid Premium fell due for payment.

Paragraph 7 - SPECIFIC EXCLUSION

In the event of the death of the Life Assured or either of the lives Assured by his or her own act (whether feloniously or otherwise) or in the course of justice within one year from the Date of Commencement of the Assurance the Company shall not be liable to make any payment under the Policy. In like manner in the event of the death of the Life Assured or either of the Lives Assured in the circumstances described above within one year from the date of any increase in the assurance the Company shall not be liable to make any payment under the Policy relating to such increase. Provided that if a bona fide interest for valuable consideration is possessed or acquired by a third party (other than a husband, wife, or one of the next of kin of the deceased Life Assured) before the date of such death and such interest is established to the satisfaction of the Company then the Company shall be liable to the extent of such interest.

Paragraph 8 - AGE

The age of a Life Assured will be admitted on the Policy on production of evidence satisfactory to the Company. If the age of a Life Assured as stated in the Proposal shall have been misstated the benefits shall be adjusted to such amounts as the Company's Actuary at his absolute discretion deems appropriate.

Paragraph 9 – PROPOSAL/EVIDENCE OF HEALTH

(a)

Proposal - If any question contained in the Proposal has not been fully correctly and truly answered, or if any answer to any question in the Proposal is misleading, or if there is any misrepresentation or non-disclosure concerning the health, habits or occupation of the Life or Lives Assured the Company shall be entitled to avoid the Policy, and thereupon all premiums paid and all rights under the Policy shall be forfeited to the Company. Nevertheless, when premiums have been paid for three complete years the Company shall not avoid the Policy under this sub-paragraph, unless the Proposer shall have acted fraudulently or there shall have been wilful misrepresentation in any matter relevant to the Proposal or to the health, habits or occupation of the Life or Lives Assured.

(b)

Evidence of Health - If there is misrepresentation or non-disclosure in any evidence of health received by the Company for the purposes of any increase in the assurance or for the purpose of revival under paragraph 6, the Company shall be entitled to avoid such increase or revival. Nevertheless, when premiums have been paid for three complete years relating to such increase in the assurance or revival the Company shall not be entitled to avoid the increase or revival under this sub-paragraph unless the Proposer(s) shall have acted fraudulently or there shall have been wilful misrepresentation in any matter relevant to the health, habits or occupation of the Life or Lives Assured.

Paragraph 10 - INVESTMENT

(a)

While premiums continue to be paid under the Policy and the interval between Premium Due Dates is less than a year the company shall credit Units to the Unit Account on the first day of each month. The Number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal the product of the Regular Investment and the appropriate Investment Factor.

(b)

While premiums continue to be paid when due under the Policy and the interval between Premium Due Dates is a year the Company shall credit Units to the Unit Account on each Premium Date Due. The number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal twelve times the product of the Regular Investment and the appropriate Investment Factor.

(c)

On the date determined by the Company Actuary coincident with or subsequent to receipt by the Company of a Non-Recurring Premium in accordance with Paragraph 3 the Company shall credit Units to the Unit Account. The number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal a proportion of the Non-Recurring Premium paid, such proportion to be obtained from a table provided by the Company's Actuary from time to time.

Paragraph 11 - BONUS / EXTRA INVESTMENT

Provided that the Policy is still in force and the Accumulated Fund is positive, on such anniversary of the Date of Commencement of the Assurance as is sixty months from the Mortgage Repayment Date (hereinafter called the 'Commencement of Bonus Date') and on each monthly anniversary thereof the Company shall allocate to the Policy a number of Units (hereinafter called the 'Bonus') which shall equal in value at the then Bid Price the fraction percentage (arrived at by division of the number of years from the Date of Commencement of the Assurance(s) to the Mortgage Repayment Date inclusive by sixty) of the value at that Bid Price of the Unit Account (excluding any units allocated in respect of Non-Recurring Premiums paid under Paragraph 3).

PROVIDED ALWAYS that if the Mortgage Repayment Date shall be altered at any time subsequent to the Commencement of Bonus Date, or if the Mortgage Repayment Date is altered to a date earlier in time to the then current Mortgage Repayment Date before the Commencement of Bonus Date the Company's Actuary shall at his sole discretion make whatever adjustments to the value of the Bonus and / or timing of allocation of units in accordance with this Paragraph as are appropriate to reflect such change in the Mortgage Repayment Date.

Paragraph 12 - DEATH BENEFIT

On the death of the Life Assured or on the first death of the Lives Assured the sum payable will be the greater of

(a)

the Guaranteed Minimum Death Benefit appropriate to the deceased Life Assured

OR

(b)

the Accumulated Fund at the date of death together with a sum equal to the value at Bid Price of any Units which otherwise would have been credited to the Unit Account prior to the next due date on the basis that such credit occurs at the date of death of the Life Assured.

Paragraph 13 - BENEFIT CHARGES AND POLICY CHARGES

On the Date of Commencement Of the Assurance and on each monthly anniversary thereof the Company shall calculate (a) the amount of Ancillary Benefits Charge for the following month and (b) the charge to provide life assurance cover equal to the Death Benefit during the following month (hereinafter called the ‘Death Benefit Charge’). The Unit Account on the said date shall be debited with that number of units which at the Bid Price current on the said date shall reduce the Accumulated Fund by the amount equal to the aggregate of the following sums:

(i)

The Ancillary Benefits Charge

(ii)

The Death Benefit Charge

(iii)

The Policy Fee

(iv)

Any Stamp Duties Payable

Subject to Paragraph 20 any consequent negative balance in the Unit Account shall be secured against the future credits of Units.

The Death Benefit Charge and the Ancillary Benefits Charge will be calculated on such terms as the Company's Actuary may from time to time decide taking account of some or all of the following factors: (1) the excess, if any, of the Death Benefit over the Accumulated Fund, (2) the age(s) and sex of the Life or Lives Assured, (3) the level of Ancillary Benefits being provided under the Policy (4) such rates of mortality and morbidity as the Company in its absolute discretion deems equitable to reflect inter alia the smoking habits of the Life or Lives Assured.

Paragraph 14 - SWITCHES BETWEEN FUNDS

At any time provided the Policy has not previously been made paid-up, the Proposer(s) may elect by giving notice in writing to the Company to:

(a)

Change the Fund Link for all or part of the Unit Account to any other Fund or Funds in the Panels of Funds and/or

(b)

Change the Fund Link for all or part of any Investment according to Paragraph 10 that may fall due to be made in the future to any other Fund or Funds in the Panels of Funds.

Upon the exercise of the option in sub-paragraph (a) the Units attaching to the Policy will be converted to Units in the Fund or Funds nominated in the notice on the basis that the value at Bid Price of the Units attaching immediately before conversion will equal the Bid Price of the Units attaching immediately subsequent to conversion after deduction of a charge equal to 0.5% of the value at Bid Price of the Units converted (subject to a minimum charge of IR£10.00 or such other minimum charge as the Company's Actuary shall decide). Provided that if a Fund in the Panel of Unitised Funds is involved in the said conversion the Company's Actuary may apply at his discretion a factor to the Bid Price of the Units such factor to reflect inter alia current investment conditions. At the discretion of the Company changing into or out of any fund may be postponed indefinitely.

Paragraph 15 - INVESTMENT OPTION

As an alternative to the switching option contained in Paragraph 14 the Proposer(s) may elect in the Proposal, or subsequently by giving notice in writing to the Company to have the allocation of Units between Funds in the Panels of Funds determined by the Company at its sole discretion. This allocation may be altered by the Company from time to time at its discretion.

Provided that the Proposer(s) may at any time revoke the election under this paragraph by giving notice in writing to the Company. The receipt by the Company of a notice under Paragraph 14 will automatically revoke the Proposer(s) election under this paragraph.

Paragraph 16 - OPTION TO INCREASE THE GUARANTEED MINIMUM DEATH BENEFIT

Provided the Policy is not paid up at the date of notification the Proposer(s) may elect to increase the Guaranteed Minimum Death Benefit within 3 months of being granted an increase in the Associated Mortgage provided the Life or Lives Assured are under age 50 by an amount not exceeding the amount of the increase (subject to an overall maximum Guaranteed Minimum Death Benefit of IR£70,000) irrespective of the Life or Lives Assured then state of health. Each increase in the Guaranteed Minimum Death Benefit shall occasion a Policy Review in accordance with the provisions of Paragraph 19 and a revised premium shall be notified to the Proposer(s) within one month of receipt of notification of election. A valid election under this paragraph shall take effect from the first day of the month next following receipt by the Company of the increased Premium duly notified by the Company to the Proposer(s).

Paragraph 17 - BENEFIT AT MORTGAGE REPAYMENT DATE/MATURITY GUARANTEE

(a)

if the Accumulated Fund on the Mortgage Repayment Date is greater than or equal to the Guaranteed Minimum Death Benefit then the sum payable at that date will be equal to the Guaranteed Minimum Death Benefit, and the Unit Account will be debited with a number of Units equal in value at the then current Bid Price to the sum payable and the Guaranteed Minimum Death Benefit will be reduced to zero PROVIDED ALWAYS THAT the Proposer(s) may elect to

(i)

surrender the Policy in full according to sub-paragraph 18(a) or

(ii)

(ii) take a partial encashment for an amount greater than the Guaranteed Minimum Death benefit in accordance with sub-paragraph 18(b)

(b)

If the Accumulated Fund on the Mortgage Repayment Date is less than the Guaranteed Minimum Death Benefit then the Policy will be continued in full from that date and the Mortgage Repayment Date shall be altered to such date as the Company's Actuary deems appropriate PROVIDED THAT if the Proposer(s) elects to surrender the Policy in full on the Mortgage Repayment Date shown in the Schedule or such other date later in time as is substituted therefore by endorsement to the policy AND redeems or has redeemed the Associated Mortgage, the encashrnent value payable (subject to sub-paragraph 18(b) hereof), which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the greater of the (a) The Guaranteed Maturity Benefit at that date, or (b) The Accumulated Fund at that date, OTHERWISE the Encashment Value payable (subject to sub-paragraph 18(b) hereof), which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the Accumulated Fund on that date.

Paragraph 18 – ENCASHMENT/PARTIAL ENCASHMENT/FREE POLICY

(a)

Encashment

The Policy may be encashed at any time after is has been in force for two complete years. Subject to the Provisions, Privileges and Conditions the encashment value payable, which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the then Accumulated Fund.

(b)

Partial Encashment

The Policy may be encashed at any time after is has been in force for two complete years. Subject to the Provisions, Privileges and Conditions the encashment value payable, which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the then Accumulated Fund.

(i)

the value at Bid Price of the Units encashed is not less than IR£250

(ii)

the value at Bid Price of the Units remaining after encashment is not less than such amount as the Company's Actuary shall decide

(iii)

the premium continues to be payable in full

Subject to these Provisions, Privileges and Conditions in the event of partial encashment the Unit Account shall be debited with a number of Units equal in value at the then current Bid Price to the encashment requested. Provided that if Units of a Fund in the Panel of Unitised Funds are encashed the Company's Actuary may apply at his discretion a factor to the Bid Price of the Units such factor to reflect inter alia current investment conditions. On partial encashment the Guaranteed Minimum Death Benefit shall be appropriately amended as determined by the Company's Actuary and INSOFAR as the Proposer(s) has invested in Units in the Homeway Guaranteed Fund the Guaranteed Maturity Benefit will be subject to such alterations as the Company's Actuary deems appropriate.

(c)

Free Policy

At any time after the policy has been in force for two complete years the policy may be continued in force free from future premiums and assuring a sum not exceeding the then current Guaranteed Minimum Death Benefit. This option shall be exercised by notice in writing from the Proposer(s).

Paragraph 19 - POLICY REVIEW

At each Policy Review Date and at any time during the five years prior to the Mortgage Repayment Date as the Company's Actuary shall decide, the Company's Actuary will

(a)

if the review date precedes the Mortgage Repayment Date then determine the Premium payable in the future such that the estimated benefits at the Mortgage Repayment Date, calculated on such basis as the Company's Actuary shall decade, will be equal to the estimated benefits calculated at the Date of Commencement of the Assurance, or the revised estimated benefits following the exercising of an option under Paragraphs 16 or 18 and in determining the said Premium the Company's Actuary will inter alia have regard to the Accumulated Fund on the said Review Date, future options under the Policy and then current mortality and morbidity rates. If on a Policy Review Date the Premium thus determined is greater than the Premium currently payable the Premium payable in future shall be increased to the amount determined.

(b)

if the review date is beyond the Mortgage Repayment Date then determine the maximum Guaranteed Minimum Death Benefit the Company is willing to allow under the Policy until the next following Policy Review Date and in determining the said maximum Guaranteed Minimum Death Benefit the Company's Actuary will inter alia have regard to the Accumulated Fund on the said Review Date, future options and Premiums under the Policy and then current mortality and morbidity rates. If on a Policy Review Date the Guaranteed Minimum Death Benefit under the Policy exceeds the permitted maximum as determined by the Company's Actuary then the Guaranteed Minimum Death Benefit under the Policy will be reduced to the said maximum or at the option of the Proposer the amount of Premium payable in the future will be increased to such amount as the Company's Actuary shall determine.

(c)

review the limits and charges specified in paragraph 13,16 and 18 and adjust any he deems necessary.

PROVIDED THAT if at any Policy Review Date the Funds have been superseded by a new series the Company shall have power to change the respective Funds to the most recent series on the basis of Paragraph 14 but without the charge specified therein.

Paragraph 20 - EXPIRY

The Policy will expire on the last day of the month in which the Accumulated Fund Value first registers a negative balance if (1) it is in paid-up form or (2) an option specified in sub-paragraph 18(b) or (c) has been exercised. All the Proposer’s benefits and rights under the Policy will cease on that date.

Paragraph 21 - TAXATION

(a)

In the event of any changes in taxation or other legislation becoming effective after the Date of Commencement of the Assurance in relation to the Company and/or the benefits under the Policy, such modifications the Company in it's absolute discretion shall consider necessary to take account of such changes shall be made to the terms, provisions, privileges and conditions of the policy. Any changes made to the policy in accordance with this sub-paragraph shall be notified by the Company to the Proposer(s) and / or

(b)

In the event of the Company incurring any liability to the Revenue Commissioners as a result of the cessation of premiums, the benefits otherwise arising under the Policy shall be reduced by such an amount as the Company in its absolute discretion shall consider to be necessary to discharge the aforesaid liability.

Paragraph 22 - STAMP DUTY

The appropriate Stamp Duty in respect of this Policy has been or will be paid by the Company to the Revenue Author- ties under the Statutes for the time being in force.

Paragraph 23 - NOTICES

Every notice intended to affect this Policy must be sent to the Company’s Chief Office.

Paragraph 24 - CONTRIBUTION COVER

For the purposes of this paragraph, Contribution cover shall mean the benefit provided, in the form of Contribution Benefit, upon certain eventualities named hereunder,

This paragraph shall apply only if so specified in the Schedule to the Policy and ONLY in respect of the first named Life Assured (hereinafter called “Life Assured A”).

(A)

Provided the Policy has not expired under Paragraph 19 and subject to the provisions of sub-paragraphs 23(B) to 23(F) inclusive:

THEN
The Company will waive payment of certain premiums (hereinafter called the "Contribution Benefit") from the end of the period specified in sub-paragraph 24(E)(i) (hereinafter called the "Commencement of Benefit Date"). The Contribution Benefit at any date shall equal the aggregate of the Premium on the Commencement of Benefit Date.

(B)

The Contribution Benefit shall be subject to the provision of such information and evidence as the Company may require and the Company may at any time require Life Assured A to be examined by a medical officer appointed or approved by the Company. Any expenses incurred in providing due proof of existence or continuation of disability shall be borne by Life Assured A.

(C)

Life Assured A shall give immediate notice to the Company of any change in his country of residence from that specified in the Proposal. In the event of a change in the country of residence, the Company may elect to cancel the Contribution Cover and cease Contribution Benefit with effect from the date such notice is received by the Company and no premium already paid in respect of the Contribution Cover will be refunded.

(D)

Disablement for the purposes of this Policy shall be deemed to exist where Life Assured A is unable to carry out the duties pertaining to the Occupation of Life Assured A by reason of total disablement arising from bodily injury or sickness and Life Assured A is not following any other occupation, and such bodily injury incurred or sickness was contracted and declared itself after the Date of Commencement of the Assurance.

(E)

The Contribution Benefit will not be provided:

(i)

in respect of the first six calendar months of any period of disablement or prior to receipt of written notice of the claim

OR

 

(ii)

if the disablement

(a)

is caused directly or indirectly by war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, riot, civil commotion or military or usurped power

OR

 

(b)

is caused by wilfully self-inflicted injury

OR

 

(c)

arising from pregnancy or childbirth except disablement of the Proposer as a result of sickness or illness relating to pregnancy or childbirth extends beyond the termination thereof. In the event of such disablement extending beyond the termination of pregnancy or childbirth, then the entitlement to Contribution Benefit (if any) shall be calculated on the basis that the Proposer's disablement had commenced on the date of termination.

OR

 

(d)

arising, in the opinion of the Company, directly or indirectly due or from an acquired immunodeficiency syndrome (AIDS) or infection by any human immunodeficiency virus (HIV). The definition of AIDS will be that used by the World Health Organisation at any time or that used by any successor body or such other governmental of international organisation as the Company shall decide. Infection shall be deemed to have occurred where blood tests indicate, in the opinion of the Company, either the presence of any human immunodeficiency virus or antibodies to such a virus.

OR

 

(iii)

where the Company has not been advised of a change in the residence of Life Assured A and where, in the opinion of the Company, such change increases the Company's liability.

(F)

Contribution Cover and/or Contribution Benefit shall cease on the Expiry Date. For the purposes of this paragraph, the Expiry Date shall mean the earliest of the following.

(a)

the date of which Life Assured A attains 65

(b)

the mortgage repayment date

(c)

the date of death of Life Assured A or

(d)

the date of encashment of the policy under the terms of sub-paragraph 18(a)

PROVIDED that the Contribution Benefit shall in any case cease on the date of recovery, resumption of Life Assured A’s normal occupation or the date which Life Assured A’s state of health would, in the opinion of the Company, permit such resumption.

Paragraph 25 - ACCIDENTAL DEATH BENEFIT

This paragraph shall apply only if so specified in the schedule to the Policy and so long as Premiums continue to be paid through Payroll Benefit Schemes.

Provided the Policy has not been paid-up and all Premiums due have been paid to date then on the death of the Life Assured or on the death of either of the Lives Assured before age 65 as a direct result of bodily injury through external violent and accidental means of which there is as evidence visible contusion or wound on the exterior of the body the Company shall pay an additional sum to that payable under Paragraph 12. This additional sum will amount to

(a)

in single life cases 25 times the annualised Premium payable at the date of accident

(b)

in joint life cases twelve and a half times the annualised Premium payable at the date of accident

Provided that notice of the accident with full particulars is given to the Company within 30 days thereof and provided further that the death occurs not later than ninety days after the accident and is not caused or accelerated by and does not arise from fits or illness or intemperance or war declared or not, or civil commotion or fighting in any form or the Life Assured’s own act or participation in a criminal act or by the Life Assured engaging in aviation except as a passenger solely for transport on any regular public airline.