Death or Permanent Disablement Sample Clauses
The 'Death or Permanent Disablement' clause outlines the rights and obligations of the parties if one party dies or becomes permanently disabled during the term of the agreement. Typically, this clause specifies what happens to ongoing obligations, such as payment or performance, and may provide for the termination of the contract or the transfer of responsibilities to a legal representative or estate. Its core function is to ensure clarity and fairness in handling unforeseen personal tragedies, protecting both parties from uncertainty or dispute in such circumstances.
Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of Insurance. In the event of a total of one hundred per cent (100%) of the Sum Insured having been paid during the Period of Insurance, all coverage hereunder shall immediately cease to be in force. Benefits above are subject to the following:
(a) Where the Building which is the subject matter of the Mortgage Loan Agreement is purchased under joint names with more than one
(1) Person, each of the Persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the Persons, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only).
(b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid.
(c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement.
(d) The coverage (iii) is not applicable for company registered owner.
Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the yearly Sum Insured by that amount from the date of Accident until the expiry of the Policy Year. The yearly Sum Insured will apply in full again upon commencement of the subsequent Policy Year. In the event a total of one hundred per cent (100%) of the yearly Sum Insured is paid during a Policy Year, all coverage under this benefit shall immediately cease to be in force for the same Policy Year. Benefits above are subject to the following:
(a) Where the Building which is the subject matter of the mortgage loan agreement is purchased under joint names with more than one (1) person, each of the persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the person, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only)
(b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid.
(c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement.
(d) The coverage (iii) is not applicable for company registered owner. (Applicable for SECTION IV - HOMEFIX) We shall compensate You the cost incurred for the events below occurring during the Period of Insurance:
Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Total Permanent Disablement up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of is acquired from Partner Website as stated in the Schedule for the following categories: • Air conditioning; • Plumbing; • Electrical wiring; • Painting; • Roofing; and • Locksmith. This benefit shall cease upon one (1) valid claim made. You agree that the chosen service provider for any of the services or repair works mentioned above is entirely at Your discretion and We shall not be responsible for any loss or damage caused by the service provider in carrying out services or repair works mentioned above.
Death or Permanent Disablement. We will indemnity You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as at consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly insallments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. And payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of Insurance. In the event of a total of one hundred per cent (100%) of the Sum Insured having been paid during the Period of Insurance, all coverage hereunder shall immediately cease to be in force. Benefits above are subject to the following:
(a) Where the Building which is the subject matter of the Mortgage Loan Agreement is purchased under joint names with more than one (1) Person, each of the Persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the Persons, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only.)
(b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid.
(c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement.
(d) The coverage (iii) is not applicable for company registered owner. (Applicable for Section IV – Homefix) We shall compensate You the cost incurred for the events below occurring during the Period of Insurance: We shall indemnify You in respect of the cost incurred in repairing (including relining) or replacing the damaged or replacing the damaged or broken pipe(s), including wall hacking and/or patching and property immediately affected by the damage as a result of an unexpected burst pipe(s) at Your Building up to the limit stated in the Schedule.