Common use of Loan Protector Clause in Contracts

Loan Protector. If an Insured Person suffers an Injury due to an Accident that occurs whilst on Trip during the Period of Insurance, We will pay an amount equal to the Insured Person’s outstanding principal amount of Loan, subject to this amount not exceeding the amount specified in the Policy Schedule/Certificate of Insurance. This Cover Benefit will be payable provided that: a. We have accepted a claim under Personal Accident (Accidental Death/ Permanent Total Disability) or Personal Accident (Common Carrier) in respect of that Insured Person; b. The amount payable under this Cover Benefit will be in addition to the amount payable under Personal Accident (Accidental Death/ Permanent Total Disability) or Personal Accident (Common Carrier) or any other applicable Cover Benefits; c. Any payments that are overdue and unpaid by the Insured Person prior to the occurrence of the event giving rise to a claim under this Cover Benefit will not be considered for the purpose of this Policy and shall be deemed as paid by the Insured Person Loan: Loan means the sum of money lent at an interest or otherwise to the Insured Person by any bank/financial institution as identified by the Loan Account Number specified in the Policy Schedule/ Certificate of Insurance or certified in writing and provided to Us by the bank/financial institution.