Insured Debtor definition

Insured Debtor means [tba], a company with limited liability incorporated [tba];

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Insured Debtor means [];

Insured Debtor means all Debtors in respect of which the Seller has taken out a Policy.

Examples of Insured Debtor in a sentence

• If an Insured Debtor dies by suicide within two (2) years from the Effective Date or date of approval of last reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply.

• No Permanent Disablement or Critical Illness Benefits will be payable in respect of an Insured Debtor, where the Insured Debtor has previously received benefits for “Permanent Disablement or Critical Illness” under any credit insurance policy or any of the INSURER’s similar insurance policies.

• The types of Debtors who are eligible for insurance hereunder shall be those Debtors whose Indebtedness to the Creditor is of the following types: Provided, that no insurance will be effected with respect to any person who has already attained the age of 65 and that no Benefits will be paid to any Insured Debtor who has attained the age of 65.

• A post mortem examination of the Insured Debtor is carried out, unless forbidden by law, if required by the INSURER, at the latter’s expense.

• The individual Insurance of the Insured Debtor, or any additional portion thereof shall not be contested after it has been in force during the lifetime of the Insured Debtor for a period of two (2) years from the Effective Date of the individual insurance of the Insured Debtor; or from the date of last reinstatement of the Insured Debtor’s individual insurance, whichever is later, except for non-payment of premium.

• Insured Debtor shall always take place in accordance with the payment waterfall contained in amongst others clauses 3 and 4 of the Intercreditor Agreement.

• The amount collected from the Insured Debtor by the Creditor for the insurance provided in this Policy shall in no case be more than the aggregate of the premiums charged by the INSURER.

• If the Insured Debtor’s insurance coverage has been terminated at the Insured Debtor’s request, the insurance coverage may be reinstated at the INSURER option, subject to the submission by the Insured Debtor of a duly signed reinstatement form.

• In case of Death of the Insured Debtor, thrice the amount of the Insured Debtor’s Indebtedness plus finance charges on the Indebtedness for a maximum of two months after the date of death.

• In case of Permanent Disablement of the Insured Debtor, thrice the amount of the Insured Debtor’s Indebtedness as defined herein.

More Definitions of Insured Debtor

Insured Debtor means an accountholder of the Credit Facility who has been nominated by the Creditor and accepted by the INSURER for insurance and with respect to whom the Creditor shall have remitted premium to the INSURER.

Insured Debtor means the Seller’s client and/or any other entity of whatever capacity or association therewith who performs for its account any of the acts required for the execution of the Sale Contract, provided: