| Additional
cover |
an amount up to 25% of the mortgage
payment you have chosen under the policy. |
| Administrator
|
Paymentshield Limited. |
| Benefit
period |
a period of up to 12 months for
each separate period of claim. |
| Benefit
split |
either single cover or split cover
as shown on your certificate of cover. |
Business
|
a company, profession, trade or
industry owned and run by you (either alone, or with others)
which is registered in the United Kingdom, Channel Islands
or Isle of Man. |
Certificate
of cover
|
the document you receive confirming
the specific type and level of cover we give you under the
policy. |
| Consultant
|
a suitably qualified registered
medical specialist (other than you or a relative) at a major
hospital in the United Kingdom, Channel Islands or Isle
of Man. |
Controlling
director |
you own more than 20% of the issued
shares of the business you work in. |
Direct debit |
the instruction which gives us
the authority to collect the premium from your bank or building
society. |
| Disability
|
an accident or sickness which a
doctor (or consultant) confirms prevents you from doing
your normal work or any other work you are reasonably able
to do given your experience, education or training. |
| Disabled
|
you are suffering from a disability. |
| Doctor
|
a medical practitioner (other than
you or a relative) who is registered with the General Medical
Council and working in the United Kingdom, Channel Islands
or Isle of Man. |
| Eligible
for cover |
you meet the eligibility
requirements of the policy (see
section 8).
|
Employed
|
your employer is taking PAYE tax
and national insurance contributions for you and:
your work is permanent; or
you work on a fixed term contract and you have at least
two years continuous service.
If you work on a fixed term contract and you have less than
two years continuous service, you are not insured against
your employer not renewing your contract and your entitlement
to receive monthly benefit will end on the date that your
contract should originally end. |
| End
date |
the date cover under the policy
ends (see section 15). |
Exclusion
period
|
a period of three calendar months
immediately after the policy start date. |
| Existing
borrower |
your mortgage has been in force
for more than 30 days on the policy start date. |
| Free
cover |
the period immediately after the
policy start date during which you will not have to pay
any premium. The free cover you will receive is shown on
your certificate of cover. |
| Important
facts |
the circumstances that you must
reveal on or before the policy start date (see
section 22).
Lender the bank, building society or finance company that
grants you a mortgage. |
| Monthly
benefit |
the total amount of monthly cover
you have under the policy.
This is also the most we will pay you each month if you
make a claim (this will depend on the benefit split). The
monthly benefit you have chosen is shown on your certificate
of cover. |
| Mortgage
|
the first loan you took out with
a lender and secured against the property you are living
in as your private home. |
| Mortgage
payment |
the normal monthly amount you must
pay your lender under the terms of your mortgage agreement
(see section 2). |
| New
borrower |
your mortgage has been in force
for 30 days or less on the policy start date. |
| Normal
income |
if you are employed - the average
monthly income you have received before deductions (or if
you are paid every week, the monthly equivalent) during
the past 12 months; or
if you are self-employed - the monthly average of your yearly
income as declared on your self- assessment return for the
previous tax year. This must be confirmed by the Inland
Revenue. |
| Payment
in lieu of notice |
any payment, or any compensation
for losing your job (including any payment made under a
compromise agreement), that relates to any period of notice
that you are entitled to, or should have been served by
your employer, under the terms of your contract of employment
or letter of appointment. |
Period of claim
|
any separate period of unemployment
or disability for which you are receiving monthly benefit. |
Policy |
the insurance cover we provide
under these conditions. |
| Policy
start date |
the date cover begins as shown
on your certificate of cover. |
| Pre-existing
medical condition |
any condition or disease for which
you received treatment, medication or advice (including
examinations or consultations to monitor the condition)
in the 12 months before the policy start date. |
Premium
|
the monthly amount you pay to us
by direct debit for insurance under the policy. The monthly
premium you pay is shown on your certificate of cover. |
| Proposal
|
your application for insurance
under the policy including the direct debit. |
| Proprietor
|
you own (either alone or with others,
except as a shareholder) the business that you work in. |
Relative
|
your husband, wife, partner, or
any other immediate family member related to you by blood,
marriage, or law. |
Self-employed
|
you are classed for taxation purposes
as schedule D and you have to make Class 2 national insurance
contributions: and/or
you are a proprietor;
you are a controlling director; or
you are a relative of either the proprietor or a controlling
director of the business that you work in. |
| Single
cover |
you alone, are insured for 100%
of the monthly benefit. |
Split
cover
|
both people named on the certificate
of cover are insured for a percentage of the monthly benefit. |
| Type
of cover |
unemployment and disability cover;
unemployment only cover; or
disability only cover.
The type of cover you have chosen is shown on your certificate
of cover. |
| Unemployed
|
you no longer have a job because
of circumstances beyond your control. |
| Unemployment
|
you have become unemployed. |
| Waiting
period |
means the first 30 days of any
claim for unemployment or disability as shown on your certificate. |
| We,
us or our |
Hamilton Insurance Company Limited. |
Work
|
you are actively employed or self-employed
for at least 16 hours a week and you are making the appropriate
national insurance contributions. |
You
or your
|
the person or people named on your
certificate of cover. |
