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TERM ASSURANCE TERMS AND CONDITIONS
The Old Mutual Life Assurance Company (Ghana) Limited, (Herein after called "the Company"), hereby agrees with the Policyholder, subject to the payment of the premium, to pay the sum insured in accordance with the terms and provisions of this policy if the Life Insured dies or is permanently disabled while this policy is in force.
When we use the following words, this is what we mean:
The Life Insured: This is the person whose life has been insured in this policy and will always be the Policy holder.
You, Your, Policyholder: The owner of this contract, as shown in the application form.
We, Our, Us: The Old Mutual Life Assurance Company Limited herein after called the Company.
Age: The life insured's age at their last birthday.
Sum Insured: The guaranteed amount payable in the event of a valid claim, as shown in the Policy
Premium: The consideration amount required for any proceeds to become payable.
Beneficiary: The person named in our records to receive the death benefit after the Policyholder dies.
Policy Date or Commencement Date: The effective date of coverage under this policy and the date from which policy anniversaries, policy years, policy months and premium due dates are determined. It is the date when the company receives the completed application form and the premium for the policy.
Lapse: The state of a policy where the cover has stopped because the premium is in default.
Termination: When the policy is no longer in force.
Policy anniversary: The same day and month as your policy date for each succeeding year policy remains
Disability: refers to medically certified total disability as a result of sickness or injury which is irremediable or
incurable by any procedure or treatment and which results in total and irremediable loss of capacity to
The Company declares that the application form and the terms and conditions set forth in this policy, form the contract between the Company and the Policyholder named in the application form and it is further declared that any endorsements made on this policy are to be deemed to modify the contract between the Company and the Policyholder as from the date of such endorsement unless otherwise provided.
Cover is available for the chosen term and it is selected from pre-determined levels ranging from GH50,000 to GH1,000,000. The amount of cover will stay the same during the cover period.
3. PERIOD OF COVER
The cover starts on the policy start date and ends on; payment of the amount of cover or policy expiry
4. PREMIUM AND COVER GUARANTEES
The premiums and cover are guaranteed for the first five years of the policy. Both premiums and cover may be reviewed after this period. There will be no further guarantee period after the first five years of the policy.
Premiums are payable in advance over the term of the policy. A premium is due on the date of expiry of the previous premium. A grace period of 30 days will be allowed for payment of each renewal premium. If the insured dies during the grace period, the unpaid premium will be deducted from the Sum Insured. If the renewal premium is not paid within the grace period and with the insured still being alive then the insurance shall cease forthwith and without any obligation whatsoever of the Company towards the Policyholder. The policyholder may then obtain cover by purchasing a new policy.
6. WAITING PERIOD
There will be a waiting period of six (6) months for death due to natural causes for all ages. There is no waiting period when death is due to an accident.
Age Limits for Life Insured:
8. MIS-STATEMENT OF AGE
If it be found that the age of a Life Insured has been understated in the proposal, any Sum Insured thereto will be reduced to the amounts which premiums paid would have secured. In calculating such reduced amounts the term of the policy and of the premium payments will be deemed to be the same as those specified in the schedule. If it be found that the Age has been overstated the excess premium paid will be refunded without interest.
9. FREEDOM FROM RESTRICTIONS
This policy is absolutely free from all restrictions as regards foreign travel and occupation unless otherwise stipulated. Only persons who are ordinarily resident in Ghana can take out a policy. No life cover benefits will be paid for any policyholder who is a permanent resident in a foreign country.
Claims are payable upon receipt of proof satisfactory to the directors of the company with regard to:
a. The occurrence of the event on which the Sum Insured is payable
b. The legal title of the claimant, and
c. The age of the life insured.
On the death of the Policyholder who is also the Life Insured, benefits shall be paid to the nominated beneficiary or his/her authorized representative in our records. As soon as practicable, but no later than one year after the death of a Life Insured, written notifications shall be given to the Company informing the Company of the death of the Life Insured. This requirement shall be a condition precedent to any liability of the Company to make any payment under this policy. An official Death Certificate/Medical Certificate of cause of death (relating to the Life Insured) shall constitute proof of death.
11. FRAUD OR MIS-STATEMENT
Any fraud or mis-statement of a material fact by an insured, either in the Application or Proposal Form on which the insurance is based or in relation to any claim hereunder shall render this policy null and void in so far as it relates to the insured and all claims hereunder shall be forfeited.
Except as provided in this policy, ownership may not be ceded. Benefits under this policy cannot be assigned as collateral security. The Company accepts no responsibility arising from a private treaty or any other arrangement.
13. COOL OFF PERIOD
The Policyholder has the right to cancel this policy within 30 days of commencement. All premiums paid will be returned provided that no insured event has happened.
14. CANCELLATION CLAUSE
After completion of the 30 day cool off period the Policyholder may still give notice to cancel the policy. No premiums will be returned.
15. CURRENCY AND JURISDICTION
All payments made to or by the Company shall be payable in the Lawful currency of Ghana and any
questions of Law arising under this policy shall be decided according to the Laws of Ghana.
All differences and disputes arising out of this policy shall, in the first place, be settled by negotiation by the parties. Should either party be dissatisfied with the progress of negotiations, the matter shall be referred to a single arbitrator and the decision of the arbitrator shall be conclusive and binding on all parties subject however to the right of appeal by either party to a court of law. A negotiated settlement or an award or judgment shall be a condition precedent to any liability of action by or against either party.17. SURRENDER, PAID UP AND LOANS. There is no cash value, paid-up value or surrender value on this policy. The policy does not allow for policy loans.
18. MEDICAL EXAMINATION
The company reserves a right to ask potential customers to undergo medical examinations. The life assured may be required to have a medical examination by an appropriate medical specialist appointed by us.
19. TERMINATION OF POLICY
a. On death of the life assured
b. No premium paid at the end of the grace period
c. On the policyholders request
20. EXCEPTIONS & EXCLUSIONS
This policy does not cover death resulting from:
a) Nuclear activity or radioactivity.
b) Willful exposure to danger by the life insured except in an attempt to save human life.
c) War, enemy hostilities, commotion, insurrection, revolution, military seizure of power or the usurping of power or any act of any person acting on behalf of or in connection with any organization with activities directed towards the overthrow by force of the government de jure or de facto or to the influencing of terrorism or violence.
d) Suicide in the first 24 months.
e) Execution of a judicial sentence of death.
f) A life insured travelling in or alighting from an aircraft other than as a fare paying passenger or an air craft licensed for the carriage of passengers piloted by a pilot holding a commercial pilot's license and operated by a regular airline or recognized charter service.
IN WITNESS to the above, The Old Mutual Life Assurance Company (Ghana) Limited has caused this Policy to be executed as of the policy date.
For any compliments or complaints about the way Old Mutual has rendered its services to you, please feel free to visit any Old Mutual office/branch or email firstname.lastname@example.org. Alternatively, you can visit the National Insurance Commission (NIC) at National Insurance Commission: No-67, Independence Ave, Insurance Place, P.O. Box CT 3456, Cantonments, Accra.