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Insurance (when borrowing) |
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Insurance (when borrowing)
Who is
insured?
The
person receiving a loan is insured, which as per
the Loan Agreement, shall be repaid according
to a repayment scheme. A third party benefiting
under this policy can be the lending institution,
which had sanctioned the loan or any other benefiting
person, stated in the policy by the insured party.
In case of occurrence of an insurance event, the
insurer shall pay to the lending institution the
non-repaid part of the loan as of the date of
the insurance event, reduced by the amount of
the contributions which have been paid, but not
any which are overdue.
What risks are covered?
The
insurance covers the obligations of the insured
person under a loan agreement in the following
cases:
Death from accident or general illness. At occurrence
of an insurance event the insurer pays the non-repaid
part of the amount to the party in whose favour
the insurance is, together with the due interest
reduced by any overdue contributions.
Permanent disablement and acquisition of 1st or
2nd group of disability, resulting from an accident
or general illness-the insurer covers the payment
of the repayment contributions to the party in
whose favour the insurance is for the time of
disability.
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