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Cashback Funeral Policy
 


Cashback Funeral Policy Privileges, Conditions and Provisions

Word Description
Policyholder
The person who entered into this contract with AVBOB.

Main Insured Person
The person nominated by the policyholder as the primary insured person under this policy. It can be the policyholder or someone else. If it is someone else, there must be insurable interest.

Insured Person
Any person who is covered by this policy and whose full names appear in the policy schedule.

Insured Amount
The amount payable by AVBOB when death occurs.

Premium
The amount payable by the policyholder to procure the payment of the insured amount when the insured event occurs. This amount is payable monthly in advance and must be paid every month for cover to be provided.

Insurer
The party (in this case AVBOB) who bears the risk for payment of the benefit to another party, when the named insured event occurs.

Premium Payer
The person who undertakes to pay the premiums per debit order / stop order / cash.

Premium Debt
When a policyholder does not pay premiums, AVBOB can make these unpaid premiums a debt on the policy if the policyholder so requests. There is no interest charged on this debt and it will be deducted from a claim or cashback payment. There are only certain instances when AVBOB will grant the request, for example:
  • If AVBOB discovers that wrong information was provided regarding the age of a person insured on the policy. This can mean that the premium paid for the person is not in line with the cover provided. In this case, AVBOB will adjust the premium accordingly. The correct premium may be more than the incorrect premium. The difference between the correct premium and the incorrect premium will then be placed as premium debt on the policy.
  • If the policy lapsed and is reinstated, arrear premiums may be placed as premium debt on the policy but may not exceed the maximum of six (6) premiums.
Privileges, Conditions and Provisions
Cooling-off Rights Period
Details when Lodging Complaints
Cash Back Benefit
Accident Benefit
Spouse Benefit
Children’s Benefit
Parent Benefit (if applicable)
Extended Family Benefit
Survivor Benefit
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