Annuity Plan: General Conditions
1 February 2010
Section 1 ~ Definitions
In these general conditions where the context so admits the following definitions shall apply:
Company: Nordben Life and Pension Insurance Co. Limited. Registration number 14861.
Principal Office: Harbour House, South Esplanade, St Peter Port, Guernsey, GY1 1AP, Channel Islands.
Contract: Consists of the Policy, the General Conditions, an application by the Grantee as acknowledged by the Company and any written declaration or statement made by one of the parties to the Contract and acknowledged by the others.
Grantee: The person who effects the Policy.
Annuitant: The person on whose life the Policy is written.
Policy: The policy issued to the Grantee by the Company including any Statement of Benefits issued from time to time by the Company, and any endorsements, amendments and exclusions which may be attached to the policy document during the term of the Contract.
Parties to the Contract: The Company, the Grantee and, where applicable, the Annuitant as defined above.
Specified Dependant: A person specified in the Policy to receive a survivor’s or children’s pension.
Designated Beneficiary: A person designated in the Policy to receive a lump sum payment in the event of the Annuitant’s death prior to the age specified in the Policy.
Words of the masculine gender shall include the feminine and the singular shall include the plural.
Section 2 ~ The Contract
The Contract comes into force on the commencement date specified in the Policy.
Section 3 ~ Currency
The benefits and premiums shall be determined in the currency specified in the Policy.
Section 4 ~ Benefits
The type of coverage and the amounts insured are shown in the Policy.
All benefits are payable at the Principal Office of the Company.
Section 5 ~ Retirement Pension
The terms and the frequency of payment of the retirement pension are shown in the Policy. The retirement pension is paid from the retirement date specified in the Policy.
Section 6 ~ Survivor’s Pension
The terms and the frequency of payment of the survivor’s pension are shown in the Policy. The survivor’s pension is paid to the Specified Dependant named in the Policy.
Section 7 ~ Children’s Pension
The terms and the frequency of payment of the children’s pension are shown in the Policy. The children’s pension is paid to each child specified in the Policy.
Section 8 ~ Lump Sum on Death
The terms of the lump sum payment are shown in the Policy. The proceeds will be paid to the Designated Beneficiary or, if no such Beneficiary exists, to the estate of the deceased.
Section 9 ~ Premiums and Premium Payment
All premiums are to be paid to the Company’s Principal Office in advance of the Policy commencement date.
Section 10 ~ Misstatement of Age and Sex
If age or sex has been misstated, the benefits shall be adjusted to the amounts corresponding to the correct age or sex.
Section 11 ~ Misrepresentation
The Company can contest the validity of the Policy or deny a claim as a result of any material misrepresentation of a fact, provided the misrepresentation has been made in an application or in any written declaration or statement.
Section 12 ~ Pension Increases and Bonus
The pension may be level, be increased at a fixed rate each year or be eligible for an annual bonus as specified in the Policy. If the Policy is eligible for bonus then the bonus for such policies is computed and distributed in accordance with regulations determined by the Company.
Section 13 ~ Notification
The Company shall direct all correspondence, notifications and information under this Contract to the Grantee unless the Grantee has in writing designated the Annuitant as an additional or sole addressee for such communications.
Section 14 ~ Limitation on Claims
Any claims of whatsoever nature arising under or relating to the Contract shall be brought against the Company by not later than the expiry of a period of three years calculated from the date the last payment of any benefit described under section 5, 6, 7 or 8 was made, whichever be the case, upon expiry of which period of three years all and any claims not instituted against the Company and all liability of the Company shall be extinguished.
Section 15 ~ Records
The Company shall, upon expiry of a period of six years calculated from the date the last payment of any benefit described under section 5, 6, 7 or 8 was made, be entitled to dispose of all documentation and records relating to the Policy.
Section 16 ~ Legal Jurisdiction
This Contract is governed by the Laws of Guernsey.