1. The special words we use
The special words we use in these terms and conditions
are shown in bold type with their meanings alongside them.
Except where the context otherwise requires, the masculine
shall include the feminine, the singular shall include the
plural and vice versa as appropriate.
| Administrator |
means
Paymentshield Limited. |
| Benefit
Period |
means the maximum number of monthly
benefit payments you will be entitled to receive for
any one period of claim.
The benefit period you have selected is shown on your
certificate.
Benefit split means either single cover or split cover
as shown on your certificate. |
| Business |
means a company, profession, trade or industry which
is registered in the UK. |
| Ceased
to trade |
means one of the following:
• the business
that you work in has stopped trading, been wound up,
or put into the hands of an insolvency practitioner;
or
• the business that you work in is a partnership
which has been dissolved. |
| Certificate |
means the document we send you confirming your cover
under the policy. |
| Consultant |
means a registered medical specialist (other than you
or a relative) who is working at a major hospital in
the UK. |
| Controlling
director |
means you own more than 20% of the issued share capital
of the business that you work in. |
| Direct
debit |
means the instruction which gives us the authority to
collect the premium from your bank or building society. |
| Disability |
means an accident or sickness which prevents you from
doing your normal work or any other work you are reasonably
able to do given your experience, education or training,
as certified by a doctor (or consultant). |
| Disabled |
means you are suffering from a disability and you are
under the regular care and attendance of a doctor (or
consultant). |
| Doctor |
means a medical practitioner (other than you or a relative)
who is registered with the General Medical Council and
working in the UK. |
| Eligible
for cover |
means
you meet the eligibility requirements of the policy
(see section 7). |
| Employed |
means you work for an employer who is deducting the
appropriate PAYE Tax and national insurance contributions
from your gross monthly income and:
• your
work is permanent, or
• you work on a fixed
term contract and you have at least two years continuous
service with your current employer.
If you work on a fixed term contract and you have less
than two years continuous service with your current
employer, you are not insured against the non renewal
of your contract and any entitlement to monthly benefit
will end on the date that your contract was originally
intended to terminate. |
| End
date |
means the date your cover under this policy ends (see
section 15). |
| Exclusion
period |
means three calendar months immediately after the start
date during which existing borrowers will not be able
to make a claim for unemployment. |
| Existing
borrower |
means your mortgage has been in force for 30 days or
more at the start date. |
| Free
cover |
means the period immediately after the start date during
which you will not have to pay any premium for cover
under the policy, as shown on your certificate. |
| Household
premium |
means the monthly premium you pay for the buildings
and contents insurance on your home. |
| Important
facts |
means any of the circumstances detailed in section 22. |
| Lender |
means the bank or building society that grants you a
mortgage. |
| Life
premium |
means the monthly premium you pay for the life insurance
or savings plan you use to repay and/or protect your
mortgage. |
| Monthly
benefit |
means
the total amount of monthly cover you have selected
as shown on your certificate. This is also the maximum
amount we will pay you in the event of a claim under
the policy. |
| Mortgage |
means the primary loan you have taken out to purchase
your home. |
| Mortgage
payment |
means the normal monthly repayment you make to your
lender. |
| New
borrower |
means
your mortgage has been in force for less than 30 days
at the start date. |
| Normal
income |
means one of the following:
• 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 |
means
one of the following:
• the payment you receive
relating to the notice period your employer should have
given you under the terms of your contract of employment
or letter of appointment; or
• any part of
a compensation payment for loss of office (including
any part of a payment made under a compromise agreement)
which directly or indirectly relates to the notice period
your employer should have given you under the terms
of your contract of employment or letter of appointment. |
| Period
of claim |
means any separate period of unemployment or disability
for which you are receiving monthly benefit. |
| Policy |
means the insurance cover we provide under these conditions. |
| Pre-existing
condition |
means any medical condition for which you received treatment,
medication or advice including examinations or consultations
to monitor the condition in the 12 months before the
start date. |
| Premium |
means the monthly amount you pay to us for cover under
this policy as shown on your certificate. |
| Proposal |
means your application for cover under this policy. |
| Proprietor |
means you own, either alone or with others (except as
a shareholder), the business that you work in. |
| Relative |
means your spouse, partner, or any other immediate family
member related to you by blood, marriage, or law. |
| Self-employed |
means either:
• you are classed for taxation
purposes as schedule D and you have to make Class-2
national insurance contributions;
• you are
a proprietor;
• you are a controlling director;
or
• you are a relative of the proprietor or
a controlling director of the business that you work
in. |
| Single
cover |
means you alone are insured for 100% of the monthly
benefit. |
| Split
cover |
means both people named on the certificate are insured
for a percentage of the monthly benefit. |
| Start
date |
means the date your cover begins as shown on your certificate. |
| Type
of cover |
means one of the following:
• unemployment
and disability cover;
• unemployment only
cover; or
• disability only cover.
The type of cover you have selected is shown on your
certificate. |
| UK |
means United Kingdom, Channel Islands or Isle of Man.
|
| Unemployed |
means you have suffered unemployment, you are entirely
without work and you are not doing any other job for
payment or reward. |
| Unemployment |
means
one of the following:
• if you are employed
- you have no work because your employment has been
permanently terminated by your employer due to circumstances
entirely beyond your control.
• if you are
self-employed - you have no work because your business
has ceased to trade due to circumstances entirely beyond
your control or the control of any other director or
partner in your business. |
| Waiting
period |
means
the number of days you will need to be continuously
unemployed or disabled before you will be entitled to
receive your first claim payment.
The waiting period you have selected is shown on your
certificate. |
| We,
us or our |
means
Hamilton Insurance Company Limited. |
| Work
|
means
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 |
means the person or people named on your certificate. |
