SEB LOAN PROTECTION TERMS AND CONDITIONS

Transcription

1 SEB LOAN PROTECTION TERMS AND CONDITIONS Effective as from December 19th, 2012 SEB Loan Protection insurance is made up of the following types of insurance covers as selected by the policyholder: life insurance death of the policyholder as a result of accident or illness; severe disability damage caused to the health or physical condition of the policyholder; temporary disability incapacity for work of the policyholder due to accident or illness; unemployment end of employment of the policyholder, due to reasons beyond the control of the policyholder. Detailed descriptions of the insurance cover types are provided in the special terms and conditions of the relevant insurance cover type. Insurance cover by RSA Kindlustus in the event of unemployment is not co-insurance with SEB Elukindlustus. 1. DEFINITIONS 1.1 The insurers are companies registered and licensed to operate in the Republic of Estonia: SEB Elukindlustus AS SEB Elu- ja Pensionikindlustus, which provides life insurance cover, severe disability cover and temporary disability cover; RSA Kindlustus Codan Forsikring AS Estonia branch, which provides insurance coverage in the event of unemployment; hereinafter jointly the insurers or individually SEB Elukindlustus and RSA Kindlustus. 1.2 Policyholder insured party that is a natural person and has concluded an insurance contract with the insurers. The policyholder is a person who: at the time of the conclusion of an insurance contract, is at least 18 but no more than 55 years old; is a taxable person in the Republic of Estonia; who has a loan contract with the lender concluded in the currency that is in circulation in the Republic of Estonia. 1.3 Insurance year period of one year commencing every year on the date of the conclusion of the insurance contract. 1.4 Insured event event agreed upon in the special terms and conditions of insurance coverage, in the event of the occurrence of which the insurers shall perform their obligations under the insurance contract. 1.5 Insurance benefit amount of money paid by SEB Elukindlustus or RSA Kindlustus in the event of the occurrence of the insured event. 1.6 Insurance contract written contract concluded between the insurers and the policyholder under which the policyholder undertakes to pay insurance premiums and the insurers undertake, after the arrival of the insured event, to disburse the sum insured or the insurance indemnity on the conditions, in the amount and in accordance with the procedure specified in the insurance contract. 1.7 Insurance risk possible risk of the occurrence of the insured event. 1.8 Sum insured amount of money to be disbursed by SEB Elukindlustus or RSA Kindlustus in the event of the occurrence of the insured event in accordance with the procedure established in the policy conditions or on the notional basis for determining the insurance indemnity. The amount of the insured sum shall be determined by agreement between the policyholder and the insurers upon the conclusion of the insurance contract. To determine the sum insured, the loan balance or loan repayment is multiplied with the rate of insurance. 1.9 Rate of insurance rate set in the insurance contract on the basis of which the amount of the sum insured is calculated on the basis of the loan balance and/or loan repayment Insurance premium payment made by the policyholder for insurance coverage types Grace period period during which a loan repayment does not include a repayment of the principal amount Beneficiary person to whom the insurance indemnity is paid in the event of the occurrence of the insured event. Under life insurance or severe disability coverage, the recipient of the insurance indemnity is the lender. Under temporary disability coverage or unemployment coverage, the recipient of the insurance indemnity is the policyholder. The beneficiary cannot be changed during the term of an insurance contract Waiting period number of days from the date of the commencement of insurance coverage during which any damage caused by the insured event is not subject to compensation. The length of waiting time is specified in the special terms and conditions of the types of insurance coverage Deductible period number of days from the date of each insured event for which no insurance indemnity is paid. The length of the deductible period is specified in the special terms and conditions of the types of insurance coverage Lender AS SEB Pank Loan contract loan contract associated with the insurance contract Loan repayment repayment of a part of the principal amount and an interest payment payable monthly under the repayment schedule agreed in the loan agreement. A loan repayment does not mean payments to repay arrears, payments of the principal amount or interest under the loan contract prior to the conclusion of the insurance contract, a repayment of the outstanding portion of the loan payable on the loan repayment due date or any other payments external to the repayment schedule under the loan contract, such as default interest, contractual penalties or the like Loan repayment due date date on which a monthly loan repayment is made under the loan contract Loan balance loan amount disbursed under the loan contract but not yet repaid. 2. GENERAL PROVISIONS 2.1 These SEB Loan Protection policy conditions shall apply to all the special terms and conditions of SEB Loan Protection, including: special terms and conditions of life insurance cover; special terms and conditions of severe disability cover; special terms and conditions of temporary disability cover; special terms and conditions of unemployment cover. 2.2 In addition to the SEB Loan Protection policy conditions, the special terms and conditions of insurance covers and the SEB Loan Protection insurance price list (hereinafter price list ), the insurers and the policyholder shall be guided in their relations by the legislation of the Republic of Estonia and the principle of good faith and by the principle of reasonableness. 2.3 The SEB Loan Protection policy conditions shall apply to the extent that the special terms and conditions of loan insurance do not specify otherwise. AS SEB Elu- ja Pensionikindlustus Tornimäe 2, Tallinn phone , kindlustusleping@seb.ee EK

2 The SEB Loan Protection policy conditions, special terms and conditions of insurance covers and the price list are available for examination in the customer service areas of the branches and on the websites of SEB Elukindlustus and the lender. 2.5 Communication between the insurers and the policyholder shall be conducted in Estonian or, by agreement between the parties, in Russian or English. The SEB Loan Protection policy conditions, price list and special terms and conditions of loan insurance shall be available in the said languages. 2.6 In the event of possible divergences between or ambiguities in the SEB Loan Protection policy conditions, the special terms and conditions of loan insurance or the price list, the Estonian text shall prevail. 2.7 With respect to RSA Kindlustus, clauses 5.2. to 5.3. of the SEB Loan Protection policy conditions shall not apply. 2.8 Profit of the insurers shall not be calculated on the SEB Loan Protection insurance contract. 2.9 Applicable law and jurisdiction Relations between the insurers and the policyholder shall be subject to the application of Estonian law Any dispute between the insurers and the policyholder shall be settled in Harju County Court, unless specified otherwise in legislation or agreed otherwise by the parties Establishment and amendment of the SEB Loan Protection policy conditions, special terms and conditions of insurance covers and the price list The SEB Loan Protection policy conditions, special terms and conditions of insurance covers and the price list shall be established by the insurers The insurers and the policyholder may, under a separate agreement, specify conditions different to the provisions in the SEB Loan Protection policy conditions and/or the special terms and conditions of insurance covers The insurers shall be entitled to unilaterally amend the SEB Loan Protection policy conditions or the special terms and conditions of insurance covers and/or price list The insurers shall notify the policyholder of any changes in the SEB Loan Protection policy conditions or the special terms and conditions of insurance covers at least one month ahead of time in a daily newspaper with a nationwide circulation Amendments to the SEB Loan Protection policy conditions, special terms and conditions of insurance covers and price list shall be published on the websites of the insurers, and the relevant information shall be posted in the customer service areas of branches of SEB Elukindlustus and the lender at least one month ahead of the date of the amendments taking effect Should any supplementations or amendments not be acceptable to the policyholder, the policyholder shall be entitled to terminate the insurance contract in its entirety or a specific type of insurance cover, providing SEB Elukindlustus with notification in writing, in a format which can be reproduced in writing or electronically within the term specified in clause and by performing all her/his obligations under the insurance contract In justified instances, the insurers shall be entitled to unilaterally change their pricelist without advance notification. In such an event, the insurers shall notify the policyholder of any changes in their price list immediately in the customer service areas of branches and on the website of SEB Elukindlustus and the lender, and the policyholder shall be entitled to terminate the insurance contract in its entirety or a specific type of insurance cover within one month of her/his receipt of the notification Should the policyholder not exercise her/his right to terminate the contract as specified in clauses and , she/he shall be deemed to have accepted the amendments to the SEB Loan Protection policy conditions, special terms and conditions of insurance covers and/or the price list and to have no claims against the insurers arising from the amendments The insurance contract shall be amended by agreement between the policyholder and the insurers in writing, in a format which can be reproduced in writing or electronically If the currency that is the legal tender in circulation in the Republic of Estonia is replaced with another currency, the insurers shall convert the policyholder s financial obligations and limits under the insurance contract, transaction limits, service fees payable, payments and any other amounts into the currency released into circulation on the basis of the official exchange rate. With respect to the above amendments, the policyholder shall be sent no separate notification about the changes in the insurance contract, and the procedure specified in clauses and shall not apply. 3. IDENTIFICATION 3.1 Identification of the policyholder The policyholder and her/his representative shall provide the insurers with the data necessary for the identification of their persons and any documents required by the insurers Natural persons shall be identified on the basis of identity documents in accordance with applicable legislation The insurers and the policyholder have agreed that from the date communicated to the policyholder by the insurers the parties may start using a certificate that permits digital identification conforming to the requirements of the insurers and is protected with a security code in the communication between them Under the insurance contract concluded between the insurers and the policyholder, the policyholder or her/his representative may be identified subsequently via technical communication channels accepted by the insurers for the purposes of concluding contracts, submitting applications and requests, and signing the said documents Representation A natural person may effect transactions (except concluding an insurance contract) in person or through a representative The policyholder that is a natural person shall conclude the insurance contract in person The insurers shall have no obligation to accept rights of representation if the intention of the policyholder is not unambiguously and intelligibly clear A document proving a right of representation shall be in the form required by the insurers. The insurers shall be entitled to require that a letter of authority proving a right of representation not prepared at the offices of the insurers be notarised The policyholder shall inform the insurers of the cancellation or voiding of a notarised letter of authority, also if a relevant notice is published in the Official Gazettes (Ametlikud Teadaanded) Requirements for documents The policyholder shall provide the insurers with original documents or notarised or similarly certified copies thereof. For the purposes of the identification of a natural person, an original identity document shall be provided The insurers shall be entitled to require that documents issued in a foreign state be legalised or attested with certification (apostil) in lieu of legalisation, unless provided otherwise in an international treaty If documents are in foreign languages, the insurers shall be entitled to require the translation of the documents into Estonian or some other language designated by an insurer. The translation shall be prepared by a sworn translator or the signature of the translator shall be notarised. The insurers shall not compensate the policyholder for any costs associated with the said actions The insurers shall be entitled to require the authenticity, validity and accuracy of any documents provided by the policyholder In the event of a suspicion concerning the authenticity of a document provided, the insurers shall be entitled to omit to effect the transaction and require the provision of additional documents. EK seb loan protection terms and conditions 2

3 3.3.6 The insurers shall be entitled to make copies of documents provided by the policyholder or of documents provided in proof of the powers of her/his representative to effect the transaction Signature The insurers shall accept a signature written by hand by the policyholder or her/his representative, a digital signature or codes transmitted electronically or orally in instances agreed in the insurance contract if the certificate permitting their provision meets the insurers requirements and has been issued by a certification service provider accepted by the insurers The insurers shall be entitled to require the provision of a signature at the offices of the insurers or, where this is impossible, the notarisation of a signature. 4. PROCESSING OF PERSONAL DATA 4.1 Purposes of the processing of personal data The insurers shall process the policyholder s personal data disclosed to the insurers under the insurance contract or in any other manner whatsoever, as follows: personal data (policyholder s name, personal identification code, date of birth, identity document data, etc.) mainly for identifying the policyholder; contact details (telephone number, address, address, etc.) mainly for transmitting information and offers of insurance services to the policyholder; policyholder s financial data (income, assets, obligations, obligations toward family members, prior payment history, etc.) mainly for establishing the solvency of the policyholder and offering insurance services suitable for the policyholder; data about the origin of the policyholder s assets (data about the employer, transaction partners and business activities, etc.) mainly for preventing money laundering and terrorist financing, for assessing the insurance risk of temporary disability coverage, and for loss adjustment; data about the state of health, disability or heredity of the policyholder (sensitive personal data) for underwriting and claims handling of all insurance covers of the policyholder, except unemployment cover The main purpose of processing each category of data is set out in clauses to of these SEB Loan Protection policy conditions. In the event of reasonable need, the insurers shall also be entitled to process data belonging in a specific category for other purposes set out in clauses to Processing of the personal data of the policyholder in the manner set out in clauses to shall be necessary for the purposes of deciding whether to conclude the insurance contract with the policyholder, administer and perform the insurance contract concluded, perform obligations established in legislation and protect any rights that have been infringed on or disputed, with the insurers entitled, for the said purposes, to prepare lists (for instance, a list of debtors and the like) of the personal data of the policyholder analysed on various bases The insurers shall also process the personal data of the policyholder for the purposes of conducting statistical research into and analyses of the market shares of client groups, products and services and other financial indicators, reporting and risk management The insurers may use the policyholder s personal data to provide or advertise a product or service by the insurers, a legal entity belonging in the same group as an insurer or, infrequently, also another contracting partner. The policyholder shall be entitled to refuse advertising and offers at any time by notifying the insurers of this Transmission of data The policyholder hereby consents to the insurers transmitting the personal data of the policyholder to one another (except the data referred to in clause ): to legal entities in the same group as SEB Elukindlustus or RSA Kindlustus, for the purposes of: a) offering the policyholder all the services provided by SEB Elukindlustus and RSA Kindlustus, and by legal entities in the same groups as SEB Elukindlustus and RSA Kindlustus, and assessing the competence and creditworthiness of the policyholder by making effective use of personal data and financial information gathered; b) implementing measures to prevent money laundering and terrorism and establishing the lawful origin of assets used in transactions; c) meeting the requirements needed for risk management; to entities and organisations associated with the provision of insurance services (reinsurers; providers of communications, print and postal services; notaries, etc.); to entities associated with the transaction of the policyholder, taking into account the requirements specified in legislation, with the aim of performing the obligations under the Money Laundering and Terrorist Financing Prevention Act and establishing the origin of the assets used in the transactions of the policyholder; to other third parties in connection with the insurers need to protect their lawful rights (for example, to entities providing the service of recovering debts under insurance contracts for the insurers) The insurers may update their databases from public registers or from data available from state or local government databases if the transmission of the data or the provision of access to them is lawful. For the same purposes, the policyholder hereby grants the insurers the right to request additional information about the policyholder from legal entities in the same groups as the insurers. 4.3 Policyholder s rights regarding processing of personal data The policyholder shall be entitled to access her/his data at any time; the policyholder shall be also entitled to require that corrections be made in her/his data at any time if the data have changed or are inaccurate for some other reason The policyholder shall be entitled to require the insurers to terminate the processing of the personal data of the policyholder unless stipulated otherwise in legislation The insurers have notified the policyholder of the fact that the entities authorised by the insurers to process personal data (authorised processing parties), their addresses and other contact details are disclosed on the websites of the insurers. 5. CONCLUSION OF THE INSURANCE CONTRACT 5.1. Establishment of a client relationship A client relationship with the insurer is established with the submission of an application to conclude the insurance contract or with the conclusion of the insurance contract. The insurers client relationships with the policyholder are regulated in writing, in a format which can be reproduced in writing or electronically, unless the mandatory method of the transaction is specified in legislation The insurers shall be entitled to decide with whom to conclude the insurance contract or not The policyholder shall present an insurer with accurate, complete and truthful data about her/himself and any documents required by the insurers when submitting an application to conclude an insurance contract or when concluding an insurance contract. In the course of the performance of an insurance contract, the insurers shall be entitled to request data and documents from the policyholder to check and update the information submitted, and the policyholder shall present these The insurers shall be entitled to refuse to conclude the insurance contract with a person, specifically if the person or a person associated with the person: has not presented, at the insurers request, the requisite data to identify her/his person or to perform the due diligence measures required in legislation or if the data presented by her/him are inaccurate or incomplete or if a document presented bears signs of forgery; EK seb loan protection terms and conditions 3

4 has not presented, when requested to, SEB Elukindlustus or a legal entity in the same consolidation group as SEB Elukindlustus (hereinafter in the same group as SEB Elukindlustus ) with the data or documents required for certifying the nature and purposes of its business activities or the origin of the assets used in its business activities or if the documents and data presented create in the insurers the suspicion that money laundering or the financing of terrorism may be involved; is in default (for example, an outstanding loan repayment, interest payment, fine for delay, service fee or other arrears) on the performance of her/his obligations toward SEB Elukindlustus or a legal entity in the same group as SEB Elukindlustus; has, through its actions or failure to act, caused SEB Elukindlustus or a legal entity in the same group as SEB Elukindlustus loss or the real risk of causing loss For the purposes of the SEB Loan Protection policy conditions, persons associated with a natural person shall include: a) natural persons and legal entities whose authorised representative the person is; b) legal entities where the person is a member of the supervisory board, management board or other management body; c) legal entities in which the person holds 10% or more of shares, publicly traded shares or votes A legal entity in the same group as SEB Elukindlustus is Skandinaviska Enskilda Banken AB, all of its subsidiaries and the subsidiaries of these The insurers shall be entitled to refuse to conclude the insurance contract also on other grounds that are compelling in the insurers estimation, also if a person is subject to the application of international sanctions, or on some other basis specified in legislation, particularly if the conclusion of the contract is impeded by some circumstance resulting from legislation, such as restricted active legal capacity, contradictoriness or lack of rights of representation When making a decision whether to refuse to conclude an insurance contract, the insurers shall consider the facts of each individual case in every respect and make a decision on the basis of the principle of reasonableness. 5.2 The insurers rights to prevent money laundering and the financing of terrorism To prevent money laundering and the financing of terrorism, SEB Elukindlustus shall be entitled to: request from the policyholder additional data about its business activities, including data about its contracting partners, turnover, proportions of cash/cash-free transactions, frequency of transactions and the like at the time of the conclusion or during the performance of the insurance contract; request from the policyholder the documents underlying the transaction (contracts of sale, contracts for services, consignment slips for goods and the like) for the purposes of establishing the lawful origin of the money or assets used in the transaction. If the policyholder does not present documents proving the lawful origin of the money or assets used in the transaction or if the data and documents presented create a suspicion in the insurers that money laundering or the financing of terrorism may be involved, the insurers shall be entitled to refuse to effect the transaction regularly check the information gathered for the performance of due diligence measures required in legislation and the accuracy of the data underlying the identification of the policyholder and request from the policyholder the presentation of data and documents to that effect. The policyholder shall present the necessary documents and provide the relevant information; transmit the data gather about the policyholder to legal entities in the same group as SEB Elukindlustus or parties affected by the transaction of the policyholder, taking into account the requirements specified in legislation, with the aim of performing the obligations under the Money Laundering and Terrorist Financing Prevention Act and establish the origin of the assets used in the transactions of the policyholder; The client shall provide SEB Elukindlustus with the information referred to in clauses to Examination of the state of health When the insurance contract is concluded and/or the sum insured is increased, SEB Elukindlustus shall be entitled to refer the policyholder to a medical expert of SEB Elukindlustus for a medical examination including the performance of all the necessary medical tests. SEB Elukindlustus shall be entitled to make additional inquiries with medical institutions about the policyholder SEB Elukindlustus shall compensate the policyholder for the cost of a medical examination provided that it is carried out on referral by SEB Elukindlustus and provided that the policyholder presents SEB Elukindlustus with a document proving the cost of the medical examination. 6. TERM OF THE INSURANCE CONTRACT 6.1. The insurance contract shall consist of: SEB Loan Protection policy conditions; special terms and conditions of insurance covers; life insurance application in certain instances, if the policyholder has opted for life insurance coverage; SEB Loan Protection price list; other documents specified in the insurance policy Conclusion of the insurance contract shall be proven by the insurance policy issued to the policyholder. 6.3 In the event of the loss or destruction of the insurance policy, the policyholder shall be entitled to request the issuing of a duplicate at her/his expense. 6.4 The insurance contract shall take effect on the date specified in the insurance policy or on the date of insurance covers taking effect, as specified in the insurance policy, but not until the lender has issued a loan to the policyholder. 6.5 The insurance contract (types of covers) shall remain in effect for one year, except life insurance cover which term is equal to loan contract. The insurance contract (types of covers) shall be renewed automatically for the following year, until the final expiry of the loan contract, unless the policyholder or the insurers provide notification of their intention to not renew the insurance coverage for another year of insurance in writing or a format which can be reproduced in writing, at least 30 days before its automatic renewal. 6.6 The insurers shall be entitled to offer the policyholder to renew insurance covers with amendments to their price list and/or the special terms and conditions of insurance covers. In the said instances, the insurers shall notify the policyholder of the amendments in writing or in a form reproducible in writing, at least 30 days before another year of insurance begins. If the policyholder does not submit an application to cancel the insurance cover before the automatic renewal of the insurance cover, the policyholder shall be deemed to have consented to the amendments The insurance contract shall expire once all the obligations under the loan contract concerning the insurance contract have been performed; on the arrival of the loan repayment due date under the loan contract; if the policyholder no longer has any obligations under her/his loan contract; if the interval of loan repayments specified in the loan contract is changed to be longer than one month; in the event of withdrawal from the loan contract; if the beneficiary specified in the insurance contract changes; on the bases and in accordance with the procedure specified in the special terms and conditions of insurance covers; in the event of the occurrence of the insured event under life insurance cover or severe disability cover; if an insurer(s) or the policyholder presents the other party with an application under which the insurer(s) or the policyholder intend to not renew the insurance coverage for another year of insurance; upon the policyholder turning if any insurance cover whatsoever for microcredit is terminated. 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5 6.8 Cancellation of and withdrawal from the insurance contract The policyholder shall be entitled to cancel the insurance contract in its entirety or insurance covers on the basis of an application in accordance with the provisions in these SEB Loan Protection policy conditions or the special terms and conditions of insurance covers The insurers shall be entitled to withdraw from the insurance contract with one month s advance notification should it become apparent that the policyholder has, at the time of the conclusion of the insurance contract or the increase in the amount of life insurance, consciously provided inaccurate or incomplete information about her/his state of health or person or other material circumstances that would have impacted the insurers decision whether to conclude the insurance contract or increase the amount of sum insured The insurers shall be entitled to cancel the insurance contract before the term of the advance notification should it become apparent that the insured risk has increased and the insurers have not been duly notified of this or if the insurers have not consented to the continuation of the insurance contract with the increased risk The insurers shall be entitled to cancel the insurance contract if the policyholder cancels the direct debit contract with the lender intended for paying the insurance premiums The insurers shall be entitled to cancel the insurance contract if the policyholder does not provide data or documents proving the purpose and nature of the transaction or the legal origin of the money or other assets used in the transactions at the request of SEB Elukindlustus or if the data or documents presented do not remove the suspicion of SEB Elukindlustus concerning the possible association of the policyholder with illegal transactions, money laundering or the financing of terrorism. 7. COMMUNICATION 7.1 The insurers shall provide notification to the policyholder by means of notices in at least one daily newspaper with a nationwide circulation, on the websites or in the customer service areas of branches of SEB Elukindlustus and/or the lender; if needed, the policyholder shall be notified also individually by means of notices via the SEB Internet Bank, post or another communications channel indicated to the insurers by the policyholder. 7.2 When transmitting individual notices, the insurers shall generally observe the following rules: policyholders who have concluded an Internet Bank contract with the lender shall have individual notices sent to their Internet Bank; if the policyholder has not concluded an Internet Bank contract with the lender, the insurers shall transmit notices: to the address indicated to the insurers; in an SMS to the mobile number indicated to the insurers, if the insurers have been provided with no address; by post, if the insurers have been provided with neither a mobile number nor an address; 7.3 Depending on the content of the message transmitted, the insurers shall be entitled to deviate from the rules referred to in clause and transmit a notice to the policyholder using those contact details that, in the insurers estimation, best ensure that the notice will reach the policyholder (for instance, transmitting a notice immediately in an SMS). 7.4 Individual notices sent to the policyholder by the insurers shall be deemed to have been received by the policyholder and the insurers duty to provide notification shall be deemed to have been performed if the notices have been sent to the policyholder in accordance with clauses 7.2 and 7.3 using the policyholder s contact details provided to the insurers most recently and a period of time normally required for the transmission of a notice using the relevant means of communication has elapsed. 7.5 The policyholder shall notify the insurers immediately using the method referred to in clause 7.9 of any changes in the data recorded in the insurance contract concluded with the insurers or in the documents presented to the insurers (for instance, changes in name, address, persons and representatives associated with the insurance contract; cancellation of letters of authority, etc.). At the insurers request, the policyholder shall present a document proving the relevant amendment. 7.6 The policyholder shall also provide the insurers with the information referred to in clause 8.5 if the data concerning the amendments or circumstances have been published in mass media or have been registered in public registers. 7.7 SEB Elukindlustus shall send the policyholder information about the insurance contract once a year, free of charge. The information shall be transmitted in accordance with clauses 7.2 and 7.3 using the policyholder s contact details provided to the insurers most recently or to the SEB Internet Bank. 7.8 All requests, applications, explanatory memoranda or the like referred to in the SEB Loan Protection policy conditions or in the special terms and conditions of insurance covers shall be presented in writing, in a format which can be reproduced in writing or electronically unless a specific mandatory method is prescribed in the SEB Loan Protection policy conditions, the special terms and conditions of insurance covers or legislation. 7.9 The policyholder shall be entitled to request a copy of any application whatsoever presented by her/him in relation to the insurance contract using the method referred to in clause Reporting an insured event The policyholder shall notify the insurers of an insured event at the first opportunity, but no later than within one month of the occurrence of the insured event, and present the documents enumerated in the special terms and conditions of insurance covers. 8. INCURANCE PREMIUMS 8.1 The insurance premium shall be calculated on the basis of the price list approved by the insurers on the basis of the data about the insured person recorded in the insurance contract, the amount of the sum insured and the term of the insurance contract. The insurance premium shall be calculated based on loan repayment period. 8.2 If insurance contract is altered by the policyholder, then premiums are re-calculated based on pricelist effective in that moment. 8.3 The insurance premiums shall be calculated and paid monthly on the loan repayment due date specified in the loan contract, as follows: the insurance premium shall be paid into the bank account of SEB Elukindlustus; payment of the insurance premium shall be by direct debit, with the loan repayment date as the payment due date and with the initial loan repayment as the daily and monthly limits. Upon the termination of the insurance contract, payment of insurance premiums shall end. 8.4 If the insurance premium is not paid by the payment due date, the insurers shall send the policyholder a notice of arrears and set another due date for the payment of the insurance payment. The notice shall also set out the consequences to result from indebtedness. 8.5 If the policyholder does not pay the insurance premium by the due date set in the notice, the insurers shall be entitled to terminate the insurance contract. 8.6 Calculation of the insurance premium per day shall assume a year of 365 days. The insurance premiums for insurance covers shall be calculated by multiplying the sum insured of insurance cover with the rate charged for insurance coverage specified in the price list. 8.7 The insurance premium shall be calculated in the currency that is in circulation in the Republic of Estonia. 8.8 The policyholder shall also pay the insurance premiums to ensure the validity of the insurance contract during any period(s) of claims and any period(s) of the payment of the insurance benefits or the sum insured. EK seb loan protection terms and conditions 5

6 9. SUM INSURED AND INSURANCE BENEFITS 9.1 The sum insured of each insurance cover shall be specified in the insurance policy For life insurance cover and severe disability cover, the sum insured shall equal the product of the multiplication of the rate of insurance with the loan balance For temporary disability cover and unemployment cover, the sum insured shall equal the product of the multiplication of the rate of insurance with the loan repayment. 9.2 The maximum amount of insurance benefit per insured event shall be expressed as the total sum insured payable over the period of the claim. 9.3 The policyholder shall be entitled to receive insurance benefit for one insurance cover at a time only. 9.4 Calculation and disbursement of insurance benefit To decide whether to disburse the sum insured or the insurance benefit, the insurers shall be entitled to request additional documents from the beneficiary and also, independently, from other entities and institutions and make additional inquiries The insurers shall be entitled to withhold from the sum insured or the insurance benefit to be disbursed any costs associated with the disbursement of the sum insured or the insurance benefit The insurers shall disburse the sum insured or the first instalment thereof or the insurance benefit within one month of the presentation of all the requisite documents If the requirements specified in clause of the SEB Loan Protection policy conditions are not met, the insurers shall be entitled to reduce the sum insured or refuse to disburse the sum insured or the insurance benefit If the insurers delay the disbursement of the sum insured or the insurance benefit, they hereby undertake to pay default interest in accordance with the relevant legislation. 10. LIABILITY 10.1 The insurers and the policyholder (hereinafter parties ) shall perform their obligations in the due manner, good faith, reasonably, in compliance with the requirements of due care and taking into account the relevant usages and practices The parties shall be liable for wrongful non-performance or unsatisfactory performance unless agreed otherwise in the insurance contract The parties shall not be liable for a breach of their obligations if it is due to force majeure. Force majeure shall include any circumstances that the party subject to an obligation has had no control over, including unlawful interference with the actions of the party by third parties (bomb threats, robberies and the like), also any other events (strike, moratorium, electricity supply interruption, breakdown of communication lines, general disruption of computer systems, actions of the public authorities, etc.) beyond the control of the party The insurers shall not be liable for services provided by third parties through the insurers The insurers shall not be liable for losses that may be caused to the policyholder by changes in foreign currency exchange rates If the policyholder fails to perform her/his duty to provide notification, the insurers shall presume the information at their disposal to be accurate and shall not be liable for any loss caused to the policyholder and/or any third parties by the non-performance of the duty to provide notification, except if the loss has been caused due to the insurers intent or gross negligence The policyholder shall provide compensation for any loss caused to the insurers as a result of the provision of false data, failure to provide notification of changes in the data or failing to record any changes in the due manner, at the first request of the insurers The insurers shall not be liable for any loss caused to the policyholder due to the extraordinary cancellation of the insurance contract in its entirety or of a specific type of insurance coverage on the bases enumerated in the SEB Loan Protection policy conditions and/or the special terms and conditions of the types of insurance coverage. 11. SETTLEMENT OF DISPUTES 11.1 Every effort shall be made to resolve any differences between the parties by means of negotiations Failing a resolution of differences by means of negotiations, the party entertaining a claim shall be entitled to present the other party with the claim in writing The claim shall indicate the circumstances that have necessitated the presentation of the claim. If the document underlying the claim is not freely accessible to the other party, the party presenting the claim shall include the said document with the claim The insurers shall reply to a claim presented in writing within one month of their receipt of the claim. In justified instances, the insurers may extend the deadline for replying if the preparation of a reply requires the establishment and verification of the circumstances in a more thorough manner Failing agreement between the insurer(s) and the policyholder, the insurer shall be entitled to appeal to a state supervisory institution (for example, the Financial Supervision Authority or the Consumer Protection Board) or a court. The insurer shall be entitled to also appeal to the conciliation body operated by the Estonian Insurance Association Oversight of the activities of the insurers shall be carried out by the Financial Supervision Authority. Detailed information about the Financial Supervision Authority is available from the website EK seb loan protection terms and conditions 6