Terms and Conditions
Table of Contents
Introduction Section 1 Interpretation 2 Definitions 3 Investment Amounts 3.1 Currencies 3.2 Investment Amount Minimums 3.3 Payment Methods 3.4 Allocation to the Plan 3.5 Policies 4 Death Benefit 4.1 Amount Payable 4.2 Benefit Payment 4.3 Beneficiaries 4.4 Policies written on a Joint Life or Multiple Lives Basis 5 Full Surrender 6 PartialSurrender 7 Regular Income Facility 8 Where the Investment Value falls below 10% of all Investment Amounts paid 9 Funds 9.1 Fund Minimums 9.2 Fund Switching 9.3 Closure of a Fund 10 Plan Charges 10.1 Establishment Charge 10.2 Investment Management Charge 10.3 Early Discontinuance Charges 10.4 Charges within the Fund 10.4.1 Discounted Bid/Offer Spread 10.4.2 Annual Management Charges 10.5 Third PartyCharges 11 Currency Exchange Rates 12 Trusts 13 Assignments 14 Cancellation Rights 15 Applicable Law 16 Regulators 17 Investor Protection 18 Data Protection 19 Changes to the Terms and Conditions 20 Taxation 21 Correspondence 22 Complaints 23 Information Duties 24 Managing Your Expectations Technical Appendix 1 – Unit-Linked Prices
Introduction Choice is a single premium whole of lifeunit-linked life assurance product issued by Generali International. The Plan benefits are directly linked to the value of the chosen investments held in respect of your Choice Plan. Individuals, a company or a trust can apply for this product. 1. Interpretation Any reference in this document to words in the singular shall include words in the plural and vice versa. Any statements that refer to “us”, “we”,“our”, “the Company” or “Generali International” mean Generali International Limited. In this document, “you” refers to the Planholder and legal owner of the Plan. The Plan may provide life cover for you or others on whom you can legally take out an assurance Plan. The person(s) insured by this Plan is/are referred to as the Life/Lives Assured. The Life/Lives Assured and the amounts insured willbe stated on the Plan Schedule. The headings of these “Terms and Conditions” are for ease of reference only and do not affect the interpretation of your Plan. The Application Form, Terms and Conditions, Plan Schedule, any endorsements issued by the Company and any statements made by you and/or the Life/Lives Assured relating to the Plan form the basis of the contract. Information in these Termsand Conditions is correct as at April 2005. If any conflict arises between the Details Guide in the Brochure and these Terms and Conditions, these Terms and Conditions take precedence. 2. Definitions In this document and on the Plan Schedule, the following expressions have the following meanings and the masculine gender shall include the feminine and the singular shall include the plural and viceversa: Appointed Actuary The suitably qualified Actuary appointed by Generali International in accordance with the Insurance Business (Bailiwick of Guernsey) Law 2002. Beneficiary A nominated individual, company, trust and/or estate that receives or may become eligible to receive Death Benefits under the Plan. Bid Price This is the price used for switches out of External Funds, switches into and outof Generali Funds, full and partial surrenders, the payment of Death Benefits and Unit deductions to pay Plan charges. Business Day Any day on which the clearing banks in Guernsey are open for normal banking business.
Charging Dates These are the dates that charges (as specified herein) are taken. The first Charging Date is three months after the Plan Commencement Date. SubsequentCharging Dates are quarterly thereafter. Dealing Day The days, as decided by Generali International, for the allocation of Units to and the de-allocation of Units from the Plan. Death Benefit The amount paid to the nominated Beneficiary or assignees of the Plan following our receipt of proper notice of the Relevant Death. Discounted Bid/Offer Spread This is the difference between the Discounted Offer...