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Product Benefits Summary
- Receiving benefit in case of death or total and permanent disability (TPD) caused by illness(1)
- Receiving double benefit in case of death or total and permanent disability (TPD) caused by accident (1)
- Receiving 500% of sum assured at the end of the policy term (2)
- Receiving cash bonus 10% of sum assured after the completion of every 3 years during the policy coverage term (3)
Product Features Summary
| Insured’s age | From 5 to 70 years old |
| Expired age | 77 years old |
| Sum assured | From $1,000 |
| Coverage term | 7 years |
| Premium payment term | 5 years |
| Premium payment mode | Annually, semi-annually, quarterly and monthly |
Remarks
(1) This policy shall be terminated when the benefit of death or total and permanent disability (TPD) is paid. The total and permanent disability (TPD) coverage shall be terminated when the insured attains age 71 years old.
(2) This benefit will be paid if there is no death or total and permanent Disability (TPD) claim happens during the policy term.
(3) Except the year of the maturity date.
Product Detail
1. Definitions
“Company” refers to Sovannaphum Life Assurance Plc. (Life Insurance Company).
“Injury” refers to any physical injury directly caused by an accident and is separated and independent of other causes.
“Policy Effective Date” refers to the date when the insurance contract begins as stated in the life insurance certificate, after the premium is paid and the Company issued the policy.
“Insurance Contract” refers to a written agreement between the Company and the insured in which the Company agrees to accept any specific risk, and in return receives premium paid by the insured. The insurance contract consists of the policy, life insurance certificate, riders (if any), attachments, additional statement, endorsements, or requests for any changes by the insured approved and signed by the Company, insurance application form, and health declaration , which all these documents are considered as the insurance contract between the insured and the Company.
“Policy Anniversary” refers to the anniversary of the policy effective date, or the date the policy is renewed or the date otherwise specified in the life insurance certificate.
“Accident” refers to a sudden, unforeseen and involuntary event caused by an external, visible and violent force (e.g. traffic accident or collision), resulting directly in bodily injury. The event must not be in part or wholly caused by illness or disease. To avoid any doubt, stroke, heart attack, syncope, or other internal medical conditions are not considered as accident.
“Policy Year” refers to each period of 1 year after the policy becomes effective or from the anniversary date of the renewed policy years.
“Policy Surrender Value” refers to the amount (if any) payable to the insured who surrenders a life insurance policy.
“Policy” refers to a life insurance policy which is a legally binding document issued by the Company stipulating major substance and detailed terms and conditions that are agreed between the Company and the insured in the insurance contract.
“Premium” refers to the amount paid by an insured to the Company as consideration for the obligations assumed by the Company.
“Total Permanent Disability (TPD)” refers to the insured suffers from complete loss, permanent paralysis and permanently irrecoverable of:
– Two arms; or
– Two legs; or
– One arm and one leg; or
– Two eyes; or
– One eye and one arm; or
– One leg and one eye.
In this definition, complete loss and permanently irrecoverable of (i) eye(s) means physical loss of eye(s) or complete blindness, (ii) arm(s) means loss above the wrist, and (iii) leg(s) means loss above the ankle.
In case of permanent paralysis, the total and permanent disability condition must be certified by a registered hospital at provincial level or above no sooner than 180 days and not later than 270 days from the occurrence of the accident or the date the paralysis condition is verified.
In case of complete loss of arm(s) or leg(s) or eye(s), such certification could be carried out at any time.
“Hospital” refers to a legally constituted establishment which operates pursuant to the laws of the country in which it is based and registered as hospital and which:
1. can provide care and treatment of sick and injured persons on a resident inpatient basis;
2. has facilities for diagnosis, treatment and major surgery;
3. can provide full time nursing service;
4. is under the supervision of a registered practitioner;
5. is not primarily a clinic, a place for custodial care of the aged, persons with mental disorders, alcoholics or drug addicts, a nursing, rest or convalescent home.
“Life Insurance Certificate” refers to a document issued by the Company to certify the fact that an insured has purchased insurance from the Company.
“Physician” refers to a contemporary physician who holds medical certificate recognized by the Ministry of Health and is legally registered with the Medical Council of Cambodia to practice medical treatments or surgical services, who is not the insured or the insured’s family member (including ascendant and descendant).
“Insured” refers to the person identified as insured in the life insurance certificate or attachment, who would be covered under insurance contract.
“Beneficiary” refers to a person who is stated in the insurance application form by the insured to be a beneficiary, according to the insurance contract, and who would receive the benefits due under this policy upon the death of insured.
2. Subject Matter Insured
The subject matter to be insured under this product are the insured’s body and life.
3. Scope of Coverage
The scope of coverage covers Death and Total and Permanent Disability (TPD) due to illness or accident.
4. Insurance Benefit
4.1 Description of Insurance Benefit
4.1.1 Death or Total and Permanent Disability (TPD) Benefit Due to Illness
In case the insured dies or suffers from total and permanent disability (TPD) due to illness during the policy coverage term, the beneficiary (ies) or the insured will receive the benefits as follows:
– 110% of sum assured for policy year 1
– 220% of sum assured for policy year 2
– 330% of sum assured for policy year 3
– 440% of sum assured for policy year 4
– 550% of sum assured for policy year 5 – 7
The total and permanent disability (TPD) coverage shall be terminated when the insured attains age 71 years old.
Upon the payment of the death or total and permanent disability (TPD) benefit due to illness, the policy shall be automatically terminated.
4.1.2 Death or Total and Permanent Disability (TPD) Benefit Due to Accident
In case the insured dies or suffers from total and permanent disability (TPD) due to accident during the policy coverage term, the beneficiary (ies) or the insured will receive the benefits as follows:
– 220% of sum assured for policy year 1
– 440% of sum assured for policy year 2
– 660% of sum assured for policy year 3
– 880% of sum assured for policy year 4
– 1100% of sum assured for policy year 5 – 7
The total and permanent disability (TPD) coverage shall be terminated when the insured attains age 71 years old.
Upon the payment of the death or total and permanent disability (TPD) benefit due to accident, the policy shall be automatically terminated.
4.1.3 Cash Bonus
During the policy coverage term, if the insured survives and the policy remains in force without any missed premium payment, s/he will get the cash bonus of 10% of the sum assured after the completion of every 3-year period, except the year of the maturity date.
4.1.4 Maturity Benefit
If the insured survives until the end of the policy term, s/he will get 500% of the sum assured.
4.2 Change of Insurance Benefit
Before the policy becomes effective, whether through a new application or reinstatement following policy lapse or suspension, the Company reserves the right to accept or reject the application or change death and/or Total and Permanent Disability (TPD) benefit caused by illness and/or accident based on occupational hazard or medical impairment of the insured. The change shall be completed only after the insured accepts such change and the Company issues the policy or endorsement.
5. Premium Payment
5.1 Premium Payment Method
The premium must be paid before, or on the due date on an annual, semi-annual, quarterly or monthly basis, via the payment system of banking partners or payment gateways authorized by the Company directly to SVL’s bank account only.
In case where the Company leniently allows the premium to be paid on the premium payment mode other than annually, the portion of the annual premium not yet paid to the Company shall be a debt for which the Company will be entitled to deduct from the benefit payable under the policy.
The insured can change the mode of payment by submitting a request for the change of the mode of premium payment in writing to the Company. The change will be effective when the Company approves such request.
5.2 Grace Period
If the insured fails to pay the premium when it falls due, the Company will leniently allow a grace period of 31 (thirty one) calendar days from the last premium due date. During the grace period, the policy is still in force. If the insured dies or suffers from total and permanent disability (TPD) during the grace period, the Company will deduct the outstanding premium in that policy year from the amount which the Company will pay under this policy without interest.
5.3 Lapsation
If the insured fails to pay the premium within the grace period as specified under clause 5.2, this policy will be lapsed. The lapse date shall be the day immediately after the expiry of the grace period.
Upon lapse, all insurance benefits under this policy shall cease to be applicable. Following a lapse, the insured shall have the following options:
Option 1 : Reinstate the policy in accordance with clause 10
Option 2 : Surrender the policy and receive the policy surrender value (if any) which is applicable as determined on the last premium due date of the policy.
If the insured does not reinstate the policy within 2 (two) years after the last premium due date, the Company shall terminate the policy and pay the policy surrender value (if any), applicable as determined on the last premium due date without any interest.
6. Exclusions
Death or Total and Permanent Disability (TPD) claim resulting, directly or indirectly, from any of the followings shall be excluded:
a. Suicide or attempted suicide, intentional self-inflicted injury, whether sane or insane; or
b. Committing or attempting to commit by the insured or the beneficiary (ies) a criminal offence. However, the beneficiary(ies) not involving in the aforementioned offence remains eligible to receive their benefits; or
c. Using drugs or stimulators, abusively using alcohol, or driving vehicles under the influence of alcohol as defined in the current laws and regulations; or
d. Any Human Immunodeficiency Virus (HIV) and/or any HIV related illnesses including Acquired Immune Deficiency Syndrome (AIDS) and/or any mutations, derivation or variations thereof; or
e. War, invasion or act of foreign enemy, civil war, revolution, rebellion, riot, terrorism; or
f. Bodily or mental infirmity or illness or disease of any kind or any infection, other than infections occurring simultaneously with and in consequence of an accidental wound; or
g. Travelling or flight in any vehicle or device for aerial navigation, except as a passenger on an aircraft operated by a regular airline; or
h. Engaging in or taking part in driving or riding in any kind of race, underwater activities or other hazardous pursuit such as mountaineering or potholing or parachuting or bungee jumping; or
i. Claims arising from injury or illness caused by nuclear fission, nuclear fusion, or radioactive contamination; or
j. While the insured performs duty as military, police or volunteers and participate in the war or crime suppression; or
k. Pre-existing conditions or any disability arises prior to the policy effective date where such conditions were not disclosed by the insured in the insurance application and the required health declaration (if any), and the Company has not accepted.
If the death or total and permanent disability (TPD) claim of the insured results directly or indirectly from the exclusions a to k, the Company will only refund the total actual paid premium, without interest, to the beneficiary(ies) or heir(s) of the insured or the insured within 15 (fifteen) working days from the date the Company issues a written decision confirming the claim is excluded or the date beneficiary(ies) or heir(s) or the insured signs on such written decision, whichever is later, and the policy is terminated accordingly.
In returning the premium or paying the death or total and permanent disability (TPD) benefit, the Company is entitled to deduct any outstanding obligations owed under thispolicy (if any).
7. Insurance Coverage Area
The Company provides global coverage to the insured.
8. Qualification of Beneficiary
8.1 Beneficiary Under the Insurance Contract
The insured is required to appoint one or more beneficiaries prior to the issuance of the policy. The insured is entitled to determine the order and proportion of benefits allocated to each beneficiary. If no specific proportions are indicated, the benefits shall be distributed equally among the appointed beneficiary(ies). Upon the death of the insured, the Company shall pay benefits as specified in the policy.
If only one beneficiary is appointed and the beneficiary dies before the insured or at the same time, the insured must notify the change of beneficiary to the Company in writing. If the insured fails or is unable to notify the change of beneficiary to the Company, when the insured dies, the Company shall pay the benefits to the insured’s heir(s).
If more than one beneficiary are appointed and one of them dies before the insured or at the same time, the insured must notify the change of beneficiary or the conditions of benefit payment to the other beneficiaries who are still alive, to the Company in writing. If the insured fails or is unable to notify the change of the beneficiary to the Company, when the insured dies, the Company shall pay an equal amount of any remaining benefits of the late beneficiary after debt repayment (if any) to each of the surviving beneficiaries.
8.2 Change of Beneficiary
In case the new beneficiary is the insured’s parents, spouse or child, the change of beneficiary will be effective from the day the insured expresses such intention by notifying the Company in writing so that the Company will record the change in the policy and/or issue a policy endorsement. However, the Company will not be liable, if the benefits under the policy has been paid to the original beneficiary without its knowledge of the change in beneficiary from the insured.
In case the new beneficiary is not the insured’s parents, spouse or child, the change of beneficiary will be effective on the day the Company approves and records such change in the policy and/or issue a policy endorsement.
8.3 Intentionally Killed by Beneficiary
In case there is only one beneficiary appointed and if the insured is intentionally killed by the beneficiary or the beneficiary is a perpetrator, co-perpetrator, initiator or accomplice to commit the murder of the insured, the Company will leniently return the total actual paid premium to the heir(s) of the insured without interest and no contractual claim is payable.
In case there are more than one beneficiary, if any of the beneficiary (ies) has not taken part in the intentional murder of the insured, the Company will pay the pro rata amount of sum assured to the beneficiary who takes no part in the murder of the insured, after deducting the portion that the murderer is not entitled thereto. The Company shall not return the entire amount of this portion of premium. The portion of benefit of the beneficiary who takes part in the intentional murder of the insured will be paid to the Insurance Development Funds.
In returning the paid premium in case of murder by the beneficiary or the pro rata amount of the sum assured, the Company shall be entitled to deduct any outstanding debt owed under this policy (if any) from the amount payable.
9. Amendment of Insurance Contract
Any amendments to this policy will be valid only when the Company accepts the said amendment and will be effective when the Company has recorded it in the policy or issued an endorsement thereto, by the person authorized to act on behalf of the Company.
9.1 Change of Occupation
The insured shall provide written notice immediately to the Company of any change in the insured’s occupation and shall pay additional premium if required.
In case the insured fails to notify the Company about the change of insured’s occupation, and if the insured sustains injury or suffers from accident while in the course of employment in an occupation that is more hazardous than the occupation originally stated, the Company shall pay benefit in the amount that the premium, paid for the coverage with the original occupation, would have purchased for the coverage with the new occupation. If the insured changes occupation to one which the Company classifies as less hazardous, the Company shall reduce the rate of premium accordingly (if any) and shall return a proportion part of the premium from the date of change after receipt of proof of change.
9.2 Change of Other Information of Insured
In case other information of insured contained in the insurance application and other documents are changed, the insured shall notify the Company of the change with the acceptable reason in writing. The change shall be effective after the Company approves the change.
10. Reinstatement of Insurance Contract
Within 2 (two) years after the last premium due date and policy surrender value has not been paid, the insured can, directly or through insurance intermediary or via electronic means, request for reinstatement of the policy as follows:
1st Method: Pay the entire overdue amount and an accrued interest.
2nd Method: Change the effective date of the policy by adding the lapsed period to the original effective date. In choosing this option, the insured must pay a new premium based on the age of the insured on the new effective date. The insured must also pay the difference between the paid premium and the new premium from the new effective date to the date of the reinstatement to the Company.
To reinstate a policy, the insured must take the following steps:
1. Make a written reinstatement request, using the form provided by the Company.
2. Submit documents certifying that the insured is in good health and is in insurable condition. The insured is responsible for any expense incurred from acquiring the documents.
3. Pay all the outstanding debt (if any) with accrued interest; this step is applicable for the 1st method only.
The reinstatement shall be in force when the Company approves it.
If the insured does not reinstate the policy within 2 (two) years after the last premium due date, the Company shall terminate the policy and pay the policy surrender value (if any), applicable as on the last premium due date without any interest.
11. Suspension of Insurance Contract
The insured can, directly or through insurance intermediary or via electronic means, request to suspend the policy due to financial hardship. The suspension period shall be not less than 1 (one) month and not more than 2 (two) years from the date of approval by the Company, subject to the following conditions:
1. The request must be made within the premium payment period only;
2. The requested suspension period must not exceed the remaining duration of the policy;
3. The suspension request is allowed only once during the entire policy term.
During this suspension period, the policy shall be temporarily inactive, and no insurance benefits shall be paid if the insured dies or suffers from total and permanent disability (TPD). In addition, no cash bonus or other benefits (if any) shall accumulate.
The request for suspension must be made in writing and is subject to the Company’s approval. If the request is submitted without sufficient documentation or is incomplete, the Company shall notify the insured of such insufficiency within 3 (three) working days upon the receipt of the request. Upon receiving a complete request, the Company shall respond in writing within 5 (five) working days, confirming acceptance or rejection of the suspension request along with appropriate justification.
The insured can request for reinstatement of the policy during the suspension period. In this case, the reinstatement shall be subject to the requirements and procedures outlined under clause 10. The Company reserves the right to decline resumption if the insured no longer meets underwriting requirements at the time of assessment for reinstatement.
If the insured does not reinstate the policy upon the expiry of the suspension period, the Company shall terminate the policy and pay the policy surrender value (if any), applicable as on the last premium due date without any interest.
12. Termination of Insurance Contract
This policy shall be automatically terminated upon one of the following incurrences:
a. When the policy reaches its maturity date or is cancelled or is surrendered; or
b. When the policy is not reinstated within 2 years in accordance in clause 10; or
c. When the policy is not reinstated upon the expiry of the suspension period; or
d. When the insured passes away or suffers from total and permanent disability, whether or not any claim in respect thereof is admitted or payable under this policy.
The termination of this policy shall have no effect to any claim rights existing prior to such termination. If the Company receives any premium after the day of termination, it does not bind the Company to any liability but refund such premium without interest.
13. Cancellation of Insurance Contract
13.1 Free-Look Period
The insured has the right, for any reasons, to return this life insurance contract together with the written cancellation request within 21 (twenty one) calendar days from the date when the Company approves the insurance application. If the life insurance contract is returned, the policy will be considered as void from the beginning.
The Company shall, within 15 (fifteen) working days from the date of agreement on termination, refund the paid premium, deducting the actual health exam fee, and any debts (if any) owed to the Company by the insured. If additional time is required, the Company reserves the right to request for an extension with justification and approval from Insurance Regulator of Cambodia.
An insured who has already claimed any benefits from this insurance contract cannot cancel this policy.
13.2 Cancellation of the Contract
The Company may cancel this policy by giving a prior written notice not less than 30 (thirty) calendar days, in case there is evidence that the insured conducts intentional fraud to make use of the benefits under this policy either for the insured or others.
In such event, the policy shall be deemed terminated on the last valid day of coverage, as specified in the termination notice. The surrender value will, within 15 (fifteen) working days from the date of termination, be payable according to the amount prescribed in the policy surrender value schedule and other benefits entitled to receive (if any). If additional time is required, the Company reserves the right to request for an extension with justification and approval from Insurance Regulator of Cambodia.
13.3 Policy Surrender
The insured is entitled to terminate an insurance contract prior to its maturity by surrendering this policy and receiving the policy surrender value according to the amount prescribed in the policy surrender value schedule and other benefits entitled to receive (if any).
The written request for termination must be submitted to the Company directly, through an authorized insurance intermediary or via electronic means, at least 10 (ten) working days in advance. If the request is incomplete, the Company shall notify the insured within 3 (three) working days upon receipt of the request. The Company shall respond in writing within 5 (five) working days upon receipt of complete request, indicating acceptance or rejection with justification.
However, the termination of this policy shall be completed only after the Company consents to such termination in writing. The Company shall process the refund within 15 (fifteen) working days from the date approves the termination request. If additional time is required, the Company reserves the right to request for an extension with justification and approval from Insurance Regulator of Cambodia.
14. Claim
14.1 Qualification of Claimants
The claimant can be insured, beneficiary or legal representative.
14.2 Claim Procedure
14.2.1 Notification of Death and Autopsy
Upon the insured’s death, the beneficiary (ies) must notify the Company within 30 (thirty) calendar days from the date of the insured’s death, unless there is evidence of a reasonable cause for the delay in notifying the death, or they are not aware of the existence of the policy. In such case, the Company must be notified within 30 (thirty) calendar days from the day the beneficiary becomes aware of the existence of the policy.
The beneficiary shall provide the Company with the death certificate or official evidence certifying the death of the insured, and upon the Company’s reasonable request, the beneficiary shall provide the Company with any additional documents at the beneficiary’s own expense.
The beneficiary shall consent and cooperate for the autopsy of the insured when the Company deems it necessary, in compliance with applicable laws and religious code.
The Company shall be liable as bound by this policy when the beneficiary or the insured’s party acts in compliance with the requirement(s) hereof.
14.2.2 Notification of Total Permanent Disability (TPD)
When there is a claim made upon the incurrence of total and permanent disability (TPD), the insured or insured’s party must notify the Company within 30 (thirty) calendar days after the day that the disability is diagnosed or the occurrence of the accident and submit the proof of physician’s diagnosis and additional proofs as required by the Company, and the expense is to be borne by the insured, unless there is a proof that the insured has other significant and acceptable reason for the absence but had informed the Company as soon as possible.
The Company reserve the right to request a physical examination of the insured as it deems necessary, during the claim assessment process.
14.3 Required Documents for Policy Surrender and Claim
a. In case of policy surrender to receive the policy surrender value
1. Complete policy surrender request form,
2. Policy kit (if any),
3. Certified copy of insured’s ID card and also along with the original copy (if any).
b. In case of death caused by illness
1. Complete death claim form,
2. Life insurance certificate (original copy),
3. Certified copies of beneficiary’s ID card and family book and also along with the original copy,
4. Certified copy of death certificate and also along with the original copy,
5. Consent letter of beneficiary or heir(s) to disclose personal data,
6. Medical report from doctor in case of death in the registered hospital or registered clinic,
7. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above.
c. In case of death caused by accident
The documents mentioned in (b) are also required with two additional documents as follows:
1. Certified copy of accident report which is certified by investigator (police),
2. Certified copy of autopsy examination report.
d. In case of claim based on total and permanent disability (TPD)
1. Complete claim request form of total and permanent disability (TPD),
2. Life insurance certificate (original copy),
3. Certified copy of insured’s ID card and also along with the original copy
4. Medical report as determined by the Company,
5. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above
14.4 Maximum Duration of Claim Payment
The Company shall make decision, either denial or approval, in writing within 15 (fifteen) working days after the date on which the Company received sufficient claim documents.
The Company shall pay the claim to the insured or beneficiary (ies) within 3 (three) working days after the Company approved the claim and the insured or the beneficiary(ies) agree to accept the compensation in case of full payment or within a period as determined in a separate documents between the Company and the insured or the beneficiary(ies) in case of paying payment in installment.
14.5 Claim Payment Method
The claim payment can be made by a promissory note, cheque, draft or by any other means.
14.6 Fraud
If any claim under this policy is in any aspect fraudulent or if any fraudulent means or devices are used to obtain the benefits under this policy, the Company shall have no liability in respect of such claim.
14.7 Condition Precedent
The Company shall not be liable to pay any compensation under this policy unless the insured or the beneficiary have complied properly with the insurance contract and condition of this policy.
15. Confidentiality
The information provided to the Company shall be kept confidential, and no personal information shall not be disclosed to a third party without the insured’s consent, unless it is required or authorized by applicable laws and regulations.
16. Dispute Resolution
For all disputes arising from this contract which is relevant to the insurance business, any party of the dispute can submit the dispute to the Insurance Regulator of Cambodia for mediation and resolution before filling a lawsuit to arbitration or a competent court, except dispute related to criminal offence.
17. Jurisdiction
This contract shall be executed under the jurisdiction of the Kingdom of Cambodia.
18. General Provision
18.1 Entirety of Insurance Contract
This insurance contract is based on the Company’s belief in the truth and accuracy of the insured’s statement in the insurance application form, health declaration and any other additional declarations signed by the insured; and that the premium has been duly paid in full. In light of this belief, the Company hereby enters into the insurance contract, and issues the policy.
In case that the insured knowingly misrepresents any statement or has known of or should have known of any material facts, but fails to disclose any such fact to the Company which might cause any change to the subject to be insured either before or after policy issuance, the Company reserves the right to charge extra premium, refuse to enter into the insurance contract, or void the insurance contract.
In case the Company elects to void the insurance contract, the policy will be considered as void from the beginning and no contractual claim shall be payable. However, The Company shall, within 15 (fifteen) working days from the date of agreement on the policy voidance, refund the paid premium by deducting any debts (if any) owed to the Company by the insured. If additional time is required, the Company reserves the right to request for an extension with justification and approval from Insurance Regulator of Cambodia.
The Company shall not deny any liabilities by relying on any statement other than that made by the insured in the document stated under the first paragraph of clause 18.1 “Entirety of Insurance Contract”.
A life insurance agent or broker has no power to correct or amend this insurance policy, or to extend premium payment anniversary date or to disclaim the submission of notice or evidence for claim processing according to the requirements of this policy. Any amendment to this policy shall be completed only after the Company accepts such amendment and issues its endorsement.
18.2 Incontestability of Insurance Contract
Unless stated otherwise in this policy, when the policy is in force, the Company shall not contest the entirety of the insurance contract after it has been in force for two years from the policy effective date, or if the policy is reinstated, from the date of the last reinstatement, except the insured has no insurable interest, or the misstatement of the insured’s age as to be outside the normal limit of business of the Company.
18.3 Misstatement of Age or Gender
If the insured has misstated age or gender to the Company, and thereby, the Company collected a lower premium than it would have collected, the amount of money that the Company must pay hereunder shall be reduced to the value of coverage that such premium could buy. In case the insured has paid the premium exceeding the rate according to the actual age or gender, the Company will return all excess premiums.
If the Company can prove that at the time of conclusion of the insurance contract, the actual age of the insured is outside the premium limit according to the Company’s general business practices, this insurance contract shall be voidable by the Company. In case the Company voids the insurance contract, the Company shall return premium (without interest) after deducting the outstanding obligation (if any) to the insured or the beneficiary, whichever the case may be.
18.4 Insurance Application Form
The insured shall submit an insurance application form to the Company by using of the prescribed Company’s form.
18.5 Currency
Currency of sum assured and premium shall be specified in the life insurance certificate.
18.6 Rights and Exercise of Rights under the Policy
The rights and the exercise of rights under this policy, unless specifically assigned to any other person, shall be regarded as solely belonging to the insured.
Any assignment of rights and the exercise of rights in the policy to another person shall be made only on approval by the Company upon delivery of prior written notice.
18.7 Applicable Law
This policy will be governed by and construed according to the laws of the Kingdom of Cambodia.