Terms and Conditions for Credit Life on Small Business and Small Business Owner Loans. Definitions

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1 Terms and Conditions for Credit Life on Small Business and Small Business Owner Loans Definitions For the purpose of this policy, the following definitions shall apply unless the context otherwise requires: Accident Bank Benefit Borrower Company Commencement Date Date of Event means where the bodily injury is caused solely and directly by external violent means, is unexpected, unforeseeable and not attributable to the Borrower s intentional self-injury or suicide. Means Mashreq Bank, UAE means the indemnity payable under the scope of this policy in respect of Death and Permanent Total Disablement of the Borrower. means the person to whom the bank has advanced a small business or small business owner loan and who has not been disqualified by the provisions of this policy to be eligible to receive the benefits under this policy. means Oman Insurance Company PSC, Dubai, United Arab Emirates means the date the Borrower is enrolled for this policy by the Insured or the date of inception of this policy whichever is later. means any one of the following: 1. In respect of death the date of death resulting from an accident or sickness happening after the Commencement Date and during the policy period. 2. In respect of Permanent Total Disablement the date of recognition of Permanent Total Disablement by a competent authority resulting from an accident or sickness happening/manifesting after the Commencement Date and during the policy period. Death Free Cover Limit (FCL) Hospital means death due to any cause. means the amount up to which a borrower could be included in the policy without provision of medical or other evidence of Good health/insurability. Any sum assured in excess of FCL shall be at acceptance of the Company and subject to production to the Company such evidence of good health / insurability as the Company may require means an establishment which meets all of the following requirements: (1) holds a license as a hospital in the UAE, if required; (2) operates primarily for the reception, care and treatment of sick, ailing or injured persons as in-patients; (3) provides 24-hour a day nursing service by registered or graduate nurses; (4) has a staff of one or more physicians available at all times; (5) provides organized facilities for diagnosis and major surgical procedures; (6) is not primarily a clinic, nursing, rest or convalescent home or similar establishment and is not, other than incidentally, a place for

2 Illness Injury Insured Insured Person alcoholics or drug addicts; and (7) maintains X-ray equipment and operating room facilities. means a disease or sickness first occurring after the Commencement Date means bodily injury resulting from an Accident which is within twelve months from the date of such accident results in borrowers death, permanent total disablement or dismemberment means the bank insured as specified in the schedule of this policy means the borrower to whom the benefits under this Cover shall apply. Minimum Coverage Age Maximum Age at entry Maximum Coverage Age Permanent Total Disability (PTD) Pre-existing diseases means 18 completed years. means 69 years of completed age, with respect to Death and 64 years with respect to Permanent Total Disablement. means 70 years of age, with respect to Death and 65 years of age, with respect to Permanent Total Disablement. means either of the below as a result of the injury or illness arising out of a cause not specifically excluded under this policy Permanent Loss of sight of both eyes. Physical severance/amputation of two limbs Complete and Permanent Paralysis Totally Disabled and the covered individual is rendered unable to earn income in any occupation, trade or profession for which the covered individual could reasonably be expected to be suited through education, training or experience Provided that the disability shall be for a period of twelve consecutive months and that the Company is satisfied that the covered person will be so rendered indefinitely. However this time limit shall not apply to cases of physical severance/amputation of limbs.. means illness, disease or sickness occurring or manifesting after the Commencement Date, for which advice or treatment was sought or obtained from a medical practitioner, chiropractor, naturopath, or any other practitioner of a similar kind within twelve months immediately prior to the Commencement Date. Sum Insured means actual outstanding balance with accrued interest as at Date of Death /Permanent Total Disablement subject to a maximum of AED 1,000,000/- for small business loans and a maximum of AED

3 250,000/- for small business owner loans. In this policy, where the context admits, words importing the masculine gender shall include the feminine gender and words importing singular member shall include the plural and vice versa. Eligibility Conditions 1. The Borrower must meet the eligibility criteria stipulated by the insured Bank to become a Borrower. 2. The Borrower shall be within the age criteria specified in the schedule of this policy. 3. The Borrower should be a National or an Expatriate resident in UAE. Scope of Cover Subject to the terms and conditions provided in this policy the Company shall indemnify the Insured as hereinafter provided: Section 1 Death Benefit In the event of the death of a Borrower arising out of a cause not specifically excluded under this policy after the Commencement Date and during the policy period, the Company shall, subject to the limit(s) specified under the schedule of this policy, indemnify the Insured with the amount of the Borrower s outstanding balance as on the Date of the Event. Section 2 Permanent Total Disablement (PTD) Benefit In the event of the Permanent Total Disablement of a Borrower due to injury or illness arising out of a cause not specifically excluded under this policy after the Commencement Date and during the policy period, the Company shall, subject to the limit(s) specified under the schedule of this policy, indemnify the Insured with the amount of the borrower s outstanding balance as on the Date of the Event. Exclusions applicable to PTD benefit only 1. The influence of alcohol or drugs other than proper use of drugs prescribed by a legally qualified medical practitioner. 2. Pregnancy, childbirth or abortion or any complications arising there from. 3. Any deliberate self-inflicted injury and/or self-medication (without a proper prescription from a legally recognised medical practitioner) 4. Engaging in or taking part in Naval, military or air force service or operations, Sports as a professional, Any kind of underwater activity below 40 meters, Sky diving involving the aid of breathing apparatus, rock climbing or mountaineering normally involving the use of ropes or guides, potholing, hang

4 Gliding, parachuting, hunting on horseback, or driving or riding in any kind of race or competition; Driving or riding on motorcycles or motor scooters with engine capacity of 250cc or more. 5. Deliberate exposure to exceptional danger (except in an attempt to save human life), 6. Any other exclusion mentioned in the General Exclusions. General Exclusions Common to both Death and PTD No Benefits under these sections shall be payable in respect of a borrower where the event giving rise to a claim occurs as a result of: 1. Active participation in any war, whether declared or not, from warlike action, civil war, insurrection, riot, civil commotion or other acts of violence including terrorism originating from any political or civil unrest; however passive war risk is covered. 2. Engaged in aviation, gliding, or any other from of aerial flight other than as a fare paying passenger or pilot or crew in a commercially licensed aircraft of a recognized airline or charter service operating on a regular route; 3. Any breach of Criminal law by the life assured or an assault provoked by him; 4. Attempted suicide or self-inflicted injury whilst sane or insane within 1 year after the date on which the assurance of that life assured first commenced; 5. Loss resulting from accidental or deliberate spread or use of Nuclear, Biological or Chemical material including loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any event where Nuclear, Biological, and Chemical material is involved. 6. Infection from any Human Immunodeficiency Virus (HIV), Acquired Immunodeficiency syndrome (AIDS) or any AIDS related condition other than blood transfusion. 7. Pre-existing illness, however pre-existing diseases are covered after 3 months from the commencement date Conditions 1. The benefits under this policy shall be extended only to Primary Borrowers and not to an additional or supplementary or collateral borrower or guarantors 2. No Benefit shall be paid in respect of a Borrower who attains the Maximum Coverage Age specified in the schedule of this policy (at which time that Borrower shall cease to be covered). 3. Notwithstanding anything contained herein to the contrary the benefits under this policy in respect of the Borrower shall terminate upon the happening of any one or more of the following: (i) Closure of the borrower s loan account (ii) the Borrower having attained the Maximum Coverage Age specified in the schedule of this policy (iii) the Borrower s Death or Permanent Total Disablement (iv) the Borrower becomes a defaulter for a period of 180 days; (v) Cancellation of the benefits under this policy by the Insured at any time in accordance with the terms and conditions of this policy. 4. The Schedule forms part of this policy and the expression this policy or policy wherever used in this contract shall read as including the Schedule and any attached

5 Sections, specifications, Endorsements or Exclusions. 5. The observance by the Insured of the terms of this policy and the truth of the statements and the answers by the Insured in the proposal and other material information provided by the Insured shall be condition precedent to any liability of the Company. If the circumstances in which the insurance contract was entered into are materially altered without the written consent of the Company, the policy shall become null and void. 6. If any claim under this policy is in any way fraudulent or unfounded, all benefits under this policy shall be forfeited in respect of the particular Borrower. 7. It is hereby noted and agreed that the insured shall provide a quarterly listing within 20 days from the end of each quarter in electronic format (Microsoft Excel Spreadsheet or Microsoft Access Database or any other format that can be easily convertible to above mentioned formats) containing the following information in respect of the Borrowers: Name of the borrower, Date of Birth or completed age, Approved Loan Amount, Loan Effective Date, Equated Monthly Instalment Duration of the loan Outstanding loan amount 8. It is hereby noted and agreed that this policy may be cancelled by either party by giving 3 months written notice to that effect. 9. If any difference shall arise as to the amount to be paid under this policy (liability being otherwise admitted) such difference shall be referred to an arbitrator to be appointed by the parties in accordance with statutory provisions. Where any difference is to be referred to arbitration, the making of an award shall be a condition precedent to any right of action against the Company. 10. All claims and/or disputes shall be subject to the jurisdiction of the competent courts of the UAE. 11. The maximum cumulative amount of Benefits payable under this Policy for any one person shall not exceed the amount stated in the schedule of this policy irrespective of the number of policies in force in respect of which the Borrower has obtained a similar benefit as provided under this policy.

6 CLAIMS PROCEDURE Upon happening of an event giving rise to a claim under this Policy, the covered individual /Covered Individual s Legal Representatives shall follow the following procedure: 1. Give immediate written notice to the Company but not later than two hundred and ten (210) days from the Date of Event 2. The covered individual or the Covered Individual s Legal personal representative shall complete the standard claim form issued by the Company and produce at no cost to the Company with such evidence to substantiate the claim to the satisfaction of the Company as the Company may reasonably require; 3. The Company shall have the right and opportunity through its medical representative to examine the covered individual when and so often as it may reasonably require during the pendency of a claim hereunder and, in case of death, to investigate the circumstances of death, to examine the body and unless prohibited by law, to request or order an autopsy either before or after burial. 4. The covered individual or the Covered Individual s Legal personal representative shall submit the following documents within 90 days from Date of Notifications. a. for Death Claims Copy of death certificate Copy of post mortem report (wherever legally required) Copy of police report (if death was due to an accident) Copy of medical report* with detailed diagnosis and cause of death if required by the Company when the actual cause of death is not clearly mentioned in the death certificate. Copy of passport with visa page (where applicable / National ID card for Nationals) Copy of the Loan application form signed by the covered individual Copy of the Loan Outstanding statement since the inception of the Loan facility Any other documents as may be required b. for Permanent Total Disablement Claims Disability certificate from an authorised medical practitioner to assess disability Police report (if disability is due to an accident) Medical report* with detailed diagnosis, cause of disability and details of treatment given (if any) Copy of passport with visa page (where applicable / National ID for Nationals )

7 Copy of the Loan application form signed by the covered individual Copy of the Loan Outstanding statement since the inception of the Loan facility Any other documents as may be required All papers as indicated above may be required to be produced as attested copies (other than those surrendered to the authorities) for verification before the final settlement of claim. * Medical report should be obtained from the chief medical officer or any other registered medical practitioner recognised by the local authorities. All papers as indicated above may be required to be produced in original (other than those surrendered to the authorities or Employer) for verification before the final settlement of claim. Disclaimer: Mashreq Bank PSC is acting as a distributor for Credit Life and shall not be responsible for the insurance company's actions or decisions nor shall Mashreq Bank PSC be liable regarding payment of claims under the policy/insurance contract issued by Oman Insurance Co

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