Liberty Seguros - mortgage repayment life insurance (Castellano)
1. Purpose and cover given by the policy
The insurer has the obligation to pay the capital and / or provide the services established in the special and personal conditions of the policy, when the event occurs (or events occur) provided for in the contract, within the scope and in accordance with any exceptions of limits stated in the policy, as set out and established in part B, basic cover, of the policy and part C, optional insurance cover.
Save indication to the contrary in the general conditions or personal conditions, the policy is based on first loss. In other words, when any of the events take place that are provided for in the cover, basic or optional, the insurer will meet those obligations set out in the policy for the named risk, after which the policy will cease to exist.
There are two methods of dealing with the sum insured:
- Constant: which means that the sum insured remains constant during the term of the insurance.
- Decreasing: whereby the sum insured is adjusted in line with the amount of mortgage capital pending using the rate of interest indicated by the client, known as the French depreciation system.
In both cases, the policyholder can ask for the amount of sum insured to be adapted to the remaining amount of mortgage owed as long as these changes are for amounts of 3000 euros or more. This option can be exercised by the policyholder on the renewal date of the policy.
When this change means an increase in the amount of capital insured, the insurer can ask the insured for health declarations and medical check-ups.
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Liberty Seguros - mortgage repayment life insurance - maybe replacing the repayment life insurance your bank / caja sold you with your mortgage will save you money, and even improve cover. Giving 2 months' notice before renewal, you are legally allowed to change your repayment life insurance plan) ... (Liberty Seguro de amortización ... ¿Ha considerado cambiar el seguro de vida que le colocó su banco cuando le dieron la hipoteca?)
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