Liberty Life (insurance) Español
1. Payment of the premium
The policyholder is obliged to pay the premiums established in the schedule.
The first premium will be due at the time the contract is signed. Successive premiums will be due on the corresponding expiry dates. The premium due date will be established in the schedule.
Should the policy fail to designate a specific place for payment of the premium, it shall be construed that it is to be made at the policyholder's residence.
If payment of the premiums by direct debit has been agreed, the following rules will apply:
- The policyholder will furnish the insurer with a letter addressed to the relevant bank or savings bank, in which he / she gives the necessary instructions.
- The premium shall be understood to be paid at its due date, except where, due to a lack of funds in the account designatedor due to any other cause, it could not be collected within a period of one month from said date. In this case, the unpaid premium must be paid at the insurer's registered office.
The schedule will state whether the policyholder has contracted a premium that will remain constant throughout the period of cover or an index-linked premium. In the event of the latter, at each policy renewal date, the premium will be adjusted in accordance with the percentage established in the schedule, and the policyholder may choose between a cumulative or linear adjustment.
With cumulative adjustments, the percentage will be applied to the annual amount of the premium in force just prior to said renewal date. With linear adjustments, the percentage will be applied to the annual amount of the policy's first premium.
The policy schedule will indicate whether the premium is to be paid as a single premium and, if not, the frequency with which the premiums will be paid and the dates on which they will fall due. The policyholder may subsequently request to change the frequency of payment of the premium established in the schedule to any of the payment methods offered by the insurer. Such a change will take effect on the date in the relevant endorsement or rider. Where any guaranteed values exist, the change in frequency will be subject to acceptance by the policyholder of any changes it may cause to said guaranteed values.
2. Non-payment and suspension of cover
8. Beneficiaries of the policy