Liberty Life Choice (Life insurance index)
Liberty Quality Home - house and contents insurance
Liberty Commercial Premises insurance
Information statement
In accordance with that set forth in Article 60 of the revised text of the Regulation and Supervision of Private Insurance Act, approved by Royal Decree 6/2004 of 29 October, and Articles 104 and 105 of the regulations developed therein, the following is stated:
1. MEMBER STATE AND REGULATORY AUTHORITY ( )
The member state that controls the insurance activity of the company is Spain and the controlling authority is the Directorate General for Insurance and Pension Funds of the Ministry of Economy and Treasury.
2. APPLICABLE LEGISLATION
Spanish legislation is applicable to the contract, in particular, the Insurance Contracts Acts 50/80 of 8 October and the revised text of the Regulation and Supervision of Private Insurance Act, approved by Royal Decree 6/2004 of 29 October and the regulations set forth therein, as well as legislation currently in force regarding income tax.
3. VENUES FOR SETTLEMENT OF CLAIMS AND CLIENT PROTECTION
4. NAME, LEGAL STATUS AND REGISTERED OFFICE OF THE ENTITY
The insurance entity LIBERTY SEGUROS, COMPAÑÍA DE SEGUROS Y REASEGUROS S.A. has its registered office at C/ Obenque 2, 28042, Spain. It has the legal status as a joint stock company.
5. GENERAL DESCRIPTION OF COVERS
The policy in question is a temporary life insurance contract that's purpose is the indemnity of a sum insured in the case of death, permanent total disability of the insured or a serious illness.
1.) Risk of death: in the event that the insured dies, the designated beneficiares will receive:
1.1 Death: The indicated sum insured in the conditions for private customers. If the insured dies in an accident along with his / her spouse and they have children under 18 years of age, the beneficiaries will receive an additional sum insured of the same amount.
1.2 Death due to an Accident: An additional sum insured if the death is due to an accident covered in the policy
1.3 Death due to a road-traffic accident: An additional sum insured if the death is due to an accident covered in the policy.
2.) Risk of permanent total disability for all types of work: if the insured is declared to have permanent total disability (for type of work) he / she will receive:
2.1 Disability: The sum insured set forth in the schedule
2.2 Disability due to an accident: An additional sum insured if the permanent total disability is due to ana ccident covered in the policy.
2.3 Disability due to a road.traffic accident: An additional sum insured if the disability is due to a road-traffic accident covered in the policy.
3. Serious illnesses: The insured will receive a sum insured if he / she is diagnosed with one of the following serious illnesses or operations: Cancer, heart attack, cardiovascular accident, kidney failure, bypass operation, paralysis and transplant of vital organs, in accordance with the terms established in the special conditions of the policy.
This is a first-loss policy, meaning that once any of the aforementioned covers are paid, it is cancelled for all relevant purposes, except in the case of serious illnesses (described in point 3). In this event all additional covers will be cancelled but the cover for death for any reason will remain but will be reduced in the amount that was paid for the serious illnesses.
6. INSURANCE PREMIUMS
Premium payments should be made by the insured on corresponding expiry dates as stipulated in Article 14 of the Act.
7. GROUNDS FOR THE TERMINATION OF THE AGREEMENT
The insurer may terminate the agreement, subject to the requirements and terms stipulated in Articles 10 to 12 of the Spanish Insurance Contracts Act, in case of wilful omission or misrepresentation in statements provided by the policyholder or insured prior to the conclusion of the agreement or in the event of an increase in risk produced while the policy is in force. Notwithstanding the foregoing, and in accordance with that set forth in Articles 89 and 90 of the aforementioned act, the insurer may not contest the agreement one year after the termination date thereof, except in the case of wilful misconduct by the policyholder or insured. In the event that the age declared by the insured was misstated, the insurer may only contest the agreement if the true age of the insured, on the date on which the agreement came into force, was higher than the admission limit stipulated therein. Pursuant to that set forth in Article 15 of the aforementioned act, should, for reasons attributable to the policyholder or insured, the first premium not be paid, or should the single premium not be paid by its due date, the insurer will be entitled to terminate the agreement or to demand the enforced payment of the outstanding premium as provided for in the policy.
8. RIGHT TO TERMINATE THE AGREEMENT - Article 83a of the Spanish Insurance Contracts Act
The policyholder in an individual insurance agreement lasting longer than six months shall be unilaterally entitled to terminate the agreement without offering any cause and without any penalty within 30 days of the date on which the insurer provides the policyholder with the policy and the provisional cover document. The policyholder must exercise this unilateral entitlement to cancel the agreement by means of a written document issued within the stipulated period and it shall take effect as of the date of its issue. On this date, the risk cover taken out shall end and the policyholder shall be entitled to a refund of the premium paid, less the portion corresponding to the time during which the agreement was in force.
9. INSTRUCTIONS RELEVANT TO APPLICABLE TAX SCHEME
Notwithstanding any subsequent modifications that may be made during the valid term of the agreement, the agreement shall be subject to Spanish tax regulations and, in particular, to Act 35/2006 of November 28 regarding Personal Income Tax and the Act regarding Tax on Inheritance and Donations.
- The insured sum in the event of the death of the insured, where received by a beneficiary other than the insurance policyholder, will be taxed under the tax scheme governing Tax on Inheritance and Donations.
- The insured sums for which the beneficiary is also the policyholder are subject to personal income tax (IRPF) regulations and shall be classified as capital gains subject to withholdings.
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