Документ взят из кэша поисковой машины. Адрес оригинального документа : http://star.arm.ac.uk/~jgd/outgoing/Armagh_CU/PDF/LP_LS_Policy.pdf Дата изменения: Fri Dec 18 12:10:56 2015 Дата индексирования: Sun Apr 10 11:35:09 2016 Кодировка: Поисковые слова: equinox

ARMAGH CREDIT UNION

Life Saving & Loans Protection Policy

This policy was adopted by the Board of Directors of Armagh Credit Union Limited

Signed:Position Position

Date:

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015


ARMAGH CREDIT UNION

Loan Protection & Life Savings Insurance
Armagh Credit Union maintains an insurance policy called the Life Savings and Loan Protection Policy (LP/PS), which activates on the death of an eligible member to increase the value of their savings which can be returned to the members estate or family and to clear outstanding loans. There is no charge to members for this insurance cover.

Loan coverage
In normal circumstances and provided the member signs a declaration to say that they are fit to follow their normal duties on the date of the loan draw down, all loans regardless of the outstanding balance are covered under the insurance policy. This cover expires on the member 's 85th birthday. The insurance cover is automatic for members who are healthy as at the date of loan draw down and no additional documentation is normally required in addition to the loan application form. However, depending on the value of a loan application or the health, employment status or age of a member more detailed health declaration and other procedures apply.

Savings cover
The saving cover aspect of the LP/LS insurance policy activates on the death of an eligible member to increase the value of their savings, which can be returned to their family or estate. The amounts which are paid out under the policy depends on a number of factors, including: The member 's age at date of death Their age when they joined the credit union Their savings on their 55th birthday and at five yearly intervals up to their 70th birthday The movement on their account following their 55th birthday until date of death Their state of health throughout this period New savings after 70th birthday are not covered Withdrawal of savings at any time after 55th birthday below the maximum level of cover will reduce coverage Regardless of poor health at date of lodging, savings are covered to a maximum of ё15,000

Who can complete these forms?
Staff who complete the loan application must also complete the LP/LS forms.

How to complete the forms
Check the newspapers on a daily basis for possible member 's death
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015


ARMAGH CREDIT UNION

Cut the notice out of the newspaper Send a sympathy card to the deceased member 's family Open a file with the newspaper cutting, blank ECCU claim form and members nomination card Enter deceased members account number, name and date of death into Excel spreadsheet stored in Public/Deaths/Deaths2015 Print out a statement from the date joined to date of death. Some older statements may be stored in the basement. Mark the member as deceased on the computer as follows: Member maintenance Enter Member number Flag member as deceased Type in date of death The MIC screen has a tab that will show the LP/LS by age but these must be checked back to the statement Fill out the ECCU form st The 1 page is general details about the member. Part of this information will need to be obtained from the next of kin. Our LP contact no: is 27 The 2nd page is related to life savings: Calculate the date according to milestone age. Remember it is what they have in their savings at the age of 55 or LOWER to date of death. th If they die before their 55 Birthday, their savings are doubled. The 3rd page is DBI. Check that the deceased member was covered for DBI and if so complete the form Ensure that the form is signed by appropriate signatories i.e. Insurance Officer, and Manager/ Assistant Manager before it is photocopied and forwarded to ILCU together with a certified copy of the Death Certificate. A signed copy of the completed form must be kept in the members file.

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015


ARMAGH CREDIT UNION

Procedures for processing of monies.
ILCU will process the claim and forward any monies due by Credit Transfer. The monies are lodged to the deceased members account provided that the total balance is less than ё15,000. If the total balance is greater than ё15,000 then the balance is transferred to a suspense account. The beneficiary is then contacted to advise that the insurance monies have been received and they are invited into the office to complete the transaction. Armagh Credit Union can pay up to ё10,000 to the beneficiaries without probate and ё2,500 for DBI if appropriate. If the deceased member has more than this in their account then a letter of Probate is required to complete the pay-out. If the beneficiary is not a member of the credit union, they must provide proof of identity and complete an indemnity form prior to pay out. The funeral bill must also be presented and this payment is made prior to any other payments. When paying out the proceeds of a deceased member's account, identification should be sought and copies kept on file.

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015