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Article 1 |
Constitution of the insurance contract
These policy provisions and the attached proposal, endorsements, and other agreements are all constituent parts of this insurance contract ("this contract").
Interpretation of this contract shall seek the true intent of the parties involved, and may not adhere blindly to the language employed. Where there is doubt, the interpretation favoring the insured shall in principle be adopted.
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Article 2 |
Definitions
For the purpose of this contract, "guaranteed period" means a period of time during which this company guarantees to make annuity payments under this contract, regardless whether the insured is living.
For the purpose of this contract, "guaranteed amount" means a sum of annuities this company guarantees to pay under this contract, regardless whether the insured is living.
For the purpose of this contract, "annuity amount" means a dollar amount this company pays in installments on the terms and over the period specified in this contract.
For the purpose of this contract, "remaining annuity balance" means annuity amounts not yet received by the insured during the guaranteed period (or within the guaranteed amount) contemplated in this contract.
For the purpose of this contract, "life annuity amount" means the annuity amount this company pays in installments on the terms and over the period specified in this contract while the insured is still living.
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Article 3 |
Commencement of insurer liabilities
This company shall bear insurance liabilities after it commits to insure and receives the first premium, and shall issue a policy as evidence of its commitment to insure.
Where, before committing to insure, this company collects in advance an amount equal to the first premium, the commencement of insurance liabilities borne by this company due to its commitment to insure shall date back to the time when such amount equal to the first premium is collected in advance. Notwithstanding the foregoing, where the insured dies before the time this company commits to insure, this company will refund, without interest, the premium already paid by the proposer.
Where within fifteen days after advance collection of the amount equal to the first premium this company fails to express any intention to commit or refuse to insure, it shall be deemed to have made a commitment to insure.
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Article 4 |
Right of revocation
The proposer may revoke this contract within ten days from the day following delivery and receipt of the policy by providing written notice to this company with the policy attached.
When the proposer exercises the right to revoke this contract as provided in the preceding paragraph, revocation shall take effect from 12 o'clock midnight on the day following receipt of the proposer's written declaration of intent; this contract will then be void ab initio and this company shall return to the proposer without interest any premium already paid.
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Article 5 |
Payment of second and subsequent installments
Where premiums are paid by installment, the second and subsequent installments shall be paid to this company at its place of business or other specified location, by the method and by the date set out in this contract, or the premium will be collected by a representative dispatched by this company, who will deliver a receipt issued by this company.
Beginning from the second installment, where insurance premiums remain unpaid after 30 days counting from the due date specified in the insurance policy, beginning from the next day this company may keep this contract in force by changing it, in accordance with the provisions of Article 13, to reduced paid-up insurance.
When this contract is changed to reduced paid-up insurance, this company shall notify the proposer in writing.
Where this contract stipulates payment of the second and subsequent installments by account transfer from a financial institution or other method and this company learns it has not yet received payment as required under this paragraph, this company shall issue the proposer a notice of payment due, with a grace period to be determined as required under the preceding paragraph.
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Article 6 |
Termination of contract and limitation on termination
At any time prior to the beginning of annuity payments, the proposer may terminate this contract, upon which this company shall pay the surrender value within one month after receipt of notice of termination. Where payment is not made within that period, this company shall pay interest at a rate of 10 percent per annum. A year-by-year table of sample surrender values for this contract is provided in an attachment.
Termination of the contract under the preceding paragraph shall take effect from the time this company receives the written notice of termination from the proposer.
The proposer may not terminate this contract during the annuity payment period.
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Article 7 |
Notification of death of the insured and refund of paid-in premiums (or annuity non-forfeiture value)
Where the insured dies, the proposer or beneficiary(ies) shall notify this company after learning of the death of the insured.
Where death of the insured occurs prior to the beginning of annuity payments, this company will refund paid-in premiums (or the annuity non-forfeiture value).
Where death of the insured occurs after the beginning of annuity payments, if there is still a remaining annuity balance, this company shall, as agreed, pay the remaining annuity balance to the death beneficiary(ies) or other entitled persons.
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Article 8 |
Disappearance of the insured
Where the insured disappears before the beginning of annuity payments during the effective term of this contract and is declared dead in a court judgment in which the determined date of death is a date before the first annuity payment is made, this company will refund paid-in premiums (or the annuity non-forfeiture value) in accordance with the provisions of Article 7; provided that if the insured is found thereafter to have survived, this contract may be kept in force by return of the refunded paid-in premiums (or annuity non-forfeiture value) to this company and payment of premiums and interest due for that period.
Where the insured disappears during the effective term of this contract and after payment of annuities has begun, unless there is a remaining annuity balance for the guaranteed period (or within the guaranteed amount) that has not yet been received, this company will no longer bear liability for payment of annuities starting from the date of death as determined in a court judgment; provided that if the insured is later found to be still alive, this company shall resume the payment of annuity benefits agreed to under this contract and supplement the annuity benefits accrued and unpaid during that period.
The preceding paragraph shall apply where the insured disappears before the beginning of annuity payments during the effective term of this contract and is declared dead in a court judgment in which the determined date of death is a date after the first annuity payment is made.
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Article 9 |
Application for refund of paid-in premiums (or annuity non-forfeiture value)
When applying for "refund of paid-in premiums (or annuity non-forfeiture value)" under Article 7 or 8, the proposer shall submit the following documents:
1.The insurance policy or a transcript thereof.
2.Death documents of the insured and a household registration certificate from which the insured's name has been crossed out.
3.An application form.
4.Proof of the proposer's identity.
This company shall make payment within 15 days after receiving all documents referenced in the preceding paragraph, provided that if payment is not made within such time period for reasons attributable to this company, this company shall pay default interest at the rate of 10 percent per annum.
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Article 10 |
Application for annuities
After the annuity date and during the lifetime of the insured, the first time that the insured files claim to collect annuity benefits in a given year, he or she shall produce documents that are sufficient to prove that he or she is living. However, the same shall not apply to a claim filed during the guaranteed period (or within the guaranteed amount).
The annuitant may apply for advanced payment of annuity benefits during the guaranteed period (or within the guaranteed amount) at a discount rate of____.
Where there is a remaining annuity balance after the death of the insured, the death beneficiary(ies) shall submit the following documents when filing claim to collect such annuity benefits:
1.The insurance policy or a transcript thereof.
2.Death documents of the insured and a household registration certificate from which the insured's name has been crossed out.
3.Proof of the beneficiary's identity.
If the payment is not made by the due date for reasons attributable to this company, this company shall pay default interest at the rate of 10 percent per annum.
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Article 11 |
Deduction of arrears
Where this company pays the surrender value or refunds paid-in premiums (or the annuity non-forfeiture value) prior to the first annuity payment, this company shall deduct from such payment any policy loan under this contract and any interest accrued thereon.
If any policy loan principal or interest remains unpaid when annuity payments begin, this company shall recalculate the annuity amount, which shall be equal to the current value of the annuity non-forfeiture value less the policy loan and interest accrued thereon.
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Article 12 |
Reduction of annuity amount
During the premium paying period and while this contract remains effective, the proposer may apply to reduce the annuity amount, provided that the annuity amount after reduction may not be lower than the minimum coverage. The contract will be deemed terminated with respect to the reduced portion of the annuity amount.
After annuity payments begin, the proposer may not apply for reduction of annuity amount.
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Article 13 |
Reduced paid-up insurance
During the premium paying period and while this contract remains effective, the proposer may apply to this company to switch to reduced paid-up insurance of the same type, using the current amount of the annuity non-forfeiture value to pay off the policy with a single premium. The annuity amount would be as shown in the attached schedule. When the proposer changes to reduced paid-up insurance, no further premium payments will be required and this contract will remain in effect. Benefit payment conditions will be the same as in the original contract, provided that the annuity amount will be the amount under the reduced paid-up insurance.
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Article 14 |
Policy loans
Before the first annuity payment begins, the proposer may apply to this company for a policy loan within the amount of annuity non-forfeiture value. When the combined amount of unpaid principal and interest on any policy loans exceeds the annuity non-forfeiture value, this contract will be suspended, provided that this company shall give written notice of suspension to the proposer no later than 30 days prior to the date of suspension.
During the annuity payment period, the proposer may not apply to this company for a loan by using the insurance contract as a collateral.
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Article 15 |
Computation of age and handling of errors
The proposer shall fill out the insured's year, month, and date of birth on the proposal when applying for insurance. The insuring age of the insured shall be counted as his or her age last birthday, provided that where a period of six months has elapsed since his or her last birthday, the age next birthday.
An error in the insured's insuring age shall be handled in accordance with the following provisions:
1.Where the actual insuring age is over ____ or less than ____, this contract is void, in which case this company shall return to the proposer, without interest, premiums already paid, and if any annuity benefits have already been paid the beneficiary(ies) shall return them without interest to this company.
2.Where an error in the insured's insuring age results in this company paying less than the required annuity amount, this company shall compute the difference between the annuity amounts already paid and the annuity amounts actually owed, and make the next annuity payment based on the annuity amount owed, together with a lump-sum payment to make up the difference between the annuity amounts previously paid and the annuity amounts that were actually owed.
3.Where an error in the insured's insuring age results in payment of more than the required annuity amount, this company shall re-compute the difference between the annuity amounts already paid and the annuity amounts actually owed, and deduct the same from future annuity payments.
Where the reason for the error under subparagraph 1 or 2 of the preceding paragraph is attributable to this company, the money shall be returned with interest at the rate of ___ (which shall not be lower than the interest rate for policy loans taken out against this policy).
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Article 16 |
Designation and change of beneficiary
Only the insured may be the beneficiary of this contract during his or her lifetime; this company will accept no designation or change of such beneficiary.
In circumstances other than those contemplated in the preceding paragraph, the proposer may designate or change a beneficiary as follows:
1.When this contract is entered into, designation of a death beneficiary may be made with consent of the insured; where no such designation is made, the death beneficiaries of this contract shall be the lawful heirs of the insured.
2.Unless the right of disposal has been waived, with the consent of the insured a death beneficiary may be changed prior to occurrence of any insured peril. Where the proposer fails to notify this company of such change, it shall not be effective as against this company.
Except where an effective date is otherwise designated by the proposer, the change of a death beneficiary as provided in the preceding paragraph shall become effective when the proposer delivers to this company the application and the insured's letter of consent; this company shall promptly issue a stamped or attached endorsement.
If the death beneficiary(ies) under paragraph 2 die at the same time or before the insured, then unless the proposer has designated otherwise, the death beneficiaries of this contract shall be the lawful heirs of the insured.
Where no death beneficiary is designated for the purpose of this contract and the lawful heirs of the insured therefore become the death beneficiaries hereof, the provisions of Article 1138 of the Civil Code shall apply in determining the order of beneficiaries, while the provisions of Article 1144 shall apply, except as otherwise stipulated hereunder, in determining the proportion of benefits.
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Article 17 |
Change in domicile
The proposer shall immediately give written notification to this company of any change in domicile.
Where the proposer fails to provide notification as set out in the preceding paragraph, notices by this company may be sent to the address of the insured's last domicile as indicated in this contract.
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Article 18 |
Extinctive prescription
Any right arising out of this contract shall be extinguished if not exercised within two years of the date a claim may be asserted.
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Article 19 |
Endorsements
Except as otherwise provided in Article 16, any alteration in the content of this contract, or addition or deletion of contractual particulars, shall be made only with the written consent of both the proposer and this company, for which the issuance of a stamped or attached endorsement by this company is required.
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Article 20 |
Court of jurisdiction
For any litigation arising out of this contract, the parties hereto stipulate that the court of first instance shall be the district court of the place where the proposer is domiciled, provided that when the proposer is domiciled outside the territory of the Republic of China, the court of first instance shall be the _________________ District Court.
Notwithstanding the foregoing, the application of the provisions of Article 47 of the Consumer Protection Act and of the provisions of Article 436-9 of the Code of Civil Procedure in relation to small claim courts shall not be excluded.
Computation and payment of policy dividends
(Where this insurance is in the nature of a participating policy, each company has discretion in formulating this article. Where this insurance is not in the nature of a participating policy, the following shall be stated: "This insurance is a non-participating policy, in which neither dividend participation nor payment of dividend benefit is granted.")
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