ScotiaLine Credit Protection Plan

GK LIFE INSURANCE CARIBBEAN LIMITED (the “Insurer”) hereby certifies that according to the provisions of Group Policy No. KYSL00003 (the “Policy”) issued to Scotiabank & Trust (Cayman) Ltd. (the “Bank”), Eligible Borrowers who have enrolled in the ScotiaLine Credit Protection Plan and have a ScotiaLine account with the Bank are insured subject to the Terms and Conditions described in this Certificate of Insurance.

“Borrower” means the Primary Borrower and the Secondary Borrower as appropriate.

“You” and “your” means the Primary Borrower and any one Secondary Borrower who has enrolled for coverage.

This Certificate of Insurance describes the following benefits under the ScotiaLine Credit Protection Plan:

• Life Protection
• Life and Critical Illness Protection

Insurance is available to the Primary Borrower and Secondary Borrower who are eligible for the ScotiaLine account.  However, the Secondary Borrower under the same ScotiaLine Credit agreement may not become an Insured Borrower unless the Primary Borrower is also an Insured Borrower.

Life Protection is available to a Borrower who is at least 18 years of age, but not yet 65, on the Insurance Effective Date.

Life and Critical Illness Protection is available to a Borrower who is at least age 18 but not yet age 55, on the Insurance Effective Date.

Insurance coverage commences (the Insurance Effective Date) on the date the Bank has received your request to enrol and you have satisfied the Requirements for Enrolment under the ScotiaLine Group Credit Insurance Policy No. KYSL00003, whichever is the latest, subject to the Terms and Conditions herein and those set out at the time of enrolment.

The Life Benefit is payable upon receipt of due proof of your death subject to the Benefit Exclusions and Limitations described in this Certificate of Insurance.

Life and Critical Illness Protection

The Life and Critical Illness Protection Benefit includes both a Life Benefit as described above and a Critical Illness Benefit.

The Critical Illness Benefit is payable upon receipt of due proof that you have been diagnosed with a critical illness that is specifically defined in this Certificate of Insurance and that is not excluded under the Benefit Exclusions and Limitations.  Diagnosis means a written diagnosis by a doctor of your critical illness.  The effective date of your diagnosis will be the date the diagnosis is made by your doctor, as supported by your medical records.  The investigation leading to this diagnosis must begin after the date the Bank receives your request to enrol and you have satisfied the Requirements for Enrolment.

You are covered if you are diagnosed with one of the following critical illnesses:

• Cancer (Life-Threatening) means that you have a tumour characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue.  This diagnosis must be made by a doctor.  The forms of cancer specified under Exclusions are not covered.
• Heart Attack (Myocardial Infarction) is defined as the death of a portion of the heart muscle as a result of inadequate blood supply as evidenced by new electrocardiographic (ECG) changes indicative of a myocardial infarction.  This diagnosis must be made by a doctor and be based on new electrocardiographic (ECG) changes consistent with a heart attack and a rise in the level of cardiac (heart) enzymes.
• Stroke (Cerebrovascular Accident) means a cerebrovascular event resulting in permanent neurological damage.  Transient Ischemic Attacks are specifically excluded.

Life Benefit:  A Benefit will not be payable for a death occurring within the 12-month period after the Insurance Effective Date if the primary or secondary cause of the Insured Cardholder’s death is Acquired Immune Deficiency Syndrome (AIDS), Human Immunodeficiency Virus (HIV), AIDS Related Complex (ARC), diabetes mellitus, lung disease, liver disease, cancer, leukaemia or heart disease.  This limitation only applies if the Insured Cardholder visited or consulted a physician, took tests or received treatment during the 12 months immediately prior to the Insurance Effective Date.

This condition also applies if you experienced symptoms which would have caused an ordinarily prudent person to seek treatment or medication for these impairments, but you did not consult a physician during the 12 months immediately prior to the Insurance Effective Date.

Critical Illness Benefit:  A Benefit will not be payable for a critical illness occurring within the 12-month period after the Insurance Effective Date if the primary or secondary cause of the Insured Cardholder’s critical illness is cancer, heart attack or stroke.  This limitation only applies if the Insured Cardholder visited or consulted a physician, took tests or received treatment during the 12 months immediately prior to the Insurance Effective Date.

This condition also applies if you experienced symptoms which would have caused an ordinarily prudent person to seek treatment or medication for these impairments, but you did not consult a physician during the 12 months immediately prior to the Insurance Effective Date.

Misrepresentation:  No Benefit will be payable if you conceal information or give false information at the time of your enrolment for insurance.  If any material misrepresentation or evasion is contained in any of your answers to the questions at the time of your enrolment, any insurance coverage arising from your enrolment for insurance shall be null and void.

Suicide:  No Benefit will be payable if you attempt to commit or commit suicide, while sane or insane, within 24 months of the Insurance Effective Date.

No Benefit will be payable if your death results directly or indirectly from:

• declared or undeclared war, or any nuclear, chemical or biological contamination due to any act of terrorism;
• your commission or attempted commission of any illegal act;
• while flying as a pilot or crew member in any device used for flight;
• the intentional use of drugs, except where prescribed by a doctor and taken as directed; or
• any poisonous substance, gas or fume of any kind, voluntarily taken, administered, absorbed or inhaled, except in the case of an occupational accident.

There are several illness-specific Exclusions, which are as follows:

A.    Cancer: We will not cover the following forms of cancer or conditions:

• Stage A prostate cancer,
• Carcinoma in situ,
• A tumour in the presence of any human immunodeficiency virus (HIV),
• Chronic lymphocytic leukaemia,
• Kaposi’s sarcoma,
• Stages 1 and 2 of Hodgkin’s disease,
• Duke’s A colorectal cancer,
• Pre-malignant lesions, benign tumours or polyps, and
• Any skin cancer other than invasive melanoma.

B.     Heart Attack:  No Benefit will be payable if the diagnosis discloses evidence of a previous heart attack.

No Benefit will be payable if the diagnosis of a critical illness, as defined in this Certificate of Insurance, was initiated within 180 days following the date you enrolled and satisfied the Requirements for Enrolment.  In such event, the insurance shall be void and all premiums paid will be refunded to the insured Cardholder.

The maximum Benefit payable on the death or diagnosis of a covered critical illness of the Insured Borrower is the outstanding account balance subject to a maximum of $120,000 Cayman dollars (KYD).

If both an Insured Primary Borrower and Insured Secondary Borrower die or are diagnosed with a covered critical illness simultaneously, the Benefit is still limited to the outstanding account balance subject to an overall maximum of $120,000 Cayman dollars (KYD).

If the primary or secondary cause of your death is Acquired Immune Deficiency Syndrome (AIDS), Human Immunodeficiency Virus (HIV), AIDS Related Complex (ARC), diabetes mellitus, lung disease, liver disease, cancer, leukaemia or heart disease and your death occurs within 12 months of the diagnosis of the condition causing your death, the amount of the Life Benefit will be limited to the average* outstanding balance on your ScotiaLine account for the 12 months preceding the month in which you were diagnosed with the condition which caused your death.  This limitation only applies if you are diagnosed after becoming insured.

* Your average outstanding ScotiaLine account balance will be calculated by adding the outstanding account balance shown on your ScotiaLine account statement for each of the months in the applicable period and dividing the result by the number of months in that period.  If your Insurance Effective Date is less than 12 months prior to the date of diagnosis, your average outstanding ScotiaLine account balance will be calculated from your Insurance Effective Date to the date your medical condition was diagnosed.

Misstatement of Age

Insurance coverage on any Insured Borrower shall be deemed never to have been effected if the age of the Primary Borrower or Secondary Borrower on the Insurance Effective Date is less than age 18 or greater than or equal to age 65 if enrolled for Life Protection, or less than age 18 or greater than or equal to age 55 if enrolled for Life and Critical Illness Protection.  Any insurance premium paid shall be refunded.

Your premium is based on the average daily balance of your ScotiaLine account during the billing period and your age at the end of each ScotiaLine billing period (or in the case of joint coverage, on the age of the Primary Borrower).  The average daily ScotiaLine account balance during the billing period is divided by $1,000 and then multiplied by the applicable premium rate, as indicated in the Table of Premiums, to arrive at the premium (and tax if applicable) for the billing period.

Insurance will terminate on the earliest of the following dates:

1. the date of death or diagnosis of a covered critical illness of the Insured Borrower.  In the case of joint coverage, whichever death or diagnosis of a covered critical illness occurs first;
2. the date the Bank receives your written request to cancel the insurance;
3. the date that you cancel your ScotiaLine account;
4. the date your ScotiaLine account is 120 days past due or is terminated;
5. the date you attain age 70, your Critical Illness Protection terminates;
6. the date you attain age 70, your Life Protection terminates;
7. the date that you become insolvent or bankrupt; or
8. the date Group Insurance Policy No. KYSL00003 is terminated.

Written proof of your claim on the Insurer’s Claim Form plus supporting documentation must be received by the Insurer at the address shown below as soon as reasonably possible. However, written notice of a critical illness claim must be received by the Insurer no later than 6 months after diagnosis. Claim Forms are available from the Bank or the Insurer.  Completed Claim Forms may be returned to the Insurer, at the Bank’s expense, but the Bank shall not be liable for delayed or lost forms.

GK LIFE INSURANCE CARIBBEAN LIMITED
4^th Floor, CGI Tower
Warrens, St. Michael, BB12001
Barbados

If a Primary Borrower and a Secondary Borrower are insured under the ScotiaLine Credit Protection Plan, we will pay a Benefit on the first satisfactory claim submitted to the Insurer in respect of a death or diagnosis of a covered critical illness.  Only one life benefit or critical illness benefit will be paid. The death or diagnosis of a covered critical illness of either the Primary Borrower or Secondary Borrower will terminate the insurance on the other.  If the deaths or diagnoses of the Primary Borrower and Secondary Borrower occur simultaneously, the Insurer will assume that the Primary Borrower died or was diagnosed first, and the insurance coverage on both the Primary Borrower and Secondary Borrower will terminate.

If after examining this Certificate of Insurance you are not satisfied for any reason, you may notify your Bank branch in writing within 30 days of the Insurance Effective Date that you do not want this insurance coverage.  Any premium you have paid will be credited to your ScotiaLine account.

The Bank will, on behalf of the Insurer, issue a Certificate of Insurance to each Insured Borrower who becomes insured under this Policy.  This Certificate is not the Insurance Policy.  It contains only the principal provisions relating to coverage and benefits under the Policy.

The Bank and the Insurer reserve the right to change the terms of the Policy, including the premium rates.  You will be given advance written notice of any change.