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INSURANCE CONTRACTS REGULATIONS 2017 (F2017L01658) - REG 29
Minimum amounts
(1) A reference in this section to the amount falling due under an
agreement in respect of a day is a reference to the amount ascertained by
dividing the amount of the payment that next falls due after that day under
the agreement (excluding any arrears) by the number of days in the period:
(a) commencing on the day on which the immediately previous payment
under the agreement fell due; and
(b) ending on the day on which that next payment falls due.
(2) The minimum amount in respect of a claim made under a contract
referred to in section 27, being a claim that arises as mentioned in
column 1 of an item of the following table, is declared to be the amount
ascertained in accordance with column 2 of the item, reduced by an amount
equal to the amount so payable in respect of the first 14 days of the period
during which the insured person is disabled.
|
Minimum amounts |
|
Item |
Column 1 |
Column 2 |
|
|
Description of claim |
Minimum amount |
|
1 |
A claim that arises out of the death of the insured person |
The amount due at the date of death (excluding any arrears) under the
agreement specified in the contract |
|
2 |
A claim that arises out of the total disablement of the insured person |
The sum of the amounts falling due under the agreement specified in the
contract in respect of each day during the period during which the insured
person is so disabled |
|
3 |
A claim that arises out of the insured person becoming unemployed |
The sum of the amounts falling due under the agreement specified in the
contract in respect of each day during the period during which the insured
person is unemployed |
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