1. You qualify for insurance on a loan if you are at work on the date you get the loan. If you are not at work on that date, you will qualify for insurance on the loan on the date you return to work. Any subsequent unemployment or retirement will not be used to deny an otherwise valid claim.

"At work" means you are actively working for pay at your job 20 hours a week or more. If you are off work solely because you are on vacation, layoff or other lack of work, or due to a temporary minor illness or injury, you will be considered "at work."

If you are not at work on the date you get a loan, you qualify for insurance on the loan subject to the following PRE-EXISTING CONDITION LIMITATION. We won't pay a benefit for the loan if your death results from an illness or injury for which you received medical advice, consultation or treatment within the 6-month period prior to the date you got the loan. We won't apply this rule if: (a) you die 6 months or more after the date of the loan, or (b) your loan balance is $500 or less.

1. You must be under age 71 on the date you get a loan. Your insurance will also stop when you reach that age. If we issue you a certificate when you are over the age limit AND you have correctly stated your age in an application for this insurance, the age limit will not apply to you.
2. You are not insured for more than $25,000. If the balance of your loan exceeds this amount, the excess is not insured. Your life may not be insured under the Group Policy for an amount greater than this amount. However, if you completed an application for the insurance and mistakenly received a certificate insuring you for an amount greater than this amount or the amount authorized by law, and the error is not corrected during your lifetime, the full amount of insurance provided will be paid.

You are not insured for any class of loans which has been excluded from coverage or which is not being reported for coverage by the credit union.

With respect to a refinanced or open-end loan, any money newly advanced will be treated as a new loan subject to all the terms and limitation of the Group Policy. Payments make on a refinanced or open-end loan will be applied to first reduce the previously insured portion of that refinanced or open-end loan.

HERE ARE THE KEY TERMS OF THE GROUP POLICY:

Who Is Insured - Insurance is on the member whose signature appears first on the loan note. Second-named members are not insured. All members who qualify for insurance are included for coverage. You do not need to sign up for your insurance to start.

Who Pays The Premium - The Credit Union pays the premium. You pay no direct charge to keep your insurance in force.

How Much Do We Pay - The amount of your insurance is equal to the insured balance of your loan on the date of your death. We also pay up to 6 months unpaid loan interest to that date. We won't pay any fines, attorney fees or collection costs.

Who Do We Pay - If you die while you are insured under the Group Policy, we will pay the proceeds of your insurance to the Credit Union for credit to your loan.

Beneficiary - If the proceeds exceed the balance of your loan, the excess will be paid to your estate.

How To File A Claim - All claims are filed by the Credit Union. We need a copy of the death certificate as proof of claim.

The Group Policy Can Be Changed - The terms of the Group Policy can be changed without prior notice to you. No change, however, can take away any rights which arose prior to the time the change was made.

The Group Policy Can Be Stopped - If this happens and your insurance is not going to be replaced by a new Group Policy, the Credit Union will let you know in advance. Your insurance will stop when the Group Policy stops.

Incontestability - The validity of the Group Policy will not be contested except for nonpayment of premiums, after it has been in force for 2 years from its date of issue. No statement relating to insurability make by you will be used in contesting the validity of the insurance with respect to which the statement was made after the insurance has been in force prior to the contest for a period of 2 years during your lifetime, unless it is contained in a written instrument signed by you. A copy of the application, if any, of the Credit Union shall be attached to the Group Policy when issued; and all statements made by the Credit Union or by your will be deemed representations and not warranties. No statement made by you will be used in any contest unless a copy of the instrument containing the statement is or has been furnished to you or to your beneficiary.