Life Savings Insurance of MAPFRE establishes a series of requirements and restrictions that users must know to understand what their rights and obligations are when hiring the policy.
- If the insured commits suicide (before a period of two years from the effective date of the policy), the amount payable by the Company shall be equal to the amount of premiums paid.
- The amount of any loan, plus interest until the end of year that the policy is in force, shall not exceed the loan value of this policy.
- While the law allows it, any amount payable under this policy shall be subject to any claim of creditors or any legal claim.
- If the Company does not recieve the premium payment before the end of the Grace Period, the Policy lapses and the insurance under it ceases, unless the contract provides a clause of Guaranteed Securities policy.
- The Cash Value of the policy does not include the additional benefits provided by endorsement.
- The Company reserves the right to defer payment of any Cash Value or the granting of any loan for a period permitted by law and not exceeding six months.