I/WE UNDERSTAND, DECLARE AND AGREE THAT:
1. There shall be no contract of insurance unless and until this Application has been approved, the Policy is issued on this Application, and the full first premium of the basic life insurance and any special benefit applied for, according to the mode of payment specified in answer to Part II, is actually paid during the lifetime and good health of the Proposed Insured.
2. The answers or statements made in this application and in any other document attached thereto and/or forming part of this application (hereinafter called this “Application”), are true, complete, correctly recorded and have been given with full consent and shall form part of and be the basis of the insurance contract herein applied for. If a material fact is not disclosed in this Application, the Policy may not be valid. I understand that if in doubt as to whether a fact is material, it will be disclosed to BenLife. Concealment or failure to make a full disclosure, misrepresentation and false declaration covering this Application will cause the insurance to be void. In case of apparent errors or omissions in this Application, or if BenLife is unwilling to issue a policy applied for, BenLife can correct this Application through the “Home Office Endorsement” section and issue a policy based on such amended Application.
3. An electronic copy of this Application shall be binding to me/us and shall be considered as good as the original manually signed document. I/We will inform BenLife of any discrepancy between the electronic copy and the original as soon as possible, and I/we understand that absent any correction within a reasonable period, BenLife is entitled to rely on the electronic copy exclusively.
4. I understand that if I designate an irrevocable beneficiary, I cannot make any changes under the policy that will adversely affect the ownership interests of the irrevocable beneficiary. These changes include, but are not limited to, making a partial/full withdrawal from the policy, taking out loans against the cash value of the policy, assigning or surrendering the policy, or even changing an irrevocable beneficiary, without the written consent of the irrevocable beneficiary/ies.
5. Participating Life Insurance (if Applicable)
I/We understand that in a participating life insurance policy, the owner is eligible to receive dividends subject to the following limitations / conditions:
(I) Beneficial Life in its sole discretion determines the amount of dividends, if any; (ii) dividend rates will typically vary based on the performance of a number of factors, including mortality experience, taxes, inflation, policy owner termination experience, and policy expenses, with the investment return of Beneficial Life being the main determinant of dividend; and (iii) considering the variability of dividend performance , it is not guaranteed that there will be a dividend accumulation sufficient to offset any future premiums or the policy will become self-liquidating or able to pay its own premiums in the future
6. During the effectivity of the contract/policy, the I/We agree to the following:
(I) ln case BenLife is unable to comply with relevant customer due diligence (CDD) measures, as required under the Anti-Money Laundering Act, as amended and relevant issuances due to my/our fault, BenLife may apply the following: a. Measures to restrict the services available or prohibit any further transactions on the contract/policy until full and proper CDD measures have been successfully conducted; and b. ln case the foregoing is unsuccessful, terminate business relationship. The exercise of BenLife of this measure shall only entitle me/us to receive the unused portions of premium or withdrawal value, if any, whichever is applicable. (ii) Be bound by obligations set out in relevant United Nations Security Council Resolutions relating to the prevention and suppression of proliferation financing of weapons of mass destruction, including the freezing and unfreezing actions as well as prohibitions from conducting transactions with designated persons and entities.
7. My/our policy contract, respective billing notices and future correspondences, if any, will be sent electronically to the email address in my record. I understand that I can request for printed copies through the Customer Care Hotline, or at any BenLife Office.
8. BenLife collects and uses my/our personal and sensitive information to operate an insurance business. By signing this Application and continuing to avail of BenLife’s products and services, I/We agree that the information I/We provided and any subsequent changes to it (including the information of third parties) can be processed, shared, disclosed, transferred or used by BenLife, including its shareholders, directors and employees, affiliates, subsidiaries, business partners, advisors, representatives, industry associations and databases, regulatory authorities having jurisdiction over BenLife, external auditors/counsels, and its third party service providers (whether within or outside the Philippines) within the rules set by the Data Privacy Act of 2012, as may be amended from time to time, relevant regulations and the BenLife’s privacy policy for purposes of: (i) underwriting and approving my Application; (ii) administering, serving, and reinsuring my policy; (iii) marketing, promoting, getting feedback on BenLife’s products and services, and measuring client satisfaction; (iv) conducting data analytics and doing automated data processing; (v) preventing money laundering or terrorist financing activities; (vi) complying with regulatory and reportorial requirements as well as other legal, regulatory or contractual obligations relating to information sharing; (vii) BenLife’s internal purposes such as governance, risk, actuarial, claims and underwriting management, and reporting; and (viii) for other reasonable purposes related to the services provided.
9. For the information I/We gave: (i) BenLife shall keep them in line with its record retention policy; (ii) I shall inform BenLife of any changes in them as soon as possible; (iii) I will not hold the company responsible for any claims, loss, liability and cost as a result of using them for valid purposes.
10. I am/We are allowing any licensed physician, medical practitioner, hospital, clinic or any other medically-related facility, insurance company, medical information database or any other public or private company, entity, government agency, individual, financial institutions or persons who has/have any of my/our records to give to BenLife and its reinsurer my/our information to verify my/our identity, to independently verify, the correctness of the collected data, authenticity of the identification, supporting documents, and any other information I/we submit to BenLife as may be required by this Application. A photocopy of this authorization shall be considered valid as the original.
11. Before signing this Application, I/we have carefully read the same and the questions were fully explained to me/us in a language/dialect which I/we understand.