Creditor Insurance

Understanding All Roles

What is the role of RBC?

RBC is the group policyholder and beneficiary. Enrolling our clients in the Group Creditor Plan for Loans (LoanProtect) or Mortgages (HomeProtect) is done in RBC's capacity as the policyholder. For the administrative functions performed by RBC in the enrolment of clients and assisting with claims, RBC charges an administration fee. The administration fee is included in the total premium charged. The administration fee is non-refundable.

What is the role of the Insurance Provider, Pan-American Life?

The insurance provider, Pan-American Life is the underwriter of the insurance programme and is responsible for underwriting and pricing of risks and the payment of insured claims to RBC.

What is your role?

Should you elect to join the Group Creditor Plan for such Loans (LoanProtect) or Mortgages (HomeProtect) you would be a member subject to the terms of the Group Creditor Plan between RBC and Pan-American Life. You must ensure the following:

• That Enrolment Form questions are answered truthfully and completely. Where additional information is requested, that such information is provided truthfully and completely. Failure to do so could lead to your coverage being void/voided.
• That upon successful enrolment, premiums must be paid in a timely manner, the first premium must be paid by the date of disbursement of the Loan or Mortgage. Where premium payment is monthly, premiums must be paid by the 30th day of each subsequent month to the date of termination of the coverage. Non-payment of the insurance premium could lead to termination of the insurance coverage.

Insurance Coverage Details

Coverage Options

There are three coverage options available for LoanProtect and HomeProtect:

• Option 1 - Life and Accidental Dismemberment
• Option 2 - Life and Accidental Dismemberment; Total Permanent Disability
• Option 3 - Life and Accidental Dismemberment; Total Permanent Disability; Critical Illness

Note: Once joined, the coverage options cannot be changed other than at time of ‘Add-on’ or ‘Re-financing’.

Coverage Benefits

Upon the occurrence of the insured event, the policy coverage pays off the outstanding loan or mortgage balance as follows:

Creditor Insurance vs. Term Insurance Table

Coverage	Details
Life	Outstanding balance (principal and interest) of personal loan or mortgage at date of death
Accidental Dismemberment	Outstanding balance (principal and interest) of personal loan or mortgage at date of loss for accidental dismemberment as defined in the policy.
Total Permanent Disability	Outstanding balance (principal and interest) of the personal loan or mortgage at date of loss for total permanent disability as defined in the policy
Critical Illness	Outstanding balance (principal and interest) of the personal loan or mortgage at date of diagnosis of critical illness as defined in the policy.

Maximum Coverage Limits

Creditor Insurance vs. Term Insurance Table

Coverage	Maximum
LoanProtect (Personal Instalment loan)	US$ 250,000 or equivalent in local currency under each option
HomeProtect (Personal Home Equity loan)	US$ 500,000 or equivalent in local currency under each option

Note: The maximum coverage limit for an insured borrower for all personal credit facilities combined is 750,000 USD or equivalent in local currency.

Persons Eligible for Insurance

Persons Eligible for Insurance Table

Borrowers Age of Acceptance for LoanProtect and HomeProtect Coverage
Option 1 and Option 2		Option 3
Minimum Age	18 years	Minimum Age	18 years
Maximum Enrolment Age	65 years	Maximum Enrolment Age	55 years
Maximum Coverage Age	70 years	Maximum Coverage Age	60 years

Other Information

RBC Royal Bank is responsible for the administration of this group plan. For more information about LoanProtect or HomeProtect insurance, please call the Client Advice Centre or your RBC Representative

Important Information when Making a Claim

Claim Notification Period

RBC must provide written notification of an occurrence that may give rise to a claim under the LoanProtect and HomeProtect insurance to the Insurer within one hundred and twenty (120) days of such occurrence or within one hundred and twenty (120) days of knowledge of such occurrence by RBC.

Submission of Proof of Claim Documents Timeline Table

Submission of Proof of Claim Documents Timeline
Death	365 days from date of death
Accidental Dismemberment	365 days from date of loss
Permanent Disability Claim	150 days from date of loss
Critical Illness	90 days from date of first diagnosis

Required Information for Submitting Claims Table

Required Information for Submitting Claims
Death	Completed original Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Claim Statement Death Benefit form (XLS) Completed original Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Attending Physician Statement (XLS) Certified copy of Death Certificate Certified Copy of Deceased’s Identification Copy of Police Report, in the event of accidental death
Accidental Dismemberment	Completed original Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Copy of Police Report, if relevant to loss Copy of Medical Report(s) Copy of all relevant test results Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements.
Permanent Disability Claim	Completed original Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Claimant Statement for Accident and Sickness Benefit form (XLS) Copy of Police Report, if relevant to loss Copy of Medical Report(s) Copy of all relevant test results Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements.
Critical Illness	Completed original Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Critical Illness and Accidental Dismemberment Benefit form (XLS) Copy of Medical Report(s) Copy of all relevant test results Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements

To ensure that these timeframes are maintained, you are obliged to provide Proof of Loss/to RBC at least thirty (30) days prior to the maximum submission period as stated above.

Note: Failure to meet the stipulated timeframes may impact on the validity of the claim and may result in claim denial.

You can forward the information requested above for your claim to any branch of RBC Royal Bank in a sealed envelope addressed to your RBC Representative.

Examinations

In the case of death, the Insurer also has the right and opportunity through its medical representative to examine the insured’s body and to request or order an autopsy either before or after burial unless prohibited by law.

For non-death claims, the Insurers have the right and opportunity through its medical representative to examine the insured during the claim assessment period.

Claim Decision Review

If the Insurer declines the claim, the insured borrower or his/her representatives may request a review of the claim decision.

The insured borrower or his/her representatives must submit a written complaint. Such complaint should include:

• the reasons for the complaint,
• supporting documents, and/or
• any new information that has not been previously submitted

This information must be forwarded to any branch of RBC Royal Bank in a sealed envelope addressed to the borrower’s RBC Representative.

The Insurer will acknowledge receipt of the review request by sending to RBC such acknowledgement along with the estimated date when the claim review decision will be forthcoming. The Insurer may extend this period in writing if required.

RBC will forward the Insurer’s acknowledgement to you upon receipt from the Insurer.

Note: Any new medical documentation required for the claim will be at the borrower’s expense.

Other Information

RBC Royal Bank is responsible for the administration of this group plan. For more information about making a LoanProtect or HomeProtect insurance claim, please call the Client Advice Centre or your RBC Representative.