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CCI Terms and Conditions

  • Motorlife Consumer Credit Indemnity Policy.


  • Purpose

  • The person named (Borrower) has entered into a Credit Contract with the Financier under which the Borrower has certain principal, interest and other payment obligations to the Financier. The Borrower is seeking for the Company to assume those payment obligations following the occurrence of certain Events specified below in consideration for making the Premium payment to the Company.


  • 1. Scope of Cover

  • Subject to the terms and conditions below and the agreed Scope of Cover above, the Company agrees that it will pay to the Financier the Credit Contract Payments for and on behalf of the Borrower for -

  • A. CCI Standard Cover - Death by Accident;
  • B. CCI Plus Cover - Death by Accident / Financial Loss due to an Accident or Illness;
  • C. CCI Extended Cover - Death by Accident / Financial Loss due to an Accident or Illness / Redundancy & Industrial Action or Bankruptcy & Business Interruption
  • (each an Event), and after the Event the Borrower shall have no obligation to pay the Credit Contract Payments and the Financier shall have no right of recourse to the Borrower in respect of the Credit Contract Payments.

  • For the avoidance of doubt;

  • a. payments by the Company under this policy can only be made directly to the Financier in respect of the Borrower’s obligations under the Credit Contract and the Borrower has no right to such payments; and
  • b. if the Credit Contract is in the name of more than one person, the cover under this policy shall apply to the Credit Contract Payments in respect of the named person on this policy.
  • c. the Borrower has selected the Scope of Cover above (either A, B or C) that is most suitable for their requirements.


  • 2. Period of Cover

  • The Company will pay the Credit Contract Payments to the Financier if any of the following Event(s) occur;

  • a. Death by Accident - the remaining Credit Contract Payments from the date of Death until the date of the last payment under the Credit Contract. This does not include any amount which is in arrears at the date of Death.
  • b. Financial Loss for the period beginning 7 days after the Event and continuing until the Borrower is declared fit to return to work by a Registered Medical Practitioner; and
  • c. Redundancy and Industrial Action or Bankruptcy and Business Interruption for the period beginning 30 days after an Event and continuing until the Borrower returns to paid employment or for a maximum of 6 months or $12,000.


  • The obligations of the Company are conditional upon;

  • a. The Borrower having paid to the Company the Premium payment;
  • b. The Borrower having paid their first payment obligation under the Credit Contract;
  • c. The Company receiving a duly completed claim form within 21 days following the Event;
  • d. Other than in the case of Death by Accident, the Event not occurring within 28 days from the date the Credit Contract is signed;
  • e. In the case of CCI Extended Cover, the Event was not known, or should not have been known, in anyway by the Borrower prior to signing the Credit Contract.
  • f. In the case of Financial Loss due to an Accident or Illness, the Borrower producing, at the Borrower’s own expense, a medical certificate from a legally qualified medical practitioner certifying the claim and the period of the claim within 10 days of the issue of such certificate;
  • g. The employment or occupation of the Borrower not being in the nature of seasonal work;
  • h. The Borrower not being on a work rehabilitation program;
  • i. In the case of Death by Accident only, all unpaid amounts due under the Credit Contract are paid within 14 days of such Event; and the executor or the next of kin, shall provide certified copies of the death certificate and birth certificate and, if required, the coroner’s report;
  • j. None of the exclusions in clause 4 applying;
  • k. The Borrower giving the Company immediate notice that an Event no longer prevents the employment, occupation, profession or business of the Borrower being conducted.


  • 4. Exclusions

  • The obligations of the Company will not apply if the Event is caused directly or indirectly by or results from;

  • a. Any cause or condition which is known, or ought reasonably to be known, to exist at or prior to the date of the commencement of the Credit Contract;
  • b. Declared or undeclared war or any act thereof, invasion, civil war or civil unrest, act of terrorism and related risks; or
  • c. The Borrower engaging or taking part in;
  • i full or part time service in the armed forces of any country;
  • ii driving or riding in any kind of race, or motorcycling either as a rider or a passenger;
  • iii all sports activities, including motor sports, professional sports or extreme sports/activities;
  • iv flying, hang gliding, parachuting or other aerial activity except as a passenger or aircrew in a properly licensed power driven aircraft;
  • v the operation of any vehicle or equipment the Borrower is not legally authorized to operate;
  • vi any activity outside New Zealand;
  • d. Any natural disaster, including but not limited to an earthquake, tsunami, landslip, volcanic event or flood;
  • e. Intentional self injury or suicide (felonious or not) or deliberate exposure to harm, while sane or insane;
  • f. Sickness arising out of pregnancy, child birth or miscarriage;
  • g. Venereal disease, HIV and/or AIDS or as a result of a Pandemic;
  • h. Alcohol, chemical or drug dependency, including any event whilst under the influence of alcohol or drugs;
  • i. Any criminal act (whether charged with such act or not);
  • j. Any existing illness or any illness which manifests within 28 days of the commencement of this policy.
  • k. Any psychiatric or psychological illness, including but not limited to anxiety, mental stress and/or depression.
  • l. Your election to have surgery of a non-essential or non-emergency nature
  • m. Exposure to asbestos


  • 5. Repayments if No Loss

  • The Borrower will indemnify the Company of any amount paid by the Company under this policy where it is discovered that the Borrower has not suffered a loss in wages (or similar loss) as a result of an Event or where it is discovered that the Borrower has been compensated in any manner for a loss in wages (or similar loss).


  • 6. Definitions

  • Accident means the happening of an occurrence unintended and unexpected by you resulting in your bodily injury.

  • Bankruptcy means being declared bankrupt by a New Zealand court. This does not include bankruptcy if the application for bankruptcy was filed by you or an associated person on your behalf.

  • Borrower means the person specified on the Credit Contract.

  • Business Interruption means loss of or damage to or prevention of access to or failure of essential services within, the Business premises.

  • Company means Beneficial Insurance Limited.

  • Contract Number means the specific Credit Contract to which this Policy applies.

  • Credit Contract means the agreement between the Borrower and the Financier.

  • Credit Contract Payments means the principal and interest payment obligations of the Borrower under the Credit Contract excluding any arrears in payment.

  • Event means an occurrence within the selected Scope of Cover.

  • Financial Loss means the Borrower has suffered a loss in wages or similar income due to the Event.

  • Financier means the Financial Institution who advanced funds to the Borrower under the Credit Contract.

  • Immediate means within 14 days.

  • Industrial Action means a strike, work to rule or similar action taken by employees to protest against working conditions or other matters relating to the employer’s relationship with its employees.

  • Period of Cover means the maximum term specified for which cover under this policy applies.

  • Premium means the amount specified to be made by the Borrower to the Company as consideration for the cover provided under this policy.

  • Redundancy means termination of your employment because your position of employment has become superfluous to the needs of your employer (for example, as a result of changes to systems, processes, technology or inefficiency initiatives), and resulting in you registering with Work and Income New Zealand as unemployed. Your employer must notify you of your redundancy in writing. This does not include:

  • a. voluntary redundancy or resignation; or
  • b. persons or people who are self-employed or employed on a seasonal, contractual, temporary or part-time basis; or
  • c. redundancy as a result of dismissal or retirement.

  • Scope of Cover means the Policy Type chosen by the Borrower.
  • Regulatory Information and Financial Strength Rating

  • All licensed insurers are required to have a financial strength rating from a rating agency authorised for this purpose by the Reserve Bank of New Zealand. Beneficial Insurance Limited has been rated B++ Outlook Stable by AM Best Company. The AM Best company financial strength rating scale is as follows:

  • Secure: A++, A+ (Superior) A, A- (Excellent) B++, B+ (Good)

  • Vulnerable: B, B- (Fair) C++, C+ (Marginal) C, C- (Weak) D (Poor) E (Under Regulatory Supervision)
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