Common use of Territorial Limit Clause in Contracts

Territorial Limit. Malaysia, Singapore and Brunei There are two (2) types of nomination in takaful: • Conditional Hibah is applicable to the beneficiary of the death benefit; it is revocable and shall only take effect after the death of the Applicant or after the death of the Person Covered and the Applicant is no longer alive and it is complete after Hibah recipient(s) acknowledges receiving the Hibah. Hibah is to be completed by the Applicant who has attained the age of eighteen (18) years and shall receive the death benefits as a beneficiary. • Wasi is the nominee to execute the will (and not the beneficiary); it is revocable and shall only take effect after the death of the Applicant or after the death of the Person Covered and the Applicant is no longer alive and it is complete after Wasi acknowledges receiving it. Wasi is to be completed by the Applicant who has attained the age of eighteen (18) years and shall distribute the Takaful benefits in accordance with the relevant distribution laws. Only one (1) Wasi is advisable for each application. We will manage Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of ▇▇▇▇▇▇▇ stated in the Schedule attached to the Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us / the Takaful Operator and the Participants that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Schedule whilst the Certificate is in force. All retail Participants who have not incurred any claims during the previous coverage period are eligible for surplus distribution. The certificates and contributions must be for one (1) year of Takaful period and have expired by end of the declared financial year. All corporate Participants who have not incurred any claims more than thirty percent (30%) of the gross contribution during the previous coverage period are eligible for the surplus distribution. Certificates and contribution must be for one (1) year of Takaful period and have expired by end of the declared financial year. The eligibility and amount of the surplus to be distributed will be based on the recommendation made by Our Signing Actuary and endorsed by Shariah Committee and Board of Directors.