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ingenium insurance

payment  policy &
credit card direct debit request service agreement

PAYMENT POLICY

Key factors affecting premiums:

Risk factors vary between types of insurance and factors affecting premium include but are not limited to:

  • The sum insured selected,
  • Personal demographics of the insured person including age, occupation, and state of residence
  • the events covered by the policy,
  • the insurers limit of liability
  • the period of insurance.
  • claims history for that class of insurance
  • additional government and administration charges

These factors will form the basis of the calculated premium amount payable.

 Annual premium payments

If you wish to pay your premium upfront, your payment will be processed within 48 hours of confirmation of cover. The Welcome letter, Policy documents and Financial Services Guide will be sent within the 48 hours.

 Premium payments by instalments

If you wish to pay premium in instalments, the first instalment will be processed within 48 hours of confirmation of cover. The remaining 11 instalments will be processed on the same day every month. The Welcome letter, Policy documents and Financial Services Guide will be sent within the 48 hours.

Premium funding

In certain circumstances, the option to pay by instalments will only be available through entering into a premium funding arrangement.  Premium funding products enable your insurer to receive the annual premium amount in full  and allow you to pay your premium by instalment to the premium funder.  Premium funders do charge interest for their service and they take a power of attorney over your insurance policy. These charges will be disclosed prior to you entering any arrangement.  Should premium funding be made available, the terms and conditions will be provided by the premium funder.

Credit card fees

When paying by credit card you may be charged a non-refundable credit card fee. This fee is charged by the Payment Gateway provider and will be shown at the time of the payment.

Cancellation and refunds We cannot cancel a contract of insurance without written instructions from a person authorised to represent each of the parties who are named as insureds.

If you cancel your insurance mid-term, you may be entitled to a premium refund depending on the terms and conditions of your insurance.

If you:

  • Pay your premium by instalments and wish to cancel, we will cancel on the date to which you have paid your premium in advance.
  • Do not pay your premium by instalments, the cancellation will take effect at 4pm Australian Eastern Standard Time on the day we receive your notice of cancellation. We will refund the premium for your policy, less an amount which covers the period for which you were insured. However, we will not refund any premium if we have paid or are obliged to pay a claim under your policy.

In both situations, fees or commission for arranging the insurance will not be refunded.

The insurer may cancel your policy should you breach any conditions of policy as outlined in your Product Disclosure Statement.

 

Further Information

For further information please contact admin@ingeniuminsurance.com.au or 1300 17 52 28.

CREDIT CARD DIRECT DEBIT REQUEST SERVICE AGREEMENT

Authority to debit your account

  • By completing the Payment Details – Credit Card Direct Debit Request Authority within this application, you authorise Ingenium Insurance to arrange for funds to be debited from your account for the purpose of paying the premiums for the insurance cover as nominated within this application.
  • The authorisation will be in accordance with this Credit Card Direct Debit Request Service Agreement and maybe be provided to us in writing, email or verbally. Any changes to the authorisation may also be provided in writing, email or verbally.
  • We will only draw from your account amounts that you have authorised under the Credit Card Direct Debit Request Authority including any fees and charges that may be charged by either party’s financial institution.
  • The amount of premium deducted may vary. You authorise us to vary the payment amounts from time to time to continue cover.  We may not notify you unless required to do so under the policy’s Product Disclosure Statement,
  • We may change the terms of this agreement without your consent. If we do, we will tell you 14 days prior to the change.
  • This Credit Card Direct Debit Request Authority will remain in effect until you instruct in writing to cancel.

Drawing Arrangements

  • Where the premium due date falls on a non-business day, we will draw the premium on the next business day.
  • We will not draw an amount from your account other than the full premium due and any fees and charges applied by either party’s financial institution.
  • In the event that the drawing is dishonoured by your financial institution, we may (in our discretion) make further attempts to draw the amount from your account after we receive notice of the dishonour. You are responsible for any fees and charges applied by your financial institution for each unsuccessful debit attempt together with any collection fees incurred by us.
  • We reserve the right to cancel the authorisation if three or more drawings are returned unpaid by your financial institution.
  • You may defer, alter, stop or cancel a debit payment by providing at least (10) business days’ notice in writing to us.

Your Obligations

It is your responsibility to:

  • Ensure your nominated account can accept direct debiting, as you may be charged a fee by your financial institution if the direct debit facility is not available on your Account;
  • Ensure account details which you have provided are correct by checking them against a recent statement from your financial institution.
  • Ensure that sufficient funds are available in the account to meet the drawing on each premium due date. If there are insufficient funds and the payment is dishonoured then you will be responsible for any fee charged by the financial institution to your account. You will also be responsible for any fee that is incurred by us and we are authorised to recover this from your account;
  • ensure that the person or persons who have given us the authorisation to draw on the account are permitted to do so under the account signing instructions held by your financial institution.
  • Ensure all account holders on the nominated account are made aware and accept the terms as set out by the Credit Card Direct Debit Request Agreement.
  • Advise us if your account is transferred, closed or details change
  • Arrange alternative payment method acceptable to Ingenium Insurance if you or Ingenium Insurance cancels the drawing arrangements
  • Check your account statement to verify that the amounts debited are correct; and
  • Pay any fees or charges made to your account by your financial institution in connection with the drawings made on your account.

Disputes

  • If you believe that there has been an error in debiting your account you should contact us immediately so we can investigate. We may ask you to provide details in writing or submit evidence to assist in our investigation and to facilitate a correction where appropriate.
  • If we conclude that your account has been incorrectly debited, we will arrange for this to be corrected.
  • If we conclude as a result of our investigations that your account has not been incorrectly debited, we will respond to your query by providing you with reasons and any evidence for this finding.
  • If you wish to dispute our finding you can do so by writing to us marked “Notice of Complaint” and attention to Compliance Officer. Ingenium will undertake formal procedures in accordance with our Dispute Resolution Procedures defined in our Financial Services Guide.
  • If We cannot resolve the matter You can refer it to Your Financial Institution which will obtain details from You of the disputed transaction and may lodge a Direct Debit Claim on Your behalf.

 Confidentiality

  • Your data will be held securely with a specialist external service provider, EWay in their PCI compliant systems.
  • We will keep any information (including your account details) in your Credit Card Direct Debit Request confidential and will store the information in accordance with our Privacy Policy.
  • We will only disclose information that we have about you
    a.  to the extent specifically required by law; or
    b.  for the purposes of this Agreement (including disclosing information in connection with any query or claim).

 Other Information

  • You may not be able to claim under this policy if any instalment of premium remains unpaid for 14 days or more.
  • We may cancel this Policy by giving if any instalment of premium remains unpaid for 1 month or more.
  • Other than in circumstances defined in 6.1 and 6.2, we may deduct from any claim paid or payable any unpaid premium or instalment of premium.