Group Insurance

To enter into a Group Life Assurance Contract with a legal entity, the insurance agent shall provide the Insurance Company with an Application for Group Life Assurance Contract together with the Appendix listing the assured persons in due form approved by the Insurer.

NOTE!!! The list of assured persons shall be submitted to the insurance company in both paper and electronic form. Electronic version can be provided on a disk or sent via e-mail:

COMPLETION OF APPLICATION

1. When completing an Application for Group Life Assurance Contract, it is necessary to accurately indicate details of a legal entity, which will be further carried over to the Insurance Contract, as well as the first, middle and the last name and position of the enterprise manager or other authorized signatory to the Contract on behalf of the legal entity.

2. When indicating Beneficiaries, it is necessary to specify Beneficiaries in the event of death and survival of the Assured person, separately. If third parties are designated as Beneficiaries (other than the Policyowner and the Assured persons), additional columns in the Appendix to the Insurance Contract will have to be completed by each of the person Assured.

3. Field "Area of Activity" should clearly indicate the functional area of legal entity’s activity, which is required to identify the industrial risk level.

4. In order to establish that the sample of Assured persons is representative and fair, it is necessary to indicate the overall number of legal entity’s employees, number of employees that will be subjected to insurance as well as Assured persons selection criteria. It is highly important, that the Assured persons are selected on the basis of a certain objective criteria, otherwise it will be necessary to provide additional health information on such persons and their area of activity.

The following selection criteria are most commonly used: top management, middle management, employees of a given division, employees of a given profession or employees engaged in a specified type of activity; employees implementing a specified project or employees with a work record of a specified number of years etc.

The 7^th column is used to indicate the overall number of employees that meet the insurance selection criteria, the reason being that only a certain share of employees that meet the basic criteria can be actually subjected to insurance. It is important for the insurance company that 80-100% of such employees were proposed for insurance. If the difference between the number of employees eligible for insurance and the number of employees that are actually proposed for insurance is substantial, it is necessary to specify the criteria by adding a selection principle, as far as such employees are concerned.

It should be noted that if the list of Assured persons contains less than 10 persons, a simplified underwriting is not applied; each Assured person is insured separately, i.e. a medical declaration must be completed in support of each Assured person’s health condition.

5. The insured amount or the insurance contribution relative to each person Assured or specified groups of Assured persons shall also be established on the basis of a certain objective factor, such as adequacy for the job, salary level, work record with the company, marital status etc.

6. Frequency of insurance contributions shall also be established in consideration of tax allowances. In line with the Law "On income taxation of enterprises", the reporting period when insurance payments are allocated to gross expenses is represented by a quarter. Therefore, it is more efficient for the legal entity to make quarterly contributions, since it can allocate the entire insurance payment to gross expenses in the quarter, when the payment was made.

7. Financial commitments of the parties under the contract can be expressed in both the national currency of Ukraine and the hard currency, for example, in US dollars or Euro. Therefore, full name of the currency in which insurance commitments are expressed, should be indicated in the field "currency of insurance".

Please note that settlements under the contract are made:

• with the Insured-residents – in the national currency of Ukraine;
• with the Insured-non-residents – in the foreign hard currency or national currency of Ukraine in instances envisaged by the effective legislation of Ukraine.

To make hard currency-to-hryvna adjustment of commitments, the official exchange rate of the National Bank of Ukraine is applied on the date of settlement.

COMPLETION OF THE ASSURED PERSONS LIST

When completing the list of Assured persons, it is required to indicate the first, middle and the last name of each Assured person.

Field "Position" is required to assess the industry risk associated with the professional activity of the Assured person. It is necessary that records made in this field fully reflect the actual area of activity of the Assured person.

Questions like "whether the Assured was absent from the office due to illness for the total period of over 3 weeks a year over the last 2 years" are also important for the assessment of risk related to health condition of the Assured person. If yes, Health Declaration should be completed by the Assured person. Please note that any misleading answers can serve as a basis for claim denial.

Term of Contract can vary from one person Assured to another.

Group Life Assurance Contract Application states the insurance contribution per each person Assured and programme features only. Insurance tariffs and insurance amount are calculated by the Head Office of "Insurance Company "Oranta-Life".

All pages of the Assured Person List shall be numbered and signed by the representative of the legal person.

PREPARATION OF THE INSURANCE CONTRACT

1. To enter into the life assurance contract, the Insured – legal entity – must prepare and submit the following documents to JSC "Insurance Company "Oranta-Life":

- application for group life assurance contract with main insurance programme features indicated;

- list of assured persons indicating personal data of each person assured, the amount of insurance contribution and period of insurance. Pages of the list shall be numbered and signed by the representative of a legal person;

- health declaration if:

1. the assured was absent from the office due to illness for over 3 weeks for the last 2 years;

2. the number of persons assured is less than 10;

- other medical references and examination results, as required by the Insurer.

- certified copy of incorporation documents;

- information on officials, authorized to act on behalf of the company and their authorities (copies of orders or minutes on assignment to a position, copies of the powers of attorney, if any);

2. Based on the Application and Appendices thereto, the "Insurance Company "Oranta-Life" calculates insurance tariffs and assesses risks associated with persons Assured.

3. If necessary, the Insurer can call for additional papers that describe the level of risk and (or) require that persons named as the Assured undergo medical examination.

4. Having clarified all required information, the "Insurance Company "Oranta-Life" prepares an Insurance Contract together with Appendices thereto and submits it to the Insured for signature.

The Contract is made on the basis of Life Assurance Rules set out in the "Insurance Bonus" programme, which represent an integral part thereof and are described in Appendix ¹1 to the Contract. Appendix ¹2 to the Contract contains terms of insurance for each person Assured including the period of insurance, list of insured events, the amount of insurance and insurance contribution etc.

The Policyowner must communicate terms and conditions of the Insurance Contract to all persons Assured, who should sign Appendix ¹3 to the Contract in order to confirm that they are aware of such terms and conditions.

5. The insurance payment under the contract is made on the basis of the Contract or invoice made by the Insurer.

6. The Insurance Contract comes into force at 00 hh 00 mm on the day after the day when the insurance contribution was transferred on the settlement account or received through the cash desk of the Insurer in full or in part, as stipulated by the Contract.

7. Once the Contract comes into force, and if required by the Insured, the "Insurance Company" Oranta-Life" can issue an Insurance Certificate for each person Assured.