Applied Protection® - Summary of Protections
The Applied Protection ("Program") is an optional benefit to Your Applied BankŪ Account.
Whether or not you purchase the Program will not affect your application for credit or the terms of any existing Credit Card Agreement you have with Applied Bank.
Upon acceptance of your enrollment in the Program, you will receive the complete Program Agreement ("Agreement"). Please read the Agreement carefully since it provides a complete explanation of the Program.
The following is only a summary of the Program, including a summary of the eligibility requirements, conditions and exclusions that could prevent you from receiving benefits under the Program.
The Program will make the minimum monthly payments for the enrolled account during the Benefit Period for the following Covered Events with respect to the primary cardholder:
Involuntary Unemployment, Disability, Leave of Absence and Hospitalization. The Program will provide debt cancellation of the outstanding account balance in the event of
Loss of Life or Dismemberment with respect to the primary cardholder.
COST: The monthly fee for the Program is stated in the Welcome Letter you received.
BENEFIT PAYMENT: Shall mean, in the event of an Involuntary Unemployment, Disability, Leave of Absence or Hospitalization,
an amount equal to the minimum payment showing on Your statement immediately following the approval of Benefits date of
a Covered Event; additional monthly payments will be based on the current minimum payment due; in the event of Loss of Life,
a one-time fixed amount which cancels the balance on Your Account reflected on Your statement immediately following the date of death;
in the event of Dismemberment, a fixed amount which cancels the balance on Your Account reflected on Your statement immediately following
the date of dismemberment per occurrence.
INVOLUNTARY UNEMPLOYMENT: You must be unemployed for 30 consecutive days as a result of an
involuntary and complete loss of Full-Time Employment. You must qualify for state unemployment benefits or register
with a recognized employment agency. Your unemployment must not be the result of: (a) Your voluntary
forfeiture of employment salary, wages or other employment income; (b) Your voluntary resignation; (c) Your retirement;
(d) Your termination of employment as the result of willful or criminal misconduct; (e) loss of income caused by accident,
sickness, disease or pregnancy. You are not eligible: if You are self-employed or an independent contractor; or if Your
date of unemployment is prior to the Program Effective Date.
DISABILITY: You must be totally disabled due to a sickness or injury for 30 consecutive days
as a result of an accidental bodily injury or sickness and unable to perform any work or service for wages or profits.
You must be under the continuous care of a Physician who will verify your Disability in writing.
The date of Your Disability must begin after the Program Effective Date.
LEAVE OF ABSENCE: You must be on an employer approved temporary absence from permanent,
non-seasonal, Full-Time Employment without pay for 30 consecutive days due to the birth or adoption of a child,
care for a sick family member or recall to active military status. You must be and have been employed on a
Full-Time Basis for a minimum of 90 days at the time of the Covered Event.
Your Leave of Absence must not be the result of (a) Your resignation; (b) Your retirement; (c) scheduled termination of employment
of an employment contract; or (d) absence from work due to illness, disease, accident or injury.
You are not eligible if You are self-employed or an independent contractor.
HOSPITALIZATION: You are hospitalized as a result of an accidental bodily injury or sickness and remain
hospitalized for 30 consecutive days.
DISMEMBERMENT: You have an accidental bodily injury caused directly and independently of all other causes
that results in the loss of sight in one or both eyes, a hand by severance at or above wrist or a foot by severance at
or above ankle.
LOSS OF LIFE: You lose your life.
ENDING YOUR PROTECTION: You may terminate your enrollment in the Program at any time.
If you decide to terminate within 30 days of the Program Effective Date, Your Account will be credited for any
Program fee which has been charged to Your Account. We may terminate this Program with 30 days advanced notice to You.
Your enrollment in the Program will terminate with no advanced notice to You if: (a) We grant a debt cancellation for Loss of Life;
(b) You are 90 days (3 billing cycles) past due in making Your monthly payment; or (c) You participate in a debt
management program or any workout programs offered by Us. This Program will be reinstated once You are no longer
participating in a debt management program or workout program or You are no longer past due in making Your minimum payment.
You may cancel Your participation in the Program within the first 30 days of reinstatement and any Program fees charged
after reinstatement will be credited to Your Account.
ADDITIONAL IMPORTANT DISCLOSURES:
- You must continue to make at least Your minimum payment on Your Account until You are notified by Us that You have been granted a Benefit.
- A Benefit Payment may be taxable as income. You should contact a qualified tax advisor concerning the tax impact, if any.
- Any arbitration provisions that may apply with respect to Your Credit Card Agreement shall also apply with respect to this Program.
- We may assign any of Our rights or obligations under this Program without prior notice to You. You may not assign any of Your rights or obligations under this Program.
- The Program is not insurance.