A “Fund” means any Fund in the Panels of Funds.

The “Panels of Funds” include the Panel of Unit Funds, if any, and the Panel of Unitised Funds. The Panel of Unit Funds, if any, shall consist of any Fund which the Company shall include therein from time to time at it's discretion. The Panel of Unitised Funds consists of the Home-way Guaranteed Fund and/or any other Fund which the Company shall include in the Panel of Unitised Funds. Copies of the resolutions creating these Funds and the rules governing their operation are available from the Company's Chief Office.

The terms “Premium Unit”, “Offer Price” and “Bid Price” shall be interpreted by reference to the resolutions referred to in sub-paragraph (b).

A “Unit” means a Premium Unit of any Fund.

"Ancillary Benefits" means the benefits described in paragraphs 24 and 25 of the policy. “Ancillary Benefits Charge” means the amount payable for the Ancillary Benefits calculated in accordance with Paragraph 13.

A “Non Recurring Premium” means an amount paid under the provisions of paragraph 3.

The “Premium Due Dates” are the dates described as such in the Schedule or such other dates as are substituted thereforee by endorsement to the Policy.

The "Mortgage Repayment Date" means the date so described in the Schedule or such other date as is substituted thereforee by endorsement to the policy, the most recent endorsement in this respect representing the operative date.

The “Regular Investment” shall relate to the initial premium and any increase thereon in accordance with Para- graphs 16 or 19 and shall be an amount equal to the appropriate percentage, in accordance with the table below, of the initial premium and any increase thereon.

The “Investment Factor” applicable to the initial premium or any increase thereon in accordance with Paragraphs 16 or 19 shall be determined from the following table:

EXCEPT that in respect of every increase in premium in accordance with Paragraphs l6 or l9 the Investment Factor During Subsequent Periods shall be subject to such alterations as the Company's Actuary deems appropriate (to take account inter alia of the bonus payable under Paragraph 11).

PROVIDED ALWAYS that where the Life Assured is aged 55 or over at the date the initial premium or any increase thereon first becomes payable, the Investment Factor for the first twelve months shall be increased by 0.02 x (age next birthday - 55) subject to a maximum age next birthday of 65. For joint Life Assurances the relevant age shall be that of the youngest life assured.

The “Guaranteed Minimum Death Benefit” means the amounts so described in the schedule or such other amount as is agreed in accordance with the Provisions Privileges and Conditions of the Policy.

The “Unit Account” at any date means the sum total of Units in all Funds attaching to the Policy.

The “Accumulated Fund” at any date shall mean the value at Bid Price of the Unit Account at that date except that the Company's Actuary may apply at his discretion a factor to the Bid Price of the Units in any fund in the Panel of Utilised Funds; such factor to reflect inter alia current investment conditions. The factor will not be applied where the calculation is in relation to the provision of benefit at the Mortgage Repayment Date in accordance with Paragraph 17(a) or 17(b).

“The Guaranteed Maturity Benefit” insofar as the Proposer(s) has invested SOLELY in Units in the Home-way Guaranteed Fund, shall equal such proportion of the Associated Mortgage and any increase thereon as the Company's Actuary shall determine in accordance with the table of Maturity Guarantees (available from the Company on request) based on the period in years between the Date of Commencement of the Assurance(s) and the Mortgage Repayment Date and the aggregate amount of the Associated Mortgage and any increase thereon.

OTHERWISE the Guaranteed Maturity Benefit will be determined by the Company's Actuary having regard inter alia to the Fund Link of the Unit Account.

The “Policy Fee” shall initially be IR£2.00 per month or IR£0.50 per week if premiums are paid by Payroll Scheme and may be increased at such rate or to such level as the Company's Actuary may from time to time decide.

The “Policy Review Date” means each fifth anniversary of the Date of Commencement of the Assurance provided always that where the Life Assured or the older of the Lives Assured has attained age 70 and the Policy shall have been in force for not less than five years the Policy Review Date shall mean each anniversary of the Date of Commencement of the Assurance.

For the purpose of this Policy where the context so permits the term "Premium” shall mean the aggregate of the initial premium shown in the Schedule and all increases payable under Paragraphs 16 and 19. Specific references to initial premium and any increases thereon (each such increase to be taken in isolation and calculated as the difference between the premium payable following such increase and the premium payable in the period immediately preceding such increase) shall be construed accordingly.

The “Associated Mortgage” means that part of the mortgage applied for by the Proposer(s) in the Proposal in conjunction with which this Policy was issued.

The “Fund Link” means the Fund or combination of Funds in the Panels of Funds to which the Policy is linked and shall initially mean the Fund or combination of Funds specified in the Schedule.

Proposal - If any question contained in the Proposal has not been fully correctly and truly answered, or if any answer to any question in the Proposal is misleading, or if there is any misrepresentation or non-disclosure concerning the health, habits or occupation of the Life or Lives Assured the Company shall be entitled to avoid the Policy, and thereupon all premiums paid and all rights under the Policy shall be forfeited to the Company. Nevertheless, when premiums have been paid for three complete years the Company shall not avoid the Policy under this sub-paragraph, unless the Proposer shall have acted fraudulently or there shall have been wilful misrepresentation in any matter relevant to the Proposal or to the health, habits or occupation of the Life or Lives Assured.

Evidence of Health - If there is misrepresentation or non-disclosure in any evidence of health received by the Company for the purposes of any increase in the assurance or for the purpose of revival under paragraph 6, the Company shall be entitled to avoid such increase or revival. Nevertheless, when premiums have been paid for three complete years relating to such increase in the assurance or revival the Company shall not be entitled to avoid the increase or revival under this sub-paragraph unless the Proposer(s) shall have acted fraudulently or there shall have been wilful misrepresentation in any matter relevant to the health, habits or occupation of the Life or Lives Assured.

While premiums continue to be paid under the Policy and the interval between Premium Due Dates is less than a year the company shall credit Units to the Unit Account on the first day of each month. The Number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal the product of the Regular Investment and the appropriate Investment Factor.

While premiums continue to be paid when due under the Policy and the interval between Premium Due Dates is a year the Company shall credit Units to the Unit Account on each Premium Date Due. The number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal twelve times the product of the Regular Investment and the appropriate Investment Factor.

On the date determined by the Company Actuary coincident with or subsequent to receipt by the Company of a Non-Recurring Premium in accordance with Paragraph 3 the Company shall credit Units to the Unit Account. The number of Units so credited shall be such that the resultant increase in the value at Offer Price of the Unit Account shall equal a proportion of the Non-Recurring Premium paid, such proportion to be obtained from a table provided by the Company's Actuary from time to time.

the Guaranteed Minimum Death Benefit appropriate to the deceased Life Assured

the Accumulated Fund at the date of death together with a sum equal to the value at Bid Price of any Units which otherwise would have been credited to the Unit Account prior to the next due date on the basis that such credit occurs at the date of death of the Life Assured.

Change the Fund Link for all or part of the Unit Account to any other Fund or Funds in the Panels of Funds and/or

Change the Fund Link for all or part of any Investment according to Paragraph 10 that may fall due to be made in the future to any other Fund or Funds in the Panels of Funds.

if the Accumulated Fund on the Mortgage Repayment Date is greater than or equal to the Guaranteed Minimum Death Benefit then the sum payable at that date will be equal to the Guaranteed Minimum Death Benefit, and the Unit Account will be debited with a number of Units equal in value at the then current Bid Price to the sum payable and the Guaranteed Minimum Death Benefit will be reduced to zero PROVIDED ALWAYS THAT the Proposer(s) may elect to

If the Accumulated Fund on the Mortgage Repayment Date is less than the Guaranteed Minimum Death Benefit then the Policy will be continued in full from that date and the Mortgage Repayment Date shall be altered to such date as the Company's Actuary deems appropriate PROVIDED THAT if the Proposer(s) elects to surrender the Policy in full on the Mortgage Repayment Date shown in the Schedule or such other date later in time as is substituted therefore by endorsement to the policy AND redeems or has redeemed the Associated Mortgage, the encashrnent value payable (subject to sub-paragraph 18(b) hereof), which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the greater of the (a) The Guaranteed Maturity Benefit at that date, or (b) The Accumulated Fund at that date, OTHERWISE the Encashment Value payable (subject to sub-paragraph 18(b) hereof), which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the Accumulated Fund on that date.

Encashment

The Policy may be encashed at any time after is has been in force for two complete years. Subject to the Provisions, Privileges and Conditions the encashment value payable, which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the then Accumulated Fund.

Partial Encashment

The Policy may be encashed at any time after is has been in force for two complete years. Subject to the Provisions, Privileges and Conditions the encashment value payable, which shall be in lieu of all other benefits under the Policy, shall be an amount equal to the then Accumulated Fund.

Subject to these Provisions, Privileges and Conditions in the event of partial encashment the Unit Account shall be debited with a number of Units equal in value at the then current Bid Price to the encashment requested. Provided that if Units of a Fund in the Panel of Unitised Funds are encashed the Company's Actuary may apply at his discretion a factor to the Bid Price of the Units such factor to reflect inter alia current investment conditions. On partial encashment the Guaranteed Minimum Death Benefit shall be appropriately amended as determined by the Company's Actuary and INSOFAR as the Proposer(s) has invested in Units in the Homeway Guaranteed Fund the Guaranteed Maturity Benefit will be subject to such alterations as the Company's Actuary deems appropriate.

Free Policy

At any time after the policy has been in force for two complete years the policy may be continued in force free from future premiums and assuring a sum not exceeding the then current Guaranteed Minimum Death Benefit. This option shall be exercised by notice in writing from the Proposer(s).

if the review date precedes the Mortgage Repayment Date then determine the Premium payable in the future such that the estimated benefits at the Mortgage Repayment Date, calculated on such basis as the Company's Actuary shall decade, will be equal to the estimated benefits calculated at the Date of Commencement of the Assurance, or the revised estimated benefits following the exercising of an option under Paragraphs 16 or 18 and in determining the said Premium the Company's Actuary will inter alia have regard to the Accumulated Fund on the said Review Date, future options under the Policy and then current mortality and morbidity rates. If on a Policy Review Date the Premium thus determined is greater than the Premium currently payable the Premium payable in future shall be increased to the amount determined.

if the review date is beyond the Mortgage Repayment Date then determine the maximum Guaranteed Minimum Death Benefit the Company is willing to allow under the Policy until the next following Policy Review Date and in determining the said maximum Guaranteed Minimum Death Benefit the Company's Actuary will inter alia have regard to the Accumulated Fund on the said Review Date, future options and Premiums under the Policy and then current mortality and morbidity rates. If on a Policy Review Date the Guaranteed Minimum Death Benefit under the Policy exceeds the permitted maximum as determined by the Company's Actuary then the Guaranteed Minimum Death Benefit under the Policy will be reduced to the said maximum or at the option of the Proposer the amount of Premium payable in the future will be increased to such amount as the Company's Actuary shall determine.

review the limits and charges specified in paragraph 13,16 and 18 and adjust any he deems necessary.

PROVIDED THAT if at any Policy Review Date the Funds have been superseded by a new series the Company shall have power to change the respective Funds to the most recent series on the basis of Paragraph 14 but without the charge specified therein.

In the event of any changes in taxation or other legislation becoming effective after the Date of Commencement of the Assurance in relation to the Company and/or the benefits under the Policy, such modifications the Company in it's absolute discretion shall consider necessary to take account of such changes shall be made to the terms, provisions, privileges and conditions of the policy. Any changes made to the policy in accordance with this sub-paragraph shall be notified by the Company to the Proposer(s) and / or

In the event of the Company incurring any liability to the Revenue Commissioners as a result of the cessation of premiums, the benefits otherwise arising under the Policy shall be reduced by such an amount as the Company in its absolute discretion shall consider to be necessary to discharge the aforesaid liability.

Provided the Policy has not expired under Paragraph 19 and subject to the provisions of sub-paragraphs 23(B) to 23(F) inclusive:

The Contribution Benefit shall be subject to the provision of such information and evidence as the Company may require and the Company may at any time require Life Assured A to be examined by a medical officer appointed or approved by the Company. Any expenses incurred in providing due proof of existence or continuation of disability shall be borne by Life Assured A.

Life Assured A shall give immediate notice to the Company of any change in his country of residence from that specified in the Proposal. In the event of a change in the country of residence, the Company may elect to cancel the Contribution Cover and cease Contribution Benefit with effect from the date such notice is received by the Company and no premium already paid in respect of the Contribution Cover will be refunded.

Disablement for the purposes of this Policy shall be deemed to exist where Life Assured A is unable to carry out the duties pertaining to the Occupation of Life Assured A by reason of total disablement arising from bodily injury or sickness and Life Assured A is not following any other occupation, and such bodily injury incurred or sickness was contracted and declared itself after the Date of Commencement of the Assurance.

The Contribution Benefit will not be provided:

Contribution Cover and/or Contribution Benefit shall cease on the Expiry Date. For the purposes of this paragraph, the Expiry Date shall mean the earliest of the following.

in single life cases 25 times the annualised Premium payable at the date of accident

in joint life cases twelve and a half times the annualised Premium payable at the date of accident