In order to give effect to their ‘creaming off’ process by using the policy parameters giving definition to INVESTMENT, a ‘linkage mechanism’ must exist between the 100% of Premium Payments to Irish Life and the ‘Investment Factor’. This ‘linkage mechanism’ is the word ‘product’, and its use in this context is very much obscure to the consumer.


This is because the word ‘product’, in the context of the Policy Definition of INVESTMENT, is not to be understood as its meaning in the common usage of language. In order to give Irish Life’s intended activation to the ‘linkage mechanism’, the word ‘product’ must be given the specific meaning as used in the field of Mathematics, i.e. in this case the use of the word ‘product’ is intended to mean the result got by the multiplication of the ‘Regular Investment’ by the appropriate ‘Investment Factor’.


This use of the word ‘product’ creates yet another layer of camouflage to CONCEAL the fact that it is the intention of Irish Life to immediately ‘cream off’ the entirety of the first year’s, and 4% of each subsequent year’s, premium payments BEFORE any Investment occurs.

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On the face of it, an apparent conflict exists between the DECODED Policy definition of ‘Encashment Value’, whereby all Premiums Paid to Irish Life are INVESTED in the HOMEWAY MORTGAGE FUND (Series 4) (see Section 4.4), and the DECODED Policy definition of ‘INVESTMENT’, whereby all Premiums paid to Irish Life are down–valued BEFORE Investment in the HOMEWAY MORTGAGE FUND (Series 4).

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But, the policy Provisions, Privileges and Conditions definition, that ‘the encashment value payable shall be an amount equal to the then Accumulated Fund’ (see Paragraph 18 of Document 6C of Appendix 1/6; see also Section 4.4), is qualified by the statement: ‘Subject to the Provisions, Privileges and Conditions’.


While this, in LOGIC, creates a non–finite loop –––– with no end definition (i.e. the definition of ‘Encashment Value’, if qualified, should be ‘subject to’ a finite defined element within the policy Provisions, Privileges and Conditions and not the generality of the Provisions, Privileges and Conditions themselves) ––– we can now deduce that, by this qualification in the Policy definition of Encashment, it is the intention of Irish Life that the Encashment Value be ascertained by incorporation of the Down–Valued definition of INVESTMENT.


This generalized qualification: ‘Subject to the Provisions, Privileges and Conditions’, provides a blanket concealment of the ONEROUS CONDITIONS, further concealed in the Policy definition of INVESTMENT, and is once again OPAQUE in the extreme.

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It must now be our conclusion that EACH and EVERY passageway and sub–passageway of the LABYRINTH must be explored, documented and MAPPED, in order to formulate the full implications of any individual element of the policy Provisions, Privileges and Conditions. In effect, the Documents that make up THE CONTRACT are not mutually explanatory of one another.

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Our DECODING of the policy Provisions, Privileges and Conditions clearly shows that Irish Life’s intended meaning of INVESTMENT is such that :

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It is therefore clear that it was always known to Irish Life Assurance that a Condition of their Endowment Policy Contract was that the entirety of the first year’s Premium Payments and 4% of all subsequent year’s Premium Payments would be ‘creamed off’ at source by them.

Yet nothing in any of the PRE–CONTRACT representations by First National (Irish Life's Tied Agent), or in the PRE–CONTRACT Mortgage Quotation Comparison as presented by First National / Irish Life, or in Irish Life’s Endowment Mortgage Proposal Form as completed by my wife and I PRE–CONTRACT, gave any indication of the presence of this onerous Condition.

In fact, all PRE–CONTRACT representations gave the clear indication that ALL Premiums paid to Irish Life would be invested in the Homeway Mortgage Fund, and the only PRE–CONTRACT indicated charge pertaining to the Endowment Mortgage Contract was that indicated on the Mortgage Quotation, i.e. the deduction of a management charge of % per month from the unit growth rate.