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If you are 100% responsible for servicing the loan and you are only covered for 50% HPS share of cover, in the event of a claim, we will pay only 50% of your outstanding housing loan up to the insured sum. Your co-owner will need to continue servicing the remaining housing loan.
To avoid this situation, both you and your co-owner may each choose to be covered for 100% HPS share of cover of the outstanding housing loan. In the event of a claim, we will settle 100% of your outstanding housing loan up to the insured sum, terminate your co-owner’s HPS cover which is no longer necessary, and refund any unused premium to his/her Ordinary Account.