For the purpose of applying the provisions of these Rules, the following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto, unless the context otherwise requires:

1. SAMA: The Saudi Arabian Monetary Authority.

2. Rules: The Rules for Comprehensive InsuranceofMotorVehicles Financially Leased to Individuals.

3. Insurer: The Insurance Company licensed to practice Motor Vehicle Insurance.

4. Insureds: The Lessor and the Lessee identified in the Policy Schedule.

5. Lessor: The finance companies or the banks licensed to practice finance leasing.

6. Lessee: The beneficial owner of the leased Motor Vehicle according to the finance lease contract.

7. First Beneficiary: The Lessee, being the beneficial owner, in the event of Partial Loss or Damage.

8. Second Beneficiary: The Lessor, being the owner of the Motor Vehicle, in the event of Total Loss.

9. TheUnifiedComprehensive

Insurance Policy for Motor Vehicles Financially Leased to Individuals (the “Policy”): The insurance Policy mentioned in section two of these Rules,wherebyan Insurer

undertakestoindemnify the

beneficiariesof the insurance coverage in the event of damage or loss resulted of a risk covered under the Policy for a Premium paid by the Insureds. This Policy shall include the insurancecoverage request,

provisions and conditions,

exclusions, Policy Schedule and Appendixes (if any) which shall comply with all the provisions set forth under these Rules.

10. Motor Vehicle: The insured Motor Vehicle under the Policy, financially leased to the Lessee by the Lessor.

11. Driver: The person authorized to drive the Motor Vehicle and whose name is stated in the Policy Schedule.

12. Accident: An event wherein the insured Motor Vehicle sustains incidental damage or loss.

13. Claim: A Claim for indemnity for damage or loss caused by a risk covered under the Policy.

14. Claimant: Any natural or juristic person or their legal representatives who sustained damage or loss caused by risk covered under the Policy.

15. Premium: The amount paid by the Insureds or their representatives to the Insurer in exchange for the Insurer’s agreement to indemnify for damage or loss resulting directly from a risk covered under the Policy.

16.Actual Amount of Premium: The Policy price before applying the individuals’ eligible discounts based on the underwriting instructions issued by SAMA.

17. Discounts: No claims discount and loyalty discount, indicated in SAMA’s underwriting guidelines.

18. Sum Insured: The value of the Motor Vehicle upon submission of the insurancecoveragerequest approved by theInsurer and identified in the Policy Schedule.

19. Material Change: Any change that leads to an increase in the likelihood or magnitude of risk.

20.Insurance Form: The application tha0074 is being filled while contracting between the Lessor and Lessee; which includes the details and information of the Insureds along with the Additional Benefits requested by the Lessee, the details of the Motor Vehicle to be insured, the Sum Insured and its yearly depreciationand anyother information needed for pricing the Policy, to be relied upon when requesting the insurance coverage from the Insurer.

21. Policy Schedule:Theschedule

attached to the Policy that forms an integral part thereof. It contains the information of the Insureds and the authorized Drivers(if any), term of coverage, Sum Insured, Premium, details of the insured Motor Vehicle, limits of coverage, and Additional Benefits (if any).

22. Partial Loss: The destruction or damage of parts of the Motor Vehicle that would reduce or prevent the benefitthereof,without exceeding the minimum limit of Total Loss set by the authorized entity in auto damages’ appraisal.

23. Total Loss: Full Loss or destruction of the Motor Vehicle, that the rendition of repairs is technically unfeasible or economically costly, according to the standards set by the authorized entity in auto damages’ appraisal.

24.Deductible: The amount borne by the Lessee for every damage or loss associated with a risk covered under the Policy.

25.Lessee Insurance Account: The account created by the Lessor and endorsed to the finance leasing contract, which states the paid amounts to the Insurer as Premium and what was withdraw from the lessee forthe Motor Vehicle’s

insurance in accordance to these Rules. for the purpose of liquidation at the end of the leasing contract.

26.Additional Benefits: Any additional insurance coverage requested to be added to the base coverage by the Lessee and for which extra Premium is paid.

27. Endorsement:Anagreement

between the Insurer and the Insureds subsequent to the issuance of the Policy, whereby items of coverage are added to, amended, or removed on top of the basic coverage and which should be attached to the Policy and deemed an integral part thereof.