Understand Your Insurance Contract
Before signing a new insurance policy, the insurer should:
- Identify your needs;
- Explain all the benefits, exclusions, and terms and conditions;
- Explain to you the difference between what he offers and what you need;
- Be transparent and explain all the fees related and premium;
- Explain clearly how to make a claim; and
- Provide you all the necessary documents to read before signing.
It is your right to:
- Take your time to read the documents before signing;
- Fill out the forms on your own and not just by signing the documents;
- Seek proof of what has been explained as written in the documents; and
- Seek written confirmation of what has been explained that is not made clear in the documents.
After signing a new insurance policy, in case the insurer has a call back system:
- You should know that this call is recorded for future verification;
- You should listen and answer the questions carefully when the insurer calls for verification;
- If you don’t know the answer, you should simply inform them that you don’t know; and
- It is your right to know that if you file a complaint in the future about how the agent didn’t explain, the recorded conversation will be proof that you do know.
With or without a call back system:
- The insurer should confirm the cover after you sign;
- The insurer should provide you with all the documents; and
- Contact your insurer for support in case of a claim.
In case of a rejected claim:
- Seek verbal clarification from your insurer to know why the claim has been rejected; and
- Seek written clarification from your insurer if he has not provided valid information about why your claim is rejected.
In case you still have doubts, contact the insurance regulators in your country and seek clarification on how to raise a complaint.