Geshy Reddy
“Non-disclosure refers to the situation where a customer fails to reveal a relevant fact when applying for or renewing or reinstating an insurance contract.”
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The insurer has the legal right to repudiate claims and rescind the contract if pertinent information is withheld or misleading material information was supplied falsely just to ensure acceptance of the insurance with no conditions at preferable rates.
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It’s the legal right of the life insured/insurance holder to be supplied with and review the policy contract at inception and ensure that they are satisfied with the terms and information contained. There is a 30-day cooling off period which grants the insurance holder the right to cancel or make amendments if need be.
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Simply put, why do way pay premiums to insurance companies?
To ensure in the event of a claim, whereby we experience some risk, we are able to be compensated in monetary terms in the event of any loss or damages.
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When we sign we are liable, therefor to avoid repudiation or delays ensure all information supplied is accurate and will not pose as impasse in the event of a claim. This is the foremost reason why we should read and understand the terms, conditions and information pertaining to our policy contracts and also very importantly; we need to review our insurance regularly.
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