Insurance
Simplifying redundancy with new product
Friday 2nd of October 2009
Stop-Gap provides a set monthly benefit, from $500 to $2,000, for up to 120 days for redundancy, and the additional benefit of a lump sum payment for death of $10,000, $30,000 or $50,000.
It also provides a lump sum payment of three times the monthly benefit in the event of bankruptcy. Premiums are defined in age bands, where customers choose their monthly benefit and level of life...
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Who is responsible for notifying policy changes?
Of course it is the responsibility of the insurer to clearly communicate with its Policy holders, and Advisers together, regarding all changes on a Policy.
There is at least one insurer that feels that a simple email to the Advisor on every Anniversary renewal is a bit too much for them! The Advisor has to be pro-active and chase renewal communications every year through the Insurer's website. Where is the responsibility of the insurer there?
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2 weeks ago Raymond Yang
Who is responsible for notifying policy changes?
There is no doubt the obligation is on the insurer who the contract is with.
Clearly it would be prudent for an adviser to assist once given clear information by an insurer to assist with the communication but to extend this further. For an insurer to attempt to slide this onto an advisers plate is abdication. The adviser can not change the contract.
2 weeks ago Darryl Scott