Short-Term Insurance
Intermediaries are obliged to provide you with:
- Information
, such as their name and contact number and their legal status (independent, or representative intermediary); how to claim; administration fees and commission payable; written mandate to act on behalf of insurer.
- Details of the insurer
, for example, name, address and telephone number; details of how to lodge a claim and/or complaint; policy information, including type, premium (manner of payment, due date and consequences of non-payment).
- Other matters of importance
Any information given verbally must be confirmed in writing within 30 days. If any complaint to the intermediary or insurer is not resolved to your satisfaction, you may submit the complaint to the Registrar of Short-term Insurance. There are special conditions if you decide to pay your premium by debit order - make sure you find out what they are.
The insurer
must contact you directly if a claim is rejected or your insurance is cancelled, and not
the intermediary. You are entitled to a copy of the policy free of charge.
Short term insurance intermediaries
Many insurance companies appoint intermediaries to collect premiums and administer claims on their behalf.
Deal only with a reputable intermediary
and, if you are paying premiums to this person direct, make sure that he or she is permitted by law to accept your premiums. Many intermediaries are members of an association, but many are not. If you have a problem with your intermediary, you can approach the Financial Services Board for assistance.
Warning
Do not sign any blank or partially completed application forms. Complete all forms in ink. Keep all documents handed to you in a safe place. Make sure you understand what is said to you and whatever you agreed on is confirmed in writing within 30 days. Don't be pressurised into buying the product. Incorrect information or non-disclosure by you of relevant facts may influence any claims arising from your contract of insurance.
Sometimes the excess will be eliminated if you pay a higher monthly premium. Ask about this when you take out a policy!