- March 15, 2017
- Posted by: Francis Drake
- Category: Financial Service
15 March is World Consumer Right’s Day and was established to promote the awareness of basic rights of consumers. Our consumer tips in the spirit of World Consumer Right’s Day are:
- You have the right to receive your policy documents within 30 days of taking out a policy. However, if you do not receive it you should request it. It is important that you familiarise yourself with the policy terms and conditions.
- If you take out a loan (home loan/car finance), you do not have to accept the insurance cover provided or suggested by the financier. You have the right to shop around and to take out your own insurance policy. The financier may, however, insist that your policy meets certain minimum requirements to be acceptable.
- You are entitled to receive written confirmation of the insurer’s decision on your claim and the reasons for the decision within a reasonable time period.
- If you disagree with the insurer’s assessment of your claim, you are entitled to appoint your own assessor and to submit your own assessor’s report to the insurer for consideration. Remember that you bear the onus of proving that your claim is valid.
- The Policy Holder Protection Rules (PPR) entitle you to a minimum of 90 days to make representation to the insurer on a rejected claim and to be informed of any dispute or resolution mechanisms available to you. You have a further and separate period of a minimum of 6 months thereafter, to issue a Summons against the insurer if you are still not satisfied.