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When insurance claims go wrong

22 January 2020 8:52 PM
Tags:
Insurance
Wendy Knowler
claims
consumer matters

Be mindful of what you're disclosing at the time you take out a policy.

It's best to find out exactly what you must disclose to your insurer - and make sure you tell them of any changes in location or career.

Regarding long-term policies such as disability and life - when your circumstances change - when you move cities, change a job - you need to tell your insurers.

Wendy Knowler, consumer journalist

In this case it involves somebody whose disability claim was rejected on an Absa policy that she took out when she bought her house. The remainder of the bond was going to be paid out. The reason the claim was rejected is... she did not tell the insurers that she changed her profession. I had an assumption that it was the brokers' responsibility to make sure that your information was up to date - but apparently they are not compelled to do it. The clause states that the insured must inform them in writing of a change in occupation. This clause nearly cost her her home.

Wendy Knowler, consumer journalist
Image courtesy of: https://www.cheapfullcoverageautoinsurance.com/

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22 January 2020 8:52 PM
Tags:
Insurance
Wendy Knowler
claims
consumer matters

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