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Insurance Disclosure Rules about to change.


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http://www.bbc.co.uk/news/business-13525749

 

 

"Nobody wants to discover that the insurance policy they have paid for is in fact invalid.

 

It makes a stressful situation all the more difficult if you try to make a claim and discover that you are not covered.

 

This can happen because the customer has not told their insurer all the facts when they bought the policy.

 

For instance, you might be planning a holiday and not realise that your travel insurance is primarily designed to cover your medical expenses if you hurt yourself or fall ill abroad.

 

You might not think that it is relevant to tell your insurer about existing medical conditions, but in fact this is crucial. "

 

"New rules

 

The onus will be on the insurer to make sure they are asking the correct questions, and on the customer to make sure they tell the truth and give all the information required.

 

The new rules will make it very clear that people should answer an insurer's questions fully, accurately and honestly.

 

So customers still need to disclose all relevant information to their insurer to make sure that they are covered."

 

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