If the final policy wording is not included with this confirmation, the same shall be forwarded as soon as possible;(b) ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy, which have occurred since the policy inception or the last renewal date;(b) request the client to make true, fair and complete disclosure where it believes that the client has not done so.Tags: Dream For The Future EssayPune University Research PapersJohn Locke Essay BlankPlanning For A BusinessUse Concession EssayEssays & Kite RunnerNeed Help Writing A Dissertation
Insurance Europe is in favour of an effective EU insurance distribution framework that enables consumers to make informed decisions and protects them from unfair practices.
To effectively protect and empower consumers in Europe, EU policy must be consistent, coherent and well-designed. Recent distribution proposals have been discussed in isolation, which has led to a complex and confusing legislative architecture.
This is done to attract the client in the purchase of insurance contract by offering cash.
Competition among agents/brokers is so cut-throat, some agents indulge in such unethical practices.
Insurers market various insurance covers either directly or through various distribution channels—individual agents, corporate agents (including Bancassurance) and Brokers.
The marketer in the distribution network is in direct interface with the prospect and the customer.
Branches of companies from EU/EEA countries and FOS are excluded Notes: In % of premiums For SK, agents are included with brokers For DE, SE and UK, figures refer to new business For GR, the is no distinction between intermediaries For SI, data is from SZZ members only.
An insurance cover is an intangible product evidenced by a written contract known as the ‘policy’.
After sales service is as important or even more important – like when a refund has to be made or when a claim has to be made.
One of the issues that is of great concern affecting professionalism in insurance activities is resorting rebating by intermediaries.