A clear case of an ambiguous policy wording?
The policy’s terms and conditions, read together with the schedule, did not make it clear that a tracking device was a requirement for theft/hijacking cover.
Policy wording
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
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Ambiguous wording results in dispute over funeral claims
Poorly worded policies don’t only result in disputes over multi-million-rand commercial claims. The Ombudsman for Long-term Insurance (Olti) last year dealt with a number of complaints about rejected or limited funeral benefit claims […]
Short-term policyholder concerns, then and now
Events over the past year, both locally and internationally, have shifted the focus on a number of material terms and conditions in policy documents. Pre- and post-Covid A media release published in November […]
The case for simplifying policy wording
You, as an adviser, are legally required to explain all material clauses in a policy to enable your client to make an informed decision. What happens if some clauses are so clouded in […]
The case for simplifying policy wording
You, as an adviser, are legally required to explain all material clauses in a policy to enable your client to make an informed decision. What happens if some clauses are so clouded in […]
Keep it up close and personal
Failure to disclose material terms and conditions has been the downfall of many an adviser when a complaint is laid with the FAIS Ombud. Admittedly, 20/20 vision is only possible in hindsight as […]
Keep it up close and personal
Failure to disclose material terms and conditions has been the downfall of many an adviser when a complaint is laid with the FAIS Ombud. Admittedly, 20/20 vision is only possible in hindsight as […]
Consequential loss – OSTI case study highlights importance of policy wording
“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but […]
Consequential loss – OSTI case study highlights importance of policy wording
“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but […]
Updating of Policy Wording
A noteworthy comment from the SAIA September newsletter: The Short-term Ombud indicated that Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, […]
