Page 193 - Fire Insurance Ebook IC 57
P. 193
The Insurance Times
Interests Regulations 2002.
In case of renewal of some personal line products,
there should be provisions to inform the policy
holders well in advance of the expiry date if his
policy is not to be renewed or renewal is agreed,
subject to certain terms and conditions. It is to
be noted that incorporating terms and conditions
or insisting on high renewal premium should
not be treated as a means of avoiding renewal.
iv) Insurers should use similar wordings for describing
the same cover /requirements across all their
products. e.g clauses on renewal of insurance, basis
of insurance , cancellation etc should have similar
wordings across all products.
Wordings should be in simple language, easy to
follow and without technical jargons. Where
renewal is not automatic but there is an
expectation of continuity as in health insurance,
the prospectus should clearly state so. The policy
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