What to do if your application is not accepted When you make an application for life insurance or another type of risk insurance, you’re not always guaranteed to be approved for cover. This is because different insurers and underwriters take varying views towards risk and what they consider to be an acceptable level of risk… Read More Application Declined
Great tips when taking out insurance It’s important to check your coverage each year when you renew your insurance, or whenever your circumstances change. Have an emergency fund. Having some money of your own available for emergencies means you can take on some of the insurance risk yourself. This way you can reduce the cost of… Read More Tips for buying insurance
Insurance, what exactly is it? An insurance policy is a contract between you and an insurance company. It protects you against financial loss due to specific events, eg property damage, redundancy, illness. It’s designed to put you back in the financial position you were before your loss. This is called indemnity. Insurance types There are… Read More What is insurance?
The FMA Takes Action The Financial Markets Authority (FMA) has stepped in after false advertisements were posted online claiming that people in New Zealand will need health insurance to cover Covid-19 testing or treatment. Two advertorials, written in the style of new articles, were posted on WeChat, but in a release today the FMA said… Read More FMA steps in after false ads
Individual disputes with an Adviser If you’re not happy with an adviser and the service they have provided, you should contact their independent dispute resolution scheme. You’ll find details of the scheme in your adviser’s disclosure documents or on the Financial Service Providers Register. If you have a complaint, use the dispute resolution scheme to get… Read More Problems with your adviser
A friendly reminder to wash your hands regularly Even if you haven’t come into contact with anyone during isolation. There are suggestions that the virus can live for up to three days on items like things you might have picked up at the supermarket. Yes, that’s right, you might want to wash your hands now!… Read More Wash Your Hands
Good Faith with Insurance Contracts The doctrine of the “Utmost Good Faith” and “Duty of Disclosure”- sometimes referred to by its Latin name, uberrimae fides – is a contractual legal doctrine that requires contracting parties to act honestly and not mislead or withhold any information that is essential to the contract. With insurance, “utmost good… Read More Insurance Contracts and Good Faith
Claims, Claims, Claims When disaster strikes, you count on your insurer being there to step in and bail you out with claims. But what if they don’t? We asked the industry what the most common reasons are that claims were declined. 1) You didn’t take enough care Just because you have insurance, it does not… Read More Claims – Top 10 reasons they are declined