Scammers are prevalent, and the insurance sector is no stranger to it. For this reason, the government has issued a set of regulations that look after your interests when you buy a short-term or a long-term insurance policy. These regulations are called Policyholder Protection Rules (PPR), and Real People Assurance holds steadfast to them.
The main objective of the PPRs is to ensure that any long-term or short-term insurance policy sold to you is entered into, executed and enforced in accordance with sound insurance principles.
The rules that have been set in place, mean that:
- You are provided with fair treatment, skilful service, care and diligence.
- You are assured that any products and policies have undergone rigorous assessments of the target market, the distribution methods and all necessary disclosures prior to being developed.
- Premiums are based on assumptions that are realistic and that can be met over the term of the policy.
- Your rights or benefits cannot be waived by any insurer or intermediary.
- You are under no obligation to sign a blank or incomplete form related to selling you a long-term or a short-term insurance policy, particularly when another person will be required or permitted to fill in any necessary details.
- All disclosures are set before you in plain language, and should not be misleading or confusing in any way.
- You do not pay more than you have agreed to – all payments are to be checked and signed by you before being paid to the intermediary
- All products are ongoingly reviewed
- You are ensured of an up-to-date product and that distribution and disclosures remain consistent with your needs.
- Your premiums and its increase can only be reviewed on a specific date, and Insurers are not allowed to increase it based on personal or selfish needs.
- You will be notified in writing when your insurance company rejects your claim or disputes the amount of your claim.
- You do not have to undergo lie-detector tests (including polygraphs and truth certification tests ) when you make a claim.
- Upon taking out a loan for your policy, you are entitled to certain information when you take out the loan, as well as every three months thereafter and when your policy is about to cease as a result of the loan equalling the value of the policy.
While the rules are detailed and intricate in nature, they are there to protect both you and the insurer.
Contact Real People Assurance should you have any further queries or needs.