Life is priceless. Although money cannot replace life, life cover provides the necessary financial security to individuals and their dependants. A life policy can provide cover for your entire life or for a specifically set period, such as throughout a child’s tertiary education. The policy pays out a…
Cash before cover simply means that insurance companies will not guarantee insurance cover until and unless the insured has paid premiums that are due. This is applicable whether it is at policy inception or renewal. An insurance contract is premised on the principle that if you have not…
All owners and operators of passenger public service vehicles operating in Zimbabwe are required by the Road Traffic Act to have passenger liability insurance. This is an insurance policy, which covers passengers’ death, permanent disability, medical or funeral expenses in the event of an accident involving a passenger…
Ever took out a loan from the bank or bought something on credit? You might have been sold what is called consumer credit insurance, which provides cover in the event that you can no longer afford to meet your credit repayments for specified reasons. Consumer credit insurance provides…
Motor Insurance is a contract by which an insurance company undertakes to either compensate the policyholder for loss suffered and/or damage to the vehicle or third party legal liabilities, caused by an accident, in exchange for a premium. Just like any other contract, all insurance policies require due…
After retirement, pension benefits are one of the most important sources of income for the majority of senior citizens. The periodic payments go far in meeting the day-to-day cost of living for the pensioners and their families. In order to keep receiving these periodic payments, a pensioner or…
Often times, when one buys a pre-owned or second hand vehicle that has a valid insurance cover, the assumption is that the new owner is automatically covered. When the new owner gets involved in an accident before the insurance cover expires, he/she may not get any compensation for…
Disputed insurance claims are a common feature in the insurance industry, the world over. The recent uproar over a decision to reject a R2.4 million life insurance claim due to non-disclosure by health and insurance group, Momentum, in South Africa brings the issue of non-disclosure of material facts…
Insurance companies have often been accused of being fraudulent and “always” trying to find excuses to avoid paying out claims. Often times, these claims are raised when an insurance company refuses to settle a claim on account of exclusions. What you should understand as a policyholder is that…
One of the common complaints that the Insurance and Pensions Commission has been receiving from policyholders since October 2018, is that of insurance companies applying the condition of average on loss or damage to insured assets. The most dominant complaints have been with regards motor vehicle insurance. What…