Insurance: Understanding your rights and responsibilities

Insurance: Understanding your rights and responsibilities

Insurance isn’t typically the most exciting topic. However, in today’s increasingly unpredictable world, it’s more than a ‘nice-to-have’. It serves as a necessary safeguard against various personal risks, particularly during crisis periods.

Wynand van Vuuren, the client experience partner at King Price Insurance, emphasises that insurance could spell the difference between recovering from a mishap and potential financial ruin. He notes that, recently, insurance companies have started focusing more on customer satisfaction, by making transactions and claims processes quicker and simpler.

It’s crucial to understand our rights and responsibilities concerning insurance. Let’s explore these in more detail.

The Treating Customers Fairly (TCF) framework

TCF is a regulatory structure outlining how financial services companies, including insurance providers, interact with their clients. According to TCF, you have several rights and responsibilities.

As an insured person, you have the right to:

Be treated fairly by your insurer, ensuring prompt and fair claims processing.
Be confident that you’re purchasing the right products for your needs.
Receive clear information about your policy and have your cover explained in simple, understandable terms.
Switch or cancel your insurance policy anytime without hindrance, and lodge complaints freely. You also always have the right to register disputes with the industry ombudsman.

As an insurance policyholder, your responsibilities include:

Paying your premiums fully and promptly.
Providing accurate information to your insurer, including notifying them of any life changes that could affect your insurance.
Fully understanding what you’re covered for and the terms of your insurance. If you’re unsure, don’t hesitate to ask.
Engaging in dispute resolution processes in good faith and providing necessary information when needed.

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Insurance companies exist to serve you and cushion society from the financial impacts of accidents and disasters. By knowing your rights and responsibilities, you can ensure they fulfil their responsibilities effectively.

At King Price, we have 4 values that guide everything we do… 1 of which is ‘customer is king’ and we strive to provide royal service all the time, every time, so that our clients are always treated fairly. You can see our ‘family values’ here.

Please click here or WhatsApp us on 0860 50 50 50 to get a commitment-free quote for our simple cheap insurance.

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Insurance: Understanding your rights and responsibilities

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Discover your rights and responsibilities as an insurance policyholder in this comprehensive blog post by King Price Insurance.

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The king

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King Price Insurance

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King Price Insurance