Ombudsman’s Advice

18
Jul

DOs AND The DONTs: DO Help Create Awareness

We must have greater Awareness about Insurance. The concept of insurance is not sufficiently known or understood in Sri Lanka . Unlike say Agriculture where our people are culturally adapted, Insurance is entirely an English concept. I have asked the Insurance companies to create greater Awareness about Insurance generally and not restrict their advertising budgets to Marketing their respective policies. ...

18
Jul

DOs AND The DONTs: DO Follow Procedure and Protocol

If an accident occurs which you think is covered by the insurance policy you have taken – for example, if there is damage to your workplace or factory by a fire or electrical problems or if there is a loss by burglary, you must inform the insurance company immediately (apart from notifying the Police etc). Do not repair the damage ...

18
Jul

DOs AND The DONTs: DO Obtain Correct Information

Several persons have also complained to me about the bonuses received on their life policies. The Agents had promised very high bonuses and even given such an assurance in writing on the insurance company letterheads. But the insurance company is not liable for such assurances of Agents relating to bonuses. Bonuses are generally calculated on the interest rates in the ...

18
Jul

DOs AND The DONTs: DO Pay the Premiums on Time

In Life insurance, however difficult it may be, please pay the premiums due on time. If premiums are not paid, the life policy can lapse. You cannot then get your money back unless there is a ‘maturity value' or “surrender value” to the policy which is normally a minimum of three years. Also, remember during that time your life was ...

18
Jul

DOs AND The DONTs: DO NOT Undervalue the Vehicle

In Motor insurance do not undervalue the vehicle in order to reduce the premium payable. If you meet with an accident and want the vehicle repaired the insurer will for the first time inspect and see the vehicle. He will soon realise that the vehicle is worth very much more than the value for which you insured. Then the insurance ...

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