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Chuks Udo Okonta
Insurance policy documents contain terms and conditions for insurance contracts between the insurers and policyholders. This therefore, makes it necessary for the parties to have an agreement on the contract.
As the documents are developed by insurers, it is important for policyholders to read and consent to the terms and conditions to avoid disputes that may arise from contravention.
Why you should read
* Personal details
The policy documents contain policyholders personal details. Failure to read may lead to inability to spot wrong spellings in names, contacts and locations. These errors may affect the claims settlement process.
* Premium
Policy documents states the amount to be paid as premium for the risks to be covered.
* Worth of coverage
Policy documents express the cover policyholders are expected to enjoy at the time of risks. This would enable the insured to know what to ask for at the time of claims payment.
* Exclusions
Policy documents explain what the contract did not cover. This helps policyholders to enhance the policy and also understand their limits in the policy.
* Claims process
Policy documents detail how claims should be reported, when and how it should be done.
* Freebies
Policy documents also contain some freebies offered to policyholders by the insurer, especially complimentary gifts giving to clients.
Several disputes between insurers and policyholders do arise from failure of the insured to read and comprehend the terms and conditions stated in the policy documents. Therefore, reading your policy documents would save you from denial of claims at the time of risks.
