Thursday, November 22, 2012

Transparency and interpretation of policy conditions

An insurance company is advertising about the transparency of their insurance policies. While this is commendable, consumers should be aware that there are other important matters that need to be considered, such as interpretation of policy conditions and exclusions.

A company's reputation in honoring claims and treating customers fairly is probably more important than the transparency of their policy wordings.

1 comment:

zhummmeng said...

Transparency or plain English so what. Is the company shifting the onus to the customers? No matter how pain the English it cannot be any plainer that the customers will read the 20 pages or the salesmen will explain and go through the 20 pages.
After explaining does that mean the salesmen no longer are responsible for the unsuitability of the product?
MAS should not be fooled into this trap. The salesmen must be responsible for the recommendation of the products and liable for the awry outcome.

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