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LV= sets out transparent approach to protection claims

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LV= sets out transparent approach to protection claims
  • Clear, comprehensive up-front disclosure is key to customer confidence, and will help tackle fraud 
  • Customers should not have to battle to have valid claims paid 
  • Focus of non-disclosure debate must shift to practical solutions
 
LV= has clarified the way the protection specialist handles claims where material facts were not disclosed at application.
Stuart Tragheim, Director at LV= says “ We are not in the business of getting out of paying claims but neither do we condone customer recklessness or fraud.  We need to ensure customers understand what is expected of them.”
 
 
Innocent Non-Disclosure (minor non-disclosure that would not have impacted the acceptance terms)
LV= pays valid claims in full
Inadvertent Non-Disclosure (material non-disclosure that would have impacted the acceptance terms but usually not linked to the cause of claim)
LV = pays proportionate claims
Clearly Reckless Non-Disclosure (material non-disclosure usually linked to the cause of claim that would have impacted the acceptance terms)
LV= will normally cancel the policy from inception, however where the non-disclosure is not linked to the cause of claim LV= may still pay a proportionate claim
Fraudulent or Deliberate Non-Disclosure
LV= will not pay the claim and will void the policy from inception
 
 
Private hospital news : 03/09/2007
 
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