Advertisement

LV= sets out transparent approach to protecti

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

Comment on this page »

Features

Latest news

Spire Harpenden Hospital wins prestigious industry award

New testing technique comes to The Royal Marsden

Bupa announce £2.9 million investment

LV= sets out transparent approach to protecti
Advertisement
Advertisement
Connect with us on:

This site compiles with the HONcode standard for trustworthy health information