Receiving an Insurance Policy

1. What I should be aware of when receiving my insurance policy?

The document that you will receive consists of the standardized terms and the Table. Insurances that are mandatory by law also include the Insurance Certificate. You should read the Table carefully, since it contains all the insurance details that apply to your case. Please, make sure that they meet fully what you have discussed with your insurance company or intermediary.

Then, please, read carefully your main insurance policy to be entirely informed about the extent of the provided coverage, e.g. about the risks covered, supplementary coverage, benefits, exemptions (if any), terms and exceptions, and which of these, according to the Table, apply or do not apply to your case.

If you have any questions, don’t hesitate to contact your insurance company or intermediary.

If you have any complaints, you should submit it, in written form, to the address you can find in your insurance policy. If you prefer to do it orally, make sure that you note down what you have discussed, with whom, and when.

Please, keep in mind that if a life insurance policy does not meet your requirements, and since you do not have any claims, you have the right to withdraw.

2. What are my rights as an insured?

The law, through insurance legislation, protects you in a large number of cases, e.g. through the right to be informed before concluding an insurance contract, the right to withdraw from a life insurance contract, the right to complain to the insurance company, as well as protection from misleading ads, and so on. Besides, you are additionally protected by laws that refer to abusive clauses or commercial practices.

Many of your rights are determined in your insurance policy, and vary according on the type of your insurance. Such examples are:

In general insurance

The right to cancel your insurance policy and refund part of the insurance premiums, as long as no claim has been submitted.

The right to be informed of any changes in the insurance terms

In life insurance

• The right to buy or modify your insurance policy, in order to stop paying premiums, depending on the type of your insurance policy
• The right to pay your insurance premiums within the grace period as determined in your insurance policy
• The right to modify your insurance coverage, where allowed by your insurance policy.

3. What are my obligations as an insured?

Your obligations may vary from one insurance policy to another. In general, however, your obligations are:

• To answer in all honesty the questions included in the insurance proposal.
• To pay your premiums within the predetermined deadline.
• To inform your insurance company about any changes specified in the insurance policy or in the details you have provided in the insurance proposal.
• To comply with the terms and conditions determined in your insurance policy.
• In case of loss or damage, in general insurance context, to take the same measures you would take if you were not insured, in order to reduce or limit the loss, as well as follow precisely the claim procedure, as it is determined in your insurance policy.
• In case of a claim in life insurance context, to strictly comply with the claim procedure, as it is determined in your insurance policy.

4. If I have a complaint regarding my insurance company or intermediary, whom could I direct it to?

First of all, it would make sense to try and resolve the complaint you have in cooperation with the same people who handled your case. If you are again not satisfied with the way they handled your complaint, then you should follow the complaint procedure determined in your insurance policy. It is essential to remember that your complaint should be addressed to the appropriate person and not anywhere within the insurance company.

If your complaint concerns your insurance intermediary, you should submit it to the insurance company that he/she cooperates with, in written from, requesting their intervention.

Another choice is, of course, litigation. However, in our point of view, it is a long and costly process.

5. In case I suffer a financial loss due to negligence, omission or mistake of my insurance intermediary, what can I do?

Both insurance intermediaries and insurance employees are properly trained to offer you the best possible service. You should keep in mind that insurance intermediaries, according to the law, have passed special examinations to obtain a professional license from the Office of the Insurance Superintendent. If any of the above-mentioned occurs, you have the right to take legal action against them and even claim compensation. Last but not least, according to the insurance legislation, the insurance intermediary is obliged to have a Professional Liability Insurance, which covers him/her in
such cases, while in the case of an employee, he/she acts under the full responsibility of the insurance company, which is his/her employer.