[Steve Wright] Why advisers must read policy wordings - Part One
I was recently asked to review a provider’s policies and came across a provision I’ve not seen in other providers products.
As an adviser making a recommendation, you are really recommending clients enter into a contract (policy document) with their insurer. It’s important to understand uncommon contractual provisions, that could result in poor outcomes for clients. Good conduct probably requires that you disclose them, and their potential consequences, to your client should you consider recommending that particular provider’s product.
Provisions in policies that give insurers powers are there for a reason and can’t be ignored by advisers.
So, I’ve decided to hunt for more strange and unusual provisions that advisers should be aware of. Strange and unusual because they don’t appear to be commonplace in other provider’s policies and I’ll write about them if I find them.
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