Legal & General eliminates duty of disclosure
www.moneynews.co.uk > Insurance > Legal & General eliminates duty of disclosure
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Legal & General eliminates duty of disclosure
Mon 1st Oct 2007
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This means that customers will not have to notify the insurer if their health or circumstances change before their policy begins.
Previously, Legal & General had required customers to advise them of changes which could affect their application form before their cover starts.
From today (October 1st), the ongoing duty of disclosure will no longer be required for those who purchase individual life insurance products, including term assurance, whole of life, critical illness and income protection.
Russell Whitworth, Legal & General's claims and underwriting director, commented: "In our experience, many people wrongly assume that the disclosure process ends once they have completed the application form.
"In fact, a customer isn't covered until their policy starts and this could be months after they have completed the application form."
The Legal & General Group was created in 1836 and is one of the UK's top 50 firms in the FTSE 100 index.
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Related News : Legal and General |
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