CAPTION: Understanding your duty to an insurer
At Allianz, We know how important it is for you to have an insurer who protects and supports you, your loved ones, and your lifestyles at all stages in life.
When you enter into a Life Insurance policy with us, apply for certain changes to your policy, or apply to reinstate your policy, we may ask you some questions about things such as your health, medical history, occupation, lifestyle, pastimes, and current insurance.
Your answers to these questions are vital to our decision on whether to insure you, and if so, on what terms, including the premium we charge. When answering these important questions You must take reasonable care not to make a misrepresentation to us.
A misrepresentation includes a statement that is false, partially false, or that does not fairly reflect the truth.
This means you must answer all of our questions honestly, accurately, and to the best of your knowledge. This is important as a misrepresentation could result in your claim being rejected or not fully paid.
It's also important to remember that when you're answering our questions, you're answering on behalf of everyone who will be insured by the policy. This means we will treat any answers or representations that you give as theirs.
Our friendly team members will take every care to make sure our questions are clear and specific. But we know that some customers may find answering questions about insurance and their health difficult.
If you need a bit of extra time or help to respond, that's okay. We'll give you as much time as you need to confirm your answers, or to validate any health related questions with your doctor or health care provider.
We can also work with your support person, or may even be able to provide you with access to a free translator. If you need to change your answers during the application process, you can update them yourself in the online application form. If you're no longer able to edit your application form, please contact us and we'll make these changes for you.
If you've already purchased your Life Insurance policy and you think you may have made a mistake on your application, please contact us immediately and we'll let you know if we need further information and whether or not it has impacted your cover.
In determining whether you've taken reasonable care not to make a misrepresentation, a number of matters would be considered, including:
The type of insurance, who it's intended to be sold to, and your particular characteristics and circumstances that we are aware of, or should have reasonably been aware of.
If we discover you've made a misrepresentation within the first three years of your cover, and we would not have insured you on any terms if you had met your duty, we may treat your cover as if it never existed.
For Life cover, if we discover you've made a misrepresentation within the first three years of your cover, instead of treating your cover as if it never existed, we may reduce your cover amount using a formula prescribed by law.
For Critical Illness cover and Permanently Unable to Work cover. We may reduce your cover amount, or we may change the terms of your cover to put us in the same position we would have been in, if you had met your duty.
If you make a deliberate or reckless misrepresentation, that is an act of fraud, and we may treat your cover as if it never existed.
We will apply these rights separately to Life cover, Critical Illness cover and Permanently Unable to Work cover.
Your duty continues up until we inform you that we have entered into a policy with you, including a reinstatement of your policy, or accepted any variations to your cover. Until that point, you must let us know if there are any changes to your circumstances.
Remember we want to be here for you and your loved ones when you need it most. So, please abide by your duty.
CAPTION: For more information, please contact us