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Old Mutual's replyOfficial
14 Dec 2018, 10:28Hi Sibongile/Nicolene
Thank you for the review. I have called your cell phone and left a voice message.
We note that you sent an e-mail to our Group Schemes division on 12 December 2018 and that they responded to you on 13 December 2018.
The Funeral policy you had, was a "risk" policy in that you pay a premium to Old Mutual and Old Mutual accepts the risk that you might claim for when the covered lives die. That means that you risk paying a premium every month and not claiming. The converse could be true that you pay a premium and Old Mutual pays out the cover which means both of us accept a risk.
The law on insurance confirms that the premiums paid to a policy is not refundable if the risk had already run, as it did with your policy. The fact that you did not claim does not mean that the premium is refundable.
Feel free to reply to my e-mail or call me on the number provided.
Regards
Brent Sellidon
Complaints Management
Thank you for the review. I have called your cell phone and left a voice message.
We note that you sent an e-mail to our Group Schemes division on 12 December 2018 and that they responded to you on 13 December 2018.
The Funeral policy you had, was a "risk" policy in that you pay a premium to Old Mutual and Old Mutual accepts the risk that you might claim for when the covered lives die. That means that you risk paying a premium every month and not claiming. The converse could be true that you pay a premium and Old Mutual pays out the cover which means both of us accept a risk.
The law on insurance confirms that the premiums paid to a policy is not refundable if the risk had already run, as it did with your policy. The fact that you did not claim does not mean that the premium is refundable.
Feel free to reply to my e-mail or call me on the number provided.
Regards
Brent Sellidon
Complaints Management
Best regards,
Old Mutual's reply14 Dec 2018, 10:28
Official
Hi Sibongile/Nicolene
Thank you for the review. I have called your cell phone and left a voice message.
We note that you sent an e-mail to our Group Schemes division on 12 December 2018 and that they responded to you on 13 December 2018.
The Funeral policy you had, was a "risk" policy in that you pay a premium to Old Mutual and Old Mutual accepts the risk that you might claim for when the covered lives die. That means that you risk paying a premium every month and not claiming. The converse could be true that you pay a premium and Old Mutual pays out the cover which means both of us accept a risk.
The law on insurance confirms that the premiums paid to a policy is not refundable if the risk had already run, as it did with your policy. The fact that you did not claim does not mean that the premium is refundable.
Feel free to reply to my e-mail or call me on the number provided.
Regards
Brent Sellidon
Complaints Management
Thank you for the review. I have called your cell phone and left a voice message.
We note that you sent an e-mail to our Group Schemes division on 12 December 2018 and that they responded to you on 13 December 2018.
The Funeral policy you had, was a "risk" policy in that you pay a premium to Old Mutual and Old Mutual accepts the risk that you might claim for when the covered lives die. That means that you risk paying a premium every month and not claiming. The converse could be true that you pay a premium and Old Mutual pays out the cover which means both of us accept a risk.
The law on insurance confirms that the premiums paid to a policy is not refundable if the risk had already run, as it did with your policy. The fact that you did not claim does not mean that the premium is refundable.
Feel free to reply to my e-mail or call me on the number provided.
Regards
Brent Sellidon
Complaints Management
Best regards,