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CR384 Delay in payment; interest; in duplum rule Background: 1. The policy commenced on 1 July 1995. It covered life, capital disability and a double accident (as defined) benefit each at R48 176. 2. The life insured Mr. V, a Police Officer, passed away as a result of a gunshot wound to the head on […]Read More
Interest on late payment CR379 Dispute about calculation of payment in respect of a disability claim based on psychiatric grounds; whether interest payable. Background 1. The complainant last worked on 21 January 2014. She lodged a disability claim in respect of depression (for a lump sum) with the insurer on 10 March 2014. At this […]Read More
CR357 Late payment Is the insurer liable to pay additional interest? Background 1. An insurer issued a mortgage protection plan to the deceased which commenced on 28 May 2008. The policy was issued as a security for a mortgage bond granted by a bank to the deceased. As such, it was ceded to the bank. […]Read More
CR282 Interest on late payments Insurer in mora – endowment policy- insurer’s duty to take reasonable steps to find policyholder to make payment on maturity. Background The policyholder’s endowment policy matured in June 2004. The insurer averred that it had sent a maturity letter by unregistered mail to the policyholder’s last known address, but the […]Read More
CR223 Interest – complainant cancelled during the cooling-off Background 1. The complainant had signed an application form on 6 April 2005 for a “Sinking Fund” policy. It later transpired that someone other than the complainant or his adviser had completed the investment portfolio detail as “Money Market Fund”. 2. What in effect had happened was […]Read More
CR188 Interest on late payment – delay of payment to nominated beneficiary caused by persons involved in the administration of the estate of the policyholder – whether steps taken by the insurer to locate the nominated beneficiary were reasonable? Background The complainant, Mrs B, was nominated as the beneficiary on a policy of her former […]Read More