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CR319 Beneficiary nominations Beneficiary nominated for proceeds of investment policy on death
CR319 Beneficiary nominations Beneficiary nominated for proceeds of investment policy on death – policyholder subsequently adding two further lives insured – effect was to prolong the life of the policy until the death of the last-dying life insured – policyholder dying shortly thereafter – no benefit therefore payable to the beneficiary on his death – […]
Read MoreCR100 Investment – losses incurred from investment for elderly client
CR100 Investment – losses incurred from investment for elderly client – investment considered inappropriate – misselling – reinstatement recommended Background In 1990, following the death of her husband, the 66 year old complainant invested an amount of R400 000 with an insurance company. Her stated intentions were to obtain a monthly income and on her […]
Read MoreCR99 Investment instruction not carried out
CR99 Investment instruction not carried out – monies invested in second hand endowment policy – loss of capital Background In May 2000 the complainant, acting through a brokerage which is a member of our scheme, instructed a bank to invest an amount of R93 104 on her behalf and to arrange that the interest be […]
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