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CR358 Universal Life policy Universal policy providing whole life cover with an investment component – guarantee date – review by insurer after guarantee date – whether insurer entitled to put policyholder to options for future: higher premiums for same cover, or same premiums for reduced cover Background 1. The complainant took out a so-called universal […]Read More
CR292 Onus of proof Beneficiary having killed the life assured – insurer raising defence that no-one can benefit from his or her own unlawful act – onus on insurer to prove that the killing was unlawful– State not proceeding with a prosecution – insurer not allowed to wait indefinitely. Background The life assured was covered […]Read More
CR274 Beneficiary nominations Joint life policy – spouses being joint policyholders – legal position when no beneficiary nominated and one of the policyholders dies. Background 1. In 1996 the complainant, Mr B, and his wife, Mrs B, took out a joint life policy to cover their bond, the sum assured being R110 000 in 1996. […]Read More
CR61 Offer to replace existing Life assurance policies by new policies – intention to terminate two original policies but premiums still collected – allegation that the two original policies were still in existence Background The complainant represented both a close corporation which took out a life policy on the life of their key man, the […]Read More