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CR287 Loans Loan –against policy as security – interest limit in terms of the in duplum rule – alternative remedies. BACKGROUND The complainant held a policy with a death value of R1 500 000. He required cash for his business, and in September 2002 he borrowed R41 000 on the policy. In terms of the […]Read More
CR246 Loans Interest limit in terms of in duplum rule – loan on policy repaid in part – meaning in rule of “amount of unpaid loan”. Background A policyholder borrowed R9 000 from the insurer against his policy. The debt was subject to the in duplum rule (as the loan was made after 1 January […]Read More
CR227 Loans – Loan on security of policy – complainant alleges interest rate not disclosed Background 1. On 6 April 2001 the complainant made an off-shore investment in a policy in the amount of R400 000. The sale was done through a broker. 2. In the policy it is stated that interest bearing loans were […]Read More
CR144 Loans – loan against a policy –rate of interest left blank in application form – no subsequent agreement on rate of interest – validity of contract Background The complainant applied for a loan of R2500 by signing a document entitled “Acknowledgement of Interest Bearing Loan on Policy.” One of its terms read: “I will […]Read More