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CR273 Surrender – illustrative value grossly overstated by insurer

CR273 Surrender – illustrative value grossly overstated by insurer – policyholder relying thereon to his prejudice – held that it must have been obvious to the policyholder that the overstated illustrative value had been a mistake- insurer not liable. BACKGROUND The complainant, a practising attorney, was the policyholder in an investment policy. A schedule of […]

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CR235 Surrender of policies –nature and requirements

CR235 Surrender of policies –nature and requirements Background The complainant and his wife each wrote a letter to their insurer cancelling their policies “with immediate effect.” The insurer thereupon stopped debiting the clients’ accounts and advised: “The policies has [sic] surrender value. Please provide us with the Surrender requirements.” (This is a reference to the […]

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CR215 Costs – Complainant unhappy with return on his policies; alleging values diminished by surrender penalties

CR215 Costs – Complainant unhappy with return on his policies; alleging values diminished by surrender penalties Background The complainant had taken out three endowment policies in the late 1970’s, and he surrendered them in 2003, receiving approximately R47 000 in total. He was unhappy with this return and felt that the money he had spent […]

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CR209 Surrender – life cover reduced by approximately R200 000 due to part-surrender of the policy

CR209 • Surrender – life cover reduced by approximately R200 000 due to part-surrender of the policy – policyholder alleges she was not made aware of the effect of the part-surrender on the policy Background The complainant’s husband was the insured under a whole life policy commencing on 1 February 1999 with life cover of […]

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CR167 Surrender – right of complainant to surrender a policy – ownership of policy

CR167 Surrender – right of complainant to surrender a policy – ownership of policy. Facts The complainant had owned a hotel, the XYZ Lodge, and had purchased a policy to cover his overdraft with the bank. After the complainant sold the hotel he paid off the overdraft and then attempted to surrender the policy. The […]

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CR166 Surrender – forged signature on surrender documents

CR166 Surrender – forged signature on surrender documents Background The complainant, at the suggestion of his personal banker, discussed his life insurance portfolio with the bank’s insurance broking arm. Following discussions with the broker the complainant signed a number of documents, seemingly without giving them much attention, but he alleges that he was under the […]

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CR125 Rights of cessionary to apply for the surrender

CR125 Cession in securitatem debiti – rights of cessionary to apply for the surrender of the policy. Facts The complainant, a trader, was the cessionary of an endowment policy issued to the policyholder. The complainant notified the insurer of the cession to him of an endowment policy as security for the payment of the price […]

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CR52 Values – surrender – wrong value quoted – estoppel

CR52 • Values - surrender – wrong value quoted – estoppel The complainant had an investment with the insurer since 2000. Two years later, due to poor portfolio performance, she decided to request the surrender value. Her bank provided her with a quote indicating that the surrender value was R62 123,43 but only R40 327,54 [...]

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