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Insurance policies cancelled

Jeremy did not remember cancelling his insurance policies, but was able to see that it was reasonable for his insurer to think that was his intention

Replacement insurance – was best practice followed?

Jane’s financial adviser recommended that she move her life and mortgage protection insurance company to a new insurance company. Jane did not disclose a pre-existing medical condition and a claim under her mortgage protection insurance was later declined. The adviser’s process was flawed but did not cause a direct financial loss. The adviser paid compensation for inconvenience.

ACC cover but no insurance

When Kate suffers a back injury, she is surprised to find her income protection insurance doesn’t kick in for 13 weeks since the accident. To make matters worse, her insurance claim is then declined for non-disclosure of medical conditions. Was any of this her adviser’s fault?

Life and trauma insurance – compulsory or recommended?

Rawiri and Jenny’s financial adviser recommended they get life and trauma insurance cover when they refinanced. A couple of years later, Rawiri asked the adviser to cancel the insurance, but the adviser said it was compulsory for them to keep it as part of their refinance.

Failure to act in client’s best interests

Sobitha’s financial adviser was unable to show that he acted in Sobitha’s best interests when recommending an insurance change that left Sobitha with less cover than she believed was in place

An insurance policy switch

In January 2014 Elizabeth moves her life, trauma, and income protection policies to another insurer, on her adviser’s recommendation. The new insurer then cancels Elizabeth’s policies for non-disclosure.

Alleged $100,000 loss for incorrect premium estimate

Farooq reduced his wife’s life insurance cover by $100,000, based on an inaccurate premium estimate provided by his insurance adviser. As a result, Farooq received $100,000 less when his wife was diagnosed with a terminal illness. Had the adviser caused Farooq to suffer a $100,000 loss?