The number of critical illness claims (CICs) declined at Friends Provident due to the illness not meeting the definition rose in 2008, results show.
According to figures published today, 8.7% of claims went unpaid as a result of an ineligible illness last year, up from 7% in 2007. In total, 12.7% of the 691 claims received were unsuccessful, but this was down - from 13.5% - from the previous year. Friends Provident says among those declined were claims for a broken leg and a benign breast tumour. In May of 2007, trade body the Association of British Insurers (ABI) published new definitions of critical illness in a bid to provide more clarity about what policyholders are covered against. Elsewhere, the number of claims declined due...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes