Standard's declined CI claims fall over 10%

clock

Standard Life cut the number of critical illness claims declined in 2006 by more than half compared to 2005, following improved questions and additional warnings on forms, claims the insurer.

It says in 2006 it rejected 7.5% of claims, 3.3% of which were because the claim did not meet the policy definition – down from 10% in 2005 – while 4.2% of claims were dismissed because of non-disclosure. In these cases it says where a claim has been declined because it does not meet policy definitions it is because a customer has tried to claim for an illness or condition which is not covered by their policy – including customers who have asked whether their policy will cover a diagnosed medical condition in case they may qualify. And where Standard Life has declined a claim because of...

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

Join

 

Already a Professional Adviser member?

Login

More on Protection

Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read
Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read