Negligent life insurance claims will be subject to a five-year non-contestability period, the Law Commission proposes.
A House of Lords judgement that property owned jointly by unmarried couples should be split equally unless one party can prove to have a higher ‘beneficial interest' in the asset is a ‘welcome clarification' for cohabitees, says Advicenow.
Intermediaries should be regarded as agents of insurers when they obtain pre-contract information, unless they are genuinely searching the whole market on the insured's behalf, suggests the Law Commission.
Introducing a non-contestability period into life insurance contracts is unlikely to result in consumers taking less care over disclosing information, says a Court of Appeal judge.
The majority of cohabiting couples could be leaving their partner unprotected when they die by not leaving a will, as 55% falsely believe the concept of ‘common law marriage' provides the same rights as married couples.
The Law Commission has confirmed it is investigating the responsibility of advisers during the protection application process, as part of a wider examination into the law of 'agency'.
The Law Commission's proposals to introduce a non-contestability clause into life insurance and critical illness policies is likely to lead to a cross-subsidy in favour of "liars", warns Jon Briggs, protection research manager at Hargreaves Lansdown....
The Law Commission is to publish a further insurance law issues paper on non-disclosure next month, which specifically examines the role of intermediaries and their relationship with providers.
The Law Commission's proposal to introduce a non-contestability period into protection policies will cause insurers to be more selective about which clients they put on their books, according to speakers at an RGA life insurance conference.
By now most people are aware of the Law Commission's consultation on the subject of non-disclosure. If you're not aware of this you can download the consultation paper from their website.