Life Insurance Contract Provisions
One of the most important things to remember with relation to life insurance is that the policy, that is to say the physical documents comprising the actual insurance contract, is extremely important.
Because a Hong Kong life insurance policy can be in force for many years before a claim is made insurance companies will normally require physical proof of purchase. As part of this, many Hong Kong Life insurance plans will stipulate that the physical policy documents are presented to the insurer when a claim is made – these stipulations are known as Entire Contract Provisions.
What is "The Entire Contract Provision?"
An Entire Contract Provision on a Hong Kong life insurance policy will provide a definition for the documents which make up the policy – typically the original application and the schedule of insurance issued by the insurance company.
It will also name the individuals authorized to make changes to the policy on the part of the insurance company. However, it is important to note that under an Entire Contract provision no changes can be made to the policy once it is issued without first obtaining consent from the policyholder.
What does this mean?
In the simplest terms, the Entire Contract Provision means that the policyholder must agree to any changes to the policy, and that the policy is essentially “written in stone” when it is issued.
For this reason the original policy documents must normally be provided with a claim. It is very difficult for an insurance company to Contest the validity of a Hong Kong life insurance policy after a certain period of time, and they will consequently wish to ensure that the policy is as it seems.
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