Terms of Business

Rata Insure is required to provide clear and transparent insurance disclosures to policyholders. The purpose of insurance disclosures is to inform policyholders about the key terms, conditions, coverage, exclusions, and other important details related to their insurance policy. These disclosures are essential for ensuring that customers have a comprehensive understanding of their insurance coverage and can make informed decisions about their insurance needs.

Insurance disclosures in New Zealand typically include the following information:

1. Policy Wording: The insurance policy wording contains the specific terms and conditions of the policy, including what is covered, what is excluded, and the scope of coverage provided.

2. Policy Summary: Many insurance policies have a policy summary that provides a concise overview of the policy’s main features, including the sum insured, coverage period, excess, and significant exclusions.

3. Premium Details: The disclosure should clearly outline the premium amount, payment frequency, and any additional fees or charges associated with the policy.

4. Exclusions: The disclosure should list any situations or circumstances that are not covered by the insurance policy. Exclusions are crucial for policyholders to understand potential gaps in coverage.

5. Claim Process: Information about how to file a claim and the steps involved in the claims process should be included in the disclosure.

6. Renewal and Cancellation Terms: The disclosure should explain the renewal process and the policy’s cancellation terms and conditions.

7. Cooling-off Period: Some insurance policies provide a cooling-off period during which the policyholder can cancel the policy without penalty if they change their mind.

8. Policy Changes: If there are any changes to the policy during its term, the disclosure should inform the policyholder of the changes and their implications.

9. Contact Information: The insurance company’s contact details, including customer service and claims helplines, should be readily available in the disclosure.
   
   

At Rata Insure our insurance disclosures are provided to policyholders in writing, either as part of the policy documents or as a separate document accompanying the policy. It is essential for policyholders to carefully review the disclosure and seek clarification from the insurer or insurance broker if there is any information they do not understand or require further explanation.