Overdisclosure

About this episode

In the final episode of Season 11, Kathryn Knowles discusses the concept of overdisclosure in insurance applications and its implications for consumers.

Hi, everybody, we are on the last episode of Season 11 and I’m focusing on overdisclosure. There is a lot of discussion in our industry about underdisclosure or non-disclosure, but not a lot of focus is put on the times when people tell insurers too much. It is essential that you answer insurance applications truthfully and to the best of your knowledge, but you don’t need to volunteer information that the insurer doesn’t ask for. It’s one of the reasons why people can be a bit nervous about iGPRs as it does give the insurer a lot more information than they are generally asking for. Insurers are meant to ignore information that is not relevant to the questions that they ask, but that isn’t always the case. The key takeaways: The Consumer Insurance (Disclosure and Representations) Act 2012 means that consumers need to be careful to not misrepresent themselves to insurers, but also explicitly states that consumers do not need to volunteer information to insurers that isn’t asked for Insurance for commercial customers works differently as they do not have the protection of CIDRA 2012 Examples of insurance questions in protection insurance that can lead to both over and…

People in this episode

Host: Kathryn Knowles

Topics covered

• overdisclosure
• insurance applications
• Consumer Insurance Act
• underdisclosure
• insurance questions
• iGPRs

Keywords

• overdisclosure
• insurance applications
• truthful answers
• Consumer Insurance Act
• iGPRs
• commercial customers
• insurance questions

Sponsors

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