Related provisions for ICOBS 2.1.2
1 - 3 of 3 items.
1Different provisions in this sourcebook may apply depending on the type of person with whom a firm is dealing:(1) A policyholder includes anyone who, upon the occurrence of the contingency insured against, is entitled to make a claim directly to the insurance undertaking.(2) Only a policyholder or a prospective policyholder who makes the arrangements preparatory to him concluding a contract of insurance (directly or through an agent) is a customer. In this sourcebook, customers
In practice, private individuals may act in a number of capacities. The following table sets out a number of examples of how an individual acting in certain capacities should, in the FSA's view, be categorised.Customer classification examplesCapacityClassificationPersonal representatives, including executors, unless they are acting in a professional capacity, for example, a solicitor acting as executor.ConsumerPrivate individuals acting in personal or other family circumstances,
A firm should bear in mind the restriction on rejecting claims for non-disclosure (). Ways of ensuring a customer knows what he must disclose include:(1) explaining the duty to disclose all circumstances material to a policy, what needs to be disclosed, and the consequences of any failure to make such a disclosure; or(2) ensuring that the customer is asked clear questions about any matter material to the insurance undertaking.