Watch out for anyone who thinks that the funeral of loved ones is well organized from coffin to transport and coffee table. A recent ruling shows that Yarden is getting support for the austerity of the policy. Policyholders thought that all costs of their funeral were covered, but that has now turned out to be quite disappointing. Funeral insurance company Yarden reduced the policies of no fewer than 1 policyholders as of 2020 January 390.000. Instead of full coverage, the package was capped and the complaints institute for the financial sector Kifid supports the insurer in this.
pronunciation
De pronunciation is surprising for a family who filed a lawsuit against the insurer. The insurance terms and conditions include a clause that gives the Insurer the right to unilaterally change the terms and conditions or the premium for a category of insurance or for all insurance, a so-called “en bloc provision”.
"The company has the right to change the premium and / or conditions of a particular category of insurance or of all insurance policies" en bloc "on a date to be determined by it."
The Commission considers that a unilateral power to amend is in principle not related to the nature of the insurance contract and that this power may only be exercised in exceptional circumstances. The poor financial situation of Yarden Funeral Insurance makes it necessary to change the conditions to the detriment of the policyholders.
“Only then will the Insurer be able to meet the legal solvency standards and further action by DNB and prevent a more damaging scenario for the Insurer and policyholders. Under these exceptional circumstances, changes to the terms and conditions by the Insurer are not unacceptable according to the standards of reasonableness and fairness. ”
the Commission rejects the claim
This ruling is a binding advice. The family can appeal against this decision to the Financial Services Appeals Committee if the requirements of Article 2 of the Regulations of the Financial Services Appeals Committee are met. A period of six weeks after sending the decision applies for lodging an appeal.
Also read: Policyholders summon funeral insurer Yarden
