Contract Certainty
Contract certainty means that each party will know the exact details of a product at the time when it is being sold, without there being any misunderstandings at a later dateIt was developed in response to regulatory concerns about the 'deals now – details later' culture of the insurance industry.
This course enables your employees to familiarise themselves with and better understand the principles of contract certainty within insurance.
- 30 Minutes
- All staff
- Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.
Learning objectives
- Understand the regulator's challenge over the issue of contract certainty, the industry's reaction and the regulator's response
- Familiarise yourself with the principles of contract certainty within insurance when entering and after entering into the contract
- Be aware of how insurers and brokers must demonstrate their performance
- Understand the requirements in respect of contract changes
What can you expect your employees to learn?
Introduction
The challenge for the regulator
The reaction in the industry
- What do you think?
The response of the regulator
Contract certainty principles
Your responsibility
When entering into the contract
What effect does this have?
- Scenario 1
- Scenario 2
- Scenario 3
- Scenario 4
Summary
Affirmation
Assessment
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