The Importance Of Getting Your Paperwork Right

Mon July 23rd 2018

Your insurer isn't trying to be difficult when asking for additional information – there's a specific reason behind every request. Annoying and frustrating though it may be, it's important to remember that the insurer wants to make sure you get the right cover for your situation and needs. In this article, we look at the implications of not getting the right paperwork in at the right time.

Let's face it, completing forms is never top of anyone's list of favourite pastimes. And it's frustrating when you spend time filling in a form and hit the submit button thinking the job's done, only to be asked to provide more information. It's happened to all of us at some point. Not only is it time consuming and annoying, when it comes to insurance it could also mean that you're not covered. In this article, we look at the implications of not getting the right paperwork in at the right time.

Importance Of Clear, Concise Information

So, what happens if you don't submit the right paperwork? Well, there are several consequences so let's look at each in turn.

Delays: The most obvious implication is that the processing of your insurance will be delayed. Your application cannot be approved unless all the supporting information is available. This means that even though you've sent in a signed form, you won't be covered if there is some information missing. And this also applies to renewals of existing policies.

Errors: Send in supporting information in dribs and drabs and you run the risk of errors creeping into the process. It's hard to keep on top of where things are at for both the client and the insurance adviser. It's possible, therefore, that you could find when you subsequently make a claim that in fact you're not covered because the application was never properly signed off.

Refusals: Incomplete information also increases the risk of your application being refused. You could find that exclusions may be applied to the policy as not all the documentation has been received and the underwriter sees gaps in the application.

Increased premiums: Most insurance quotes are valid for 30 days. If your application is not submitted in full within the 30 days, the premium may well have increased by the time the application is finally approved.

Importance Of Correct Medical Information

One of the main areas where additional information is often needed is in relation to medical conditions. Clients can find it annoying when they are asked to provide further medical explanations when their GP has suggested that their condition doesn't pose any great risk. Underwriters and GPs, however, have different perspectives. A GP's main focus is on the immediate risk to the patient and how to respond to and treat their symptoms. An underwriter, on the other hand, must consider past and present conditions and how these will affect the individual on an ongoing basis. The underwriter's focus is more about the risk the medical condition poses for the entire duration of the policy. Balancing the scales through specific terms and exclusions allows an insurance company to provide cover on the fairest, most consistent basis.

Get It Right First Time

The bottom line is that you will save yourself a lot of time and hassle if you complete the form and send in all the information at the same time. Incomplete documentation or insufficient information will only see your application delayed or worse still refused. And in the meantime, you won't be covered should the unexpected happen.

Your insurer isn't trying to be difficult when asking for additional information – there's a specific reason behind every request. Annoying and frustrating though it may be, it's important to remember that the insurer wants to make sure you get the right cover for your situation and needs.

If you would like some advice or more information on what you should be submitting with your application, then get in touch with us here at Cave Financial. We're always happy to help.

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