Cancellation of insurance policy philippines pdic makati Claim formphilippine deposit insurance corporation bldg, ayala ave. cor. v.a. ruins st., 1226 marathi city, philippines telephone no. 8414630 to 4631 toll free: 180017342 (fdic) email: pad fdic.gov.ph (please refer to the fdic website :...
Can an insurance company cancel an insurance policy?
In case of cancellation, the insurance company is required to send notice of cancellation to the insured. Section 7.6 of the IC’s guidelines detail the insured and insurer’s right to revoke, cancel, or repeal an insurance policy and the conditions when they are entitled to rescind a premium.
What is wrong with the life insurance industry in the Philippines?
The agency has the power to revoke the license of insurance companies and agents if they violate government laws including the Insurance Code of the Philippines. What is really wrong is the deceptive way life insurance agents sell and market their products inside shopping malls.
Is there a provision on cancellation of basic insurance policy?
The basic insurance policy form shall contain a provision on cancellation of the policy enumerating the grounds provided under section 7.5 of these Guidelines or a reference to Section 64 of the Insurance Code. Microinsurance and surety bond form may or may not contain such provision on cancellation under Section 64 of the Insurance Code.