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Questions and Answers
Customers need to know the ______ covered and circumstances for making a claim for insurance policies.
Customers need to know the ______ covered and circumstances for making a claim for insurance policies.
value
Customers need to know ______ for early withdrawal of their money for long-term savings products.
Customers need to know ______ for early withdrawal of their money for long-term savings products.
penalties
Customers need to know about types of insurance available when taking out a loan and wanting to buy ______ insurance.
Customers need to know about types of insurance available when taking out a loan and wanting to buy ______ insurance.
payment protection
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Study Notes
- People need information and advice for complex financial decisions.
- Information and advice should be accurate, up-to-date, transparent, timely, and sufficient but not too complex.
- Accurate information should describe the product, its terms and conditions, costs, rights, and obligations.
- Up-to-date information should reflect the current price and terms of the product.
- Transparent information should not hide anything from the customer.
- Timely information should be made available when the customer needs it.
- Sufficient but not too complex information should be provided to give the customer a clear idea of the product.
- Customers need to know the value covered and circumstances for making a claim for insurance policies.
- Customers need to know penalties for early withdrawal of their money for long-term savings products.
- Customers need to know about types of insurance available when taking out a loan and wanting to buy payment protection insurance.
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