Overview:

• Disclosure Requirement: If a customer has had a previous insurance policy cancelled, voided, or refused, it's mandatory to disclose this when applying for a new policy.

• Customised Assessment: Cancellation reasons and types are considered differently depending on various circumstances. Conduct a thorough inquiry to gather all necessary details, which may then be referred to the underwriter.

Question to Ask Underwriter:

• Was the policy voided (cancelled from inception)?

• What was the reason for cancellation?

• When did the cancellation occur?

• Has the customer been re-insured since?

• If not re-insured, have they been driving uninsured?

Examples:

• Favourable Scenario: A policy cancelled due to a direct debit default may be viewed more favourably by insurers.

• Unfavourable Scenario: A customer with a prior policy voided for non-disclosure may be declined due to previous misrepresentation.