Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII : Business practice, policies and policyholder protectionBusiness practice48. Summary, inspection and copy of policy |
| 1) | A person who enters into or varies a long-term policy, other than a fund policy and a reinsurance policy, shall be provided in writing or in another form prescribed by the Authority, by the long-term insurer concerned, with information, in the form of a summary, relating to at least the following matters, namely— |
| a) | those of the representations made by or on behalf of that person to the insurer which were regarded by that insurer as material to its assessment of the risks under the policy; |
| b) | the premiums payable and the policy benefits to be provided under the policy; and |
| c) | the events in respect of which the policy benefits are to be provided and the circumstances (if any) in which those benefits are not to be provided, and shall be provided with that information as soon as possible, but not later than 60 days after the parties enter into or agree to vary the policy. |
| 2) | The summary referred to in subsection (1) shall be prima facie proof of the agreement, but shall— |
| a) | not be deemed to be part of the policy; |
| b) | in the absence of evidence to the contrary, be deemed to be exhaustive of the matters which are material to the assessment of the risks under the policy. |
| 3) | The policyholder shall be entitled to be provided, upon request, with a copy of the policy. |