An informed consumer is a protected consumer!
With this sentence begins the Ivass (Supervisory Authority on Insurance) on own online page dedicated of consumers. So policyholders are defined. For their protection, public institution, the most important rules, in insurance.
It is of primary rules (more, bylaws or legislative decrees), Ministerial Regulations and Regulations issued dall'IVASS rules governing the behavior of businesses and intermediaries to policyholders.
Specifically, there are the main provisions governing the policies linked to mortgages and their sales methods. They sold in combination with mortgages are designed to provide the consumer with an insurance cover for the eventuality that it is not able to repay the loan.
Before concluding a contract it is important to keep in mind the 10 suggested aspects dall'Ivass:
• the policy is optional and not mandatory;
• you can decide who to appoint as beneficiary of the policy;
• the insurance premium usually adds to the funded capital;
• the duration of insurance coverage may not be equal to the duration of the loan;
• in the insurance contract there may be clauses providing for exemptions or exclusions, situations for which compensation is not due;
• It is important to assess whether tenders covers are really adapted to their needs and to their profile ;
• Check carefully what the form of insurance that is offered;
• It is important to check the amount of fees that banks and financial institutions ask to sell these policies;
• It is important to analyze well the right of withdrawal;
• it expires prematurely if the mortgage or transfer it to another credit institution is entitled to reimbursement of part of the premium paid and not enjoyed.
Alex Gaetani