Back to blogUpdated · 1 min read

Policyholder

A policyholder is the person who bought the insurance policy. They are the owner of the insurance contract and are responsible for paying the premiums on the cover and are the only ones who can make changes to the policy or cancel it.

Who protects my rights as a policyholder?

In South Africa, policyholders are protected by the Ombudsman for Short-Term Insurance (https://www.osti.co.za) and the Ombudsman for Long-Term Insurance (https://www.ombud.co.za). Your insurer generally lays out a step-by-step process that you can follow if you believe that your insurer has treated you unfairly. One of the steps being that you can complain to the Ombudsman, who will take a look at your case free of charge.

What are my rights as a policyholder?

In South Africa, all policyholders have the right to be treated fairly as set out by the Treating Customers Fairly (TCF) regulatory framework.

You might also like

Definitions

Subrogation

Subrogation means that your insurance company has the right to pursue a third party that has caused you to suffer a loss. This is so that your insurance company can claim back the money they spent on repairing or replacing your insured item(s).

1 min read
Definitions

Sum insured

A sum insured is the maximum amount that your insurer will pay if you make a claim for a covered event.

1 min read
Definitions

Wear and tear

Wear and tear is damage to an item that is caused over time through use. For example, every time you drive your car the tread on your tyres slowly wears down. Wear and tear is usually not covered by insurance policies or warranties.

1 min read