What is product disclosure statement in insurance?

What is product disclosure statement in insurance?

A Product Disclosure Statement (PDS) tells you what you are and are not covered for under a specific policy. It highlights things such as insured events, claim limits, exclusions, discounts, benefits and information on how our claims process works.

Who is Westpac insurance Underwriter?

Westpac Motor Insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 (Allianz). Westpac Banking Corporation ABN 33 007 457 141 arranges the insurance as agent of Allianz, but does not guarantee the insurance.

What insurance company does Westpac use?

Westpac Life-NZ-Limited
Westpac life, income and debt insurance is arranged by Westpac and underwritten by Westpac Life-NZ-Limited (“Westpac Life”) and/or third party insurers.

Who owns Westpac General Insurance?

Allianz Australia
Allianz Australia announced today the completion of the transaction to acquire Westpac’s general insurance business, and commenced a 20-year exclusive agreement to distribute general insurance products to Westpac customers.

What is duty of disclosure in insurance?

A: When you apply for an insurance policy, or renew or extend your existing policy, you have to tell the insurer everything about you and your situation that is relevant or could reasonably be expected to be relevant to the insurer’s decision to insure you.

How do you read a policy wording?

How to Read an Insurance Policy

  1. 1) Ascertain who qualifies as an insured.
  2. 2) Confirm all forms and endorsements are included.
  3. 3) Annotate the policy form.
  4. 4) Read the insuring agreement first.
  5. 5) Read the exclusions.
  6. 6) Read the exceptions to the exclusions.

How can I get my car insurance back?

3. Download a duplicate policy papers:

  1. Visit the official website of the company.
  2. Select the option to download an e copy of your policy.
  3. Input your policy number and registered mobile number.
  4. An OTP will be sent to your registered mobile number.
  5. Enter the OTP in the portal for verification.

Which is the best car insurance in Australia?

Best Quality Car Insurance winners

  • GIO Platinum Car Insurance.
  • NRMA Comprehensive Plus Car Insurance & Comprehensive Car Insurance.
  • RAA Comprehensive Car Insurance.
  • RAC Comprehensive Car Insurance.
  • RACV Complete Care Car Insurance.
  • SGIC Comprehensive Plus Car Insurance.
  • SGIO Comprehensive Plus Car Insurance.

Does Westpac do insurance?

Insurance | Quotes for Home, Car & Travel Insurance | Westpac. Whether it’s for your home, contents or car, life, income or travel, these insurance articles can help you ensure you’ve got the right cover for the people and things that matter most.

What is Westpac’s interest rate?

Westpac has home loans for owner-occupiers and investors, with rates starting from 1.99%.

What is non-disclosure in insurance?

Non-disclosure is, through intent or ignorance, failing to disclose essential information to your insurance provider when getting a quote for a new policy. By entering an insurance contract, both parties have a duty to be honest with each other.

What you mean by general insurance?

Definition: Insurance contracts that do not come under the ambit of life insurance are called general insurance. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset.

Are there other disclosure documents on the Westpac website?

In addition to PDSs and FSGs this website also contains other disclosure documents such as prospectuses, product information statements (PIS), annual reports and product offerings.

Who is issuing WestPac home and contents insurance?

Supplementary Product Disclosure Statement. Home and Contents Insurance is issued by Westpac General Insurance Limited (WGIL) ABN 99 003 719 319 (except for workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance.

When did Westpac apply for a credit guide?

A Credit Guide (CG) provides important information about a licensee’s obligations in relation to consumer lending products regulated by the National Credit Code. Effective 1 March 2011, Westpac holds an Australian Credit Licence (ACL) No. 233714.

What is a supplementary PDSS for Westpac Bank?

Supplementary PDSs may be issued from time to time and must be read in conjunction with the PDS to which they relate. A Financial Services Guide (FSG) describes the financial services offered by, and important information about, a financial services licensee. Westpac Banking Corporation holds an Australian Financial Services Licence (AFSL).