GENERAL GUIDELINES

Basic Policyholder Guidelines

Make sure you have the insurance policy that will provide you with adequate coverage tailored to your needs
Opt for obtaining quotations from more than one insurer
Ask questions and compare insurers based on their service and rates in order to get the best deal and service for the coverage that suits your needs
You may want to seek the services of insurance brokers to benefit from their assistance in finding for you the most suitable policy and insurer
When dealing with a broker or brokerage firm, make sure they are duly licensed

Understanding your rights and obligations as a policyholder is fundamental.

The insurance policy includes the following documents:
– The general conditions
– The policy specifications schedule
– In life insurance contracts, the application form and the commercial illustration are also part of the policy
Before you enter into agreement with an insurer:
– Carefully read your policy document
– Give thorough consideration to the clauses and exclusions
– Review your application form and the information provided by you to the insurance company
– Make sure you understand the special provisions
– Read through your policy schedule
Your rights and the rights of your insurer are described in the general conditions document and specified in the policy schedule; you just need to know where to look
– The two sections to find are mainly the “Clauses” outlining the rules that you and your insurer must follow, and the “Exclusions” which limit the insurer’s obligations towards you
– You also need to understand when and how to file for a claim
The policy schedule shows the specifics of your benefits, and the details of the premiums and premium payments
In some cases, particularly in life insurance policies, you may have riders added to your policy.
– Each rider has its own general conditions document or section, which needs to be included in the policy
– The specifications of each rider should be clearly stipulated on the policy schedule. This includes the details of the benefits and premiums related to this rider

If you missed the payment of your insurance premium, you will probably still have coverage immediately or shortly after your payment was due
Typically, most insurance policies have a grace period of a certain number of days
Inquire about the grace period that your insurer offers you and negotiate terms of payment to avoid the cancellation of your policy

The premium you pay to the insurance company is subject to the following taxes, also called stamps and duties:
– Proportional stamps of 5% of the amount of the premium, except for transportation where it amounts to 3%
– Fixed stamps of 2,000 LBP
– Municipality taxes of 6% of the amount of the premium
Premiums related to life insurance covers are only subject to the fixed stamps