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CONSUMER WORDINGS GUIDANCEV3.0 19 April 2017CONTENTSPagePURPOSE & SCOPE1INTRODUCTION2The insurance contract2The Basics2Policy layout / Format4Who should consumer wordings be used for?5GUIDANCE6Preamble/Introduction7Important
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What is consumer wordings?
Consumer wordings are the set of terms and conditions that describe the coverage and exclusions of an insurance policy.
Who is required to file consumer wordings?
Insurance companies are required to file consumer wordings with the appropriate regulatory bodies.
How to fill out consumer wordings?
Consumer wordings should be filled out accurately and in compliance with regulatory requirements.
What is the purpose of consumer wordings?
The purpose of consumer wordings is to clearly communicate the terms of an insurance policy to the policyholder.
What information must be reported on consumer wordings?
Consumer wordings must include details of coverage, exclusions, limitations, and other policy terms.
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