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ABI to produce critical illness cover guidance
July 22, 2010
The Association of British Insurers (ABI) is to produce guidance for companies selling critical illness cover.
It is to put together checklists, as well as template scripts, to help those involved in promoting the cover after a recent report from the Financial Services Authority (FSA) raised concerns that the limitations of the insurance were not always being fully explained.
Nick Kirwan, assistant director of health and protection at the ABI, told Money Marketing: "This is about raising standards and working with the FSA and getting an approach that people are comfortable with."
Earlier this year, Aviva published its statistics on the number of critical illness cover claims it paid out on during 2009.
Last year, 91 per cent of such claims were accepted, slightly up on the 90 per cent figure recorded in 2008.
Since 2007, Aviva has paid out £343 million to critical illness cover customers, with 1,499 people receiving money last year.
Critical Illness Cover
