Know Your Rights As A Consumer

Posted by: headm on: September 18, 2012

Some individuals are very ignorant when it comes to the rights they have regarding the various products that are launched in the market. For example, the PPI refunds issue has raised many questions regarding how well customers are informed about a product. This is because the government has realized that some insurance companies in collaboration with some banks are not giving their clients full details regarding the personal protection insurance policy. They only encourage the clients to apply for the insurance coverage. But they do not info the clients that the premiums paid for such insurance policies are refundable. Most of these clients do not bother to claim for a refund of their premiums. Even after they finish repaying their loans or the mortgage, the clients may actually apply for another loan instead of claiming for the refund of his or her premiums. This is not fair to the clients. As an insurance company, you should not retain the unclaimed premiums as part of your profits. This is against the business ethics. But the government on its part is discouraging individuals from signing up for this insurance policy. In addition, it has licensed certain PPI claims companies to help individuals who have already signed up for the policy to claim for a refund of their premiums

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