Citizens are not aware of the provisions of the insurance contracts they sign, the members of the Parliamentary Committee on Trade, who discussed the issue of life insurance contracts, said today in statements.
"We have all agreed that the citizens really do not know what they sign, what they pay and what they get," said DISY MP Andreas Kyprianou, who registered the issue for discussion in the Committee.
"The small letters are what make the difference," the MP pointed out, according to which the complaints about the security of the insurance contracts are too many and therefore it is in the interest of both the insurance companies and the insured to be clarified in relation to the obligations of the insurance intermediary.
Mr. Kyprianou noted that the harmonizing legislation that imposes specific modes of operation of insurance distributors is in the voting process, ie what the insurer should say to the insured before agreeing to a private agreement.
EDEK MP Elias Myrianthous stressed that the consumer from the first moment he signs an insurance contract must know what he buys and what coverage he has.
"Unfortunately, today there is arbitrariness, especially in the contracts that the insured is required to conclude from the moment he takes a loan from the bank, mainly a housing loan," he noted. As he explained, in case the insured dies, the process of repaying the loan by the insurance company is time consuming with the result that the loan bears interest and increases, while the coverage concerns only the initial amount.
Mr. Myrianthous called on the insurer of insurance companies to consider ways to resolve the issue, noting that the state itself must find ways for the amount covered by the insured to be deposited in the bank in a parallel frozen account and bearing interest in parallel The loan.
Famagusta.News / KYPE