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Insurance Association: The "wrong sale" is behind credit card insurance problems

• There are different types of card insurance for which the customer pays monthly amounts.

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• Farid Lotfi: “(The Central Bank) obliges banks to clarify the conditions and details of the insurance policy on loans and cards.”

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The Emirates Insurance Association reported that "wrong selling" practices are behind the problems that credit card holders who sign contracts without reading them well are content with what the bank employee says.

The General Secretary of the Association, Farid Lotfi, told "Emirates Today" that there are different types of insurance on the cards, for which the customer pays monthly amounts agreed upon according to the contract concluded with the bank, but to benefit from this clause, whether when leaving work, traveling or bypassing Limit of the card or other, the insured must obtain the insurance policy or a copy of the contract, clarifying these terms in a manner that shows all the details, whether in terms of the name of the insured company, or the value of the insurance coverage itself.

This came as a response to what Emirates Al-Youm received from bank customers ’complaints, because their banks were not committed to fulfilling the insurance coverage agreed upon after they left work, especially after the repercussions of the Corona pandemic, after they paid sums for many years to pay the owed on the card and obtain a monthly salary For a period of three to six months, upon termination of their services, or for health conditions.

Lotfi explained that «the Central Bank obliges banks to clarify the conditions and details of the insurance policy on loans and cards, but sometimes bank employees neglect this, and here the dealer himself has to ask about all the items, read the terms of the contract well, and keep a copy of the document or contract, so that he can protest At the time of the insurance claim.

He added that “banks play in these coverage the role of mediator, while insurance companies pay if there is a valid document,” pointing out that “the dealer first, upon the occurrence of the insured harm, submits a request to the bank, to communicate with the insurance company, and then complete the procedures, and in "If the bank refuses and the customer has identity papers, he can file a complaint with the Central Bank, as it is the supervisory authority supervising the banks."

Lutfi stressed the role of the customer in protecting himself from falling victim to "wrong selling" or negative practices by reading the contract clauses well, and understanding any ambiguities in them, by asking the bank employee, in addition to demanding a copy of the insurance policy or contract that clarifies Its items.

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