Question 1
The policy holder can take the following action:
(i) First course of action is to approach the company to discuss the problem direct. It is the easiest and fastest way of sorting out the problem and means that it can be discussed amicably.
(ii) The next action is to approach the Regulatory Authority Board (RBA) who have experts and are able to give help and advice on different types of pension schemes.
(iii) He can ask for the board to calculate the opportunity cost lost (which can be counted in treasury bill rates) compared to what is the market rate and be paid the difference e.g if he was to get 8% and is getting 4% now the difference of 4% should be paid to him.
(iv) If not satisfied he can co to the Pensions Ombudsman, whose decision is legally binding. The complaint must be referred to the Pensions Ombudsman within three years.
2. Role of loss adjuster
Loss Adjuster's prime function is to evaluate the cause and extent of damage and agree a claim settlement. Their role is to process the claim from start to finish, to ensure that the interests of the insurer are preserved, and to minimize the extent of the loss if possible. He can also be of considerable help to the insured, and has the knowledge and experience to advise on loss minimization, rebuilding and repair.
Information a loss adjuster will provide to the insurance company:
It is important for the Loss Adjuster to establish the cause of damage and thereafter, ...