What is Life Insurance?
Life Insurance covers risks whose occurrence depends on the survival or death of the policyholder. It includes the following two types: "Insurance in Case of Life (Life Insurance)" and "Insurance in Case of Death".
The purpose of Life Insurance is to guarantee the payment, depending on the option chosen by the policyholder and indicated in the contract, of a capital sum or an annuity in the event of the occurrence of the guaranteed event: either the death or survival of the policyholder
How Does it Work?
In the case of a Life Insurance contract, and in the event of the policyholder Person's survival at the end of the contract, the policyholder Person receives the guaranteed capital in accordance with the terms of the said contract.
In the case of an "Insurance Contract in the Event of Death”, and in the event of the death of the policyholder Person before the end of the contract, the guaranteed capital (or annuity) is paid to the beneficiary (ies) designated by the policyholder Person in the contract. If no beneficiary is designated or if, in the event of the designation of one or more beneficiaries, there is no longer a beneficiary at the death of the policyholder, the policyholder capital becomes part of the policyholder’s inheritance.
The Insurer must be notified of the claim and the supporting documents. Payment of the benefit is made within the period stipulated in the contract.
Type of insurance:
Life and Death Insurance is an insurance of persons that can be taken out individually or as a group insurance.
Rights and Obligations of the policyholder?
We invite you to refer to the "Insurance Guide" published on the ACAPS portal.
What does the Authority do?
Within the framework of the powers vested in it by Law No. 64-12 establishing the Insurance and Social Security Supervisory Authority, the latter institution ensures that any and all insurance products offered to consumers are understandable, balanced, useful and that they comply with the regulations in force. It also shall monitor the reliability of the information provided to policyholders and ensure the fair treatment of policyholders by Insurers.
Legal/Judicial Remedies in Case of Dispute with Your Insurer?
In accordance with Article 7 of Law No. 64-12, the Insurance and Social Security Supervisory Authority has the power to investigate complaints from customers of insurance companies and the intermediaries (brokers) thereof. Nevertheless, it is recommended that you first contact the broker or Insurer against whom your complaint is directed. If the dispute persists after this step, you can contact ACAPS by one of the means at your disposal. The Authority shall then examine your complaint and take the most appropriate action, in accordance with the legal and regulatory provisions and within the scope of its powers, to settle the dispute.