Do you read Product Disclosure Statements or Terms and Conditions?

Bretrick

Bretrick

Well-known Member
Location
Perth Western Australia
They are farcical and really only benefit the company who is the issuing agent.
Some of these statements can be dozens of pages long and deliberately confusing so the average person gets lost and confused.
I was about to take out an APIA car insurance policy. Their PDS is 80 pages long with additional information guide added.
With statements such as; subject to clause 14 (2b).
Businesses piss me off big time
 

Sometimes I do.

I bought some hand gloves at amazon for people with Carpel tunnel syndrome, which I have a mild case of, and the info that came with them said they could contain allergens.
I have multiple allergies- and haven't worn them yet.

But you minded me of the Class action law suit against a major Life insurance company I was in years ago.

It was a matter of briefly reading the terms of a few policies I had- but some agents had changed the policy as they explained it to me and others. I even had as evidence , hand written statements my agent made on the policies themselves. They had to refund all premiums I had paid for many years, because we had been lied to.

I had to obtain personal life insurance from a different company and I did read every word of the policy many times and have had no problems since.

This same company recently paid $123 Million out to policy holders for a different type of class action lawsuit. I guess they didn't learn their lesson.
 
I do try to glance at them, at least to find out if they sell a person's data or in case they have some sneaky charges.

Once I had a temporary job where I had to verify the correct terms and conditions, different per state, that covered the insurance products the software was selling. Tedious reading but some was interesting, I hadn't realized before that job that when my employers offered a 60% salary insurance for long term disability, that Social Security disability payments were counted toward the 60%, so that if a person qualified for SS at 50%, that the extra insurance only added 10%.
 

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