INSURANCE REGULATORY AUTHORITY
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                                                                                      “Bima bora kwa Taifa”
                                                                       Understanding Your Insurance Policy
           n insurance policy is a             before the completion of an               You are required to refer to it when      the signature of the insurance            Insurance Agent, Medical Insurance 
           legal contract between an           insurance contract. It identifies         reading the policy.                       company’s authorized officer and          Provider, Insurance Company or IRA 
     Ainsurance company and a                  the parties to the contract, the          Policy Benefits:                          the policyholder’s signature. You         for further guidance.
     policyholder. It is the evidence          agreement, the proposal form,             Describes the types of benefits the       are required to sign this part of the     NB: Previous articles published 
     that you are insured and is               the premium amount, refers to             policy will pay in the event of a loss.   policy only when satisfied with the       in this series are available on our 
     normally issued after paying the          the policy schedule, any report or        These include Theft, Burglary, Death,     policy. You have a maximum of             website.
     first premium. As a policyholder,         other document relating to the            Disability, Surrender and Maturity        thirty (30) days, also known as the 
     it is important that you read and         policy, policy terms and conditions,      benefits among others.                    cooling off period, within which you      You may also visit our website for 
     understand your policy. This will         compensation upon the happening                                                     can decide to sign or refuse to sign      more information. (www.ira.go.ke)
     enable you to verify whether it           of the insured event and the sum          Policy Exclusions:                        the policy. 
     meets your insurance needs.               insured.                                  Exclusions are risks the insurance        Many buyers of insurance sign 
     Further, reading the policy will help     Policy Schedule:                          company is not prepared to cover          policies without understanding 
     you understand your rights and            Outlines your name and address;           under the policy. Examples include        its terms and proceed to keep it 
     obligations as well as those of the       type of policy taken; the policy          HIV/AIDS, Riot, Intake of Illegal         safely only to produce it at the 
     insurance company.                        number; your business or                  Drugs & Alcohol and War, among            time of a loss. This is dangerous 
     There are a number of terms used          profession; date of commencement          others. Some insurers, however,           and is synonymous with using a 
     in an insurance policy and which,         of cover; period of insurance;            allow policyholders to buy back           driving license to which you have 
     as a policyholder, you need to            sums assured; premium amount              some of the exclusions by paying          not appended your signature and 
     understand and familiarize yourself       and provision for signature of the        additional premium.                       whose expiry date you do not 
     with:                                     insurance company’s authorized            Policy Conditions:                        know. 
     Title of Policy:                          official. It also contains cover          These are rules guiding the policy        Note that different policies 
     This section indicates the class or       limits defining the highest benefits      such as how to revive a lapsed            have different terms and the 
     type of policy that you are taking        payable in case of a loss.                policy, surrendering a policy, rules      ones highlighted here are 
     and also includes the name and            Definitions:                              guiding policy loans, loss of policy      common to most insurance 
     address of the insurance company.         Defines the terms used in the policy      document, duty of disclosure and          policies. 
                                               document. This section is very            policy cancellation and termination. 
     The Preamble:                             important and is meant to guide           Signature and Attestation:                In case you do not 
     Sets out the necessary conditions         you in understanding your policy.         This section contains a place for         understand any terms in 
     that must be met by the parties                                                                                               your policy, contact your 
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                  consumeredu@ira.go.ke or commins@ira.go.ke  www.ira.go.ke                          @ira_kenya                    Insurance Regulatory Authority – Kenya