1. What is IPF?
This is a facility that enables you to pay your insurance premium in instalments rather than one lumpsum.
2. Key information to establish from a customer who wants an IPF facility
3. Are there any Limitations in applying for an IPF facility?
4. Is IPF workable for all types of insurance?
No. IPF is workable with insurance’s that are normally placed or renewed for a fixed period of one year.
Examples of such insurance policies:
Examples of insurance policies where IPF is not workable:
5. What are the benefits in IPF to the Customer?
6. You have accepted to use IPF. What next?
7. What is the security in these IPF facilities?
Guarantees from the relevant insurance companies undertaking to refund the Refundable premium on demand in case of default by the customer.
8. How long does it take to pay the Insurance Company(s)?
On completion of documentation it takes:
9. What happens if the Customer defaults?