Insurance Question/Complaint

N

neighbourag

Guest
Hello,

Just looking for some advice on problem with insurance, I will tell you in general terms what my problem is - basically I had an insurance policy that matured in May but never received the dividend - the company claim that they sent the cheque out and was cashed but I haven't received it? I have no idea if it has been cashed or what happened it...

I presume it is up to the insurance company(who are now based overseas) to ensure that the cheque doesn't get lost in the post or missappropriated in any other way? If the company starts to play hardball where should I direct my complaint? the financial ombudsman or will that delay the issue for months upon months?

Just looking for general advice as I haven't had this issue before or never dealt with a company like this...
 
The insurance company should be able to track the cheque down i.e. which bank and who cashed it. there must be a signature and as far as i remember,the banks have copies of such - meaning the bank can forward the copy to insurance company and they will see then, if it really was you i.e. if there is another name on it as the sig. they have proof you didn't cash it.

I was always under the impression that if a cheque is put into your name, no third party can cash it on your behalf or for themselves but maybe there are different types of cheques.

Also, same with the Revenue and other institutions - I never got why cheques are never sent by registered post given the fact that anything worth money is often lost in transit....

Anyway, call them and ask them for proof that they have sent the Cheque to you and that you have cashed it.
 
Assuming the cheque is a € cheque issued in ROI, the banks are obliged to store an image of that cheque for at least 6 years. You should ask your insurance company to place a trace on the cheque in question, all they need to do is contact their bank with the serial number of the item involved. It may take a couple of weeks for them to get a response from the bank.

If the cheque is in your name and crossed "ac payee only" then it can only be lodged to an account in your name. However, if the cheque is not crossed like that and someone intercepts the cheque before it gets to you (or steal it from you afterwards), they could forge an endorsement over to themselves and lodge it to their own account.
 
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