Important conditions under which insurance companies may deny claims under the Unified Borrower Life Insurance Policy have been specified by the Financial Services Authority (FSA) of Oman.
Muscat: The FSA stressed that if a borrower purposefully gives incorrect information or neglects to reveal known or medically diagnosed problems, insurance firms have the right to reject claims. The authority did, however, offer a safeguard for borrowers: in the event of death, disability, or loss covered by the policy—as long as four years have elapsed since the policy was issued—the insurance company is still required to repay the loan amount if the borrower has not disclosed a chronic illness.
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