There are two forms of insurance namely life (long term) and general (short term). Life insurance are contracts for more than one year while general insurance contracts are for one year or less.
Yes. Under life insurance policy this action must be taken within the first thirty days after receiving the policy document. In case you cancel the policy within the thirty days, you will be refunded the whole premium paid less withholding tax. . Regarding general insurance business, cancellation of the policy will lead to a prorata refund of the premiums so far paid.
Failure to pay insurance premiums as stipulated in the policy amounts to breach of policy terms and conditions and leads to the termination of the contract.
No. Insurance contracts are guided by principle of indemnity which requires that the policyholder should be taken back to the financial position they were immediately before the loss occurred. Insuring the same property e.g. a house with more than one insurer so as to be paid twice should the insured loss occur amounts to gaining unduly from the contract.
Yes. You can insure your life with more than one insurer. This is because life cannot be valued.
No. motor Insurance policies are not transferable because they are personal in nature.
No. Motor Third Party Risks cover is compulsory in Kenya. Driving without this insurance is illegal in Kenya.