The “Cash Back Bonus” Personal Lines policy
A cash back bonus is our way of rewarding you when you do not claim for a certain period. PWV markets a specific Hollard Insurance Company cash back bonus policy. Here is how it works::
|1||What is a “cash back bonus”
A cash back bonus is our way of rewarding you when you do not claim for a certain period. Hollard will pay you back part of the premium you have paid them as a reward for not claiming.
|2||Is the premium higher because I may receive a “cash back bonus”
No, The cost of the benefit is negligible and included in the total premium.
|3||May I elect not to participate in the “cash back bonus”
No, the cash back bonus is compulsory to this specific product.
|4||Key terms to understand
CBB Cash back bonus
Cycle An uninterrupted period of insurance, starting with 36 months, and then reduced to 24 months should you receive a CBB for the first 36 months.
How the cash back bonus (CBB) works
We will pay you 10 percent of the premiums you paid us during a cycle if you are claim-free during that cycle. This is subject to the following conditions:
o You must be claim-free for the full cycle
– You must be claim-free for the full cycle. This applies whether you pay premiums monthly or annually.
– Claim-free means that you did not submit a claim.
– There are certain types of claims that won’t affect your CBB.
– If you submit a claim:
o There may not be a break in cover
There may not be a break in your insurance cover during the cycle.
– All premiums for the entire cycle must be paid in full and within the grace period
– If your policy ends because of non-payment of premiums, or for any other reason, you will lose your CBB
– If your policy starts again, your cycle will also start again
– You cannot get a proportionate CBB if your policy lapses or is cancelled before the cycle is completed.
o How we calculate your CBB
– You will get 10 percent of the premiums you paid to Hollard for a claim-free cycle.
– If you get a CBB for your first claim-free 36 months, your cycle period will be reduced to 24 months thereafter.
– Hollard will deduct the following costs from the premium before they calculate the CBB:
o When we will pay the CBB
– Hollard will pay the CBB 30 days after the end date of the cycle as set out in your policy schedule.
– Hollard will pay the CBB into the bank account details that we have on record, unless you tell us differently.
– Once Hollard have paid a CBB, no claim will be accepted for any event that happened during the cycle for which you earned the CBB.