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The document titled 'Notice to Increase the Premium' is an important communication that serves to inform policyholders about a change in their household insurance policy. The document begins with a brief introduction, stating that the efforts to encourage policyholders to revise their sums insured have been poorly supported. It highlights the issue of underinsurance, which research shows has been well over x% in recent claims.
The purpose of the document is to inform policyholders that a provision will be introduced in all household insurance policies, automatically increasing the amount of cover at each renewal. This increase will be reflected in the premium payable by the policyholder. The document assures policyholders that allowance for this increase will be made in their next renewal notice.
The document concludes with a polite request for any queries to be directed to the sender. Overall, this document serves as an important notice to policyholders about the upcoming change in their insurance policy and emphasizes the need for adequate coverage to avoid underinsurance.
To use this document effectively, follow the steps below:
1. Read the document carefully: Familiarize yourself with the content of the document, paying attention to the introduction, main message, and conclusion.
2. Understand the reason for the notice: Recognize that the notice is being sent due to poor support in revising sums insured and the issue of underinsurance.
3. Note the automatic increase provision: Take note of the provision that will automatically increase the amount of cover at each renewal of the policy.
4. Be aware of the premium impact: Understand that the increase in cover will be reflected in the premium payable by the policyholder.
5. Expect allowance in renewal notice: Anticipate that allowance for the increase will be made in the next renewal notice.
6. Contact the sender for queries: If you have any questions or concerns, reach out to the sender of the notice for clarification.
By following these steps, you can effectively understand and respond to the notice regarding the increase in premium for your household insurance policy.