Example of the usefulness of the Quality Scan: insurance product with Amex Gold Card
That controlling the quality of an insurance product is urgently needed is evident from a few examples we show you. "All external mishaps" includes all causes except Own Failure. ANWB / Unigarant replaced the term "All external mishaps" with a term of its own devising : "All external claims events".
But this brainchild only included Unigarant's own composite set of events. At least so it appeared from the definition found in the terms and conditions.
Only a quality test compiled by professionals, can provide relief for the advising intermediary.
Review AMEX continuous travel insurance:
A few years ago, at the request of a client, we examined the travel insurance product that is automatically in force if one has a so-called Gold Card with American Express. Gold Card.
The leaflet leads one to believe that this is a continuous insurance policy that covers every conceivable risk when travelling. However, there is a considerable difference between the presentation in the leaflet and the actual terms and conditions.
We would like to point out some interesting passages from the terms and conditions.
Page 1: introduction to the product
All trips taken on a regular scheduled flight and paid for with the Gold Card are covered by AMEX's "free" insurance. The Gold Card then provides worldwide travel accident cover up to an amount of F. 400,000.
But:
The insurance is only effective provided one paid the cost of a scheduled flight with the Gold Card from Amex. Any other trips you take are therefore not covered by this continuous travel insurance. Since most travel agencies do not accept payment by credit card, most trips are therefore outside the cover.
Only accidents while travelling by plane, train, taxi or bus !
If the insurance is in force, only the risk of accidents while using a public means of transport is covered during the trip. Payment of the taxi may also be made in cash, but the journey must go to the airport where a credit card paid air ticket is ready.
Per taxi to the airport to buy a ticket with the credit card: no coverage in the taxi!
Amex's advice: get travel insurance!
In the terms and conditions, we found an unusual phrase. Amex advises its cardholders to ALWAYS take out travel insurance in addition to the free GOLDEN CARD insurance. Unsurprisingly, we wholeheartedly support this call.
No money in the event of a slow death
If you have an accident and don't die for 100 days: there will be no payout.
Or do you discover after those 100 days that you have nevertheless been seriously permanently disabled by that accident; again, no benefit rights.
GOLD FINGER .........of MACK THE KNIFE?
If you are properly awake and reported to AMEX promptly and in good time after your crash, then insurance usually doesn't cover anything either, unless you:
because of amputation you have no hands left or
are completely deaf or
are missing a hand and a foot due to amputation or
are missing a hand and an eye due to amputation or
are missing a foot and an eye due to amputation
If you have and can prove that you were using a public means of transport that you paid for with the Amex Goldcard, you are in luck: You will receive F. 400,000.
Amputated on you only a hand or a foot or an eye, you will receive the summa of F. 200,000.
.
Otherwise, YOU HAVE BAD LUCK
If you have lost the function of speech, swallowing, kidneys, smelling, spleen, nerves or other things, you should call your own insurer immediately, because AMEX's policy will not pay anything in case of loss of such essential functions.
FLEVEL FLIGHT CAPACITY
If you are unlucky enough to be hijacked on a scheduled flight you paid for with the Goldcard, you will get ZERO,ZERO if you are released within 24 hours. If it takes longer, AMEX will give you F5,000 and if the authorities take even longer than 72 hours to free you, you will receive a whopping F10,000!
MEDICAL COSTS ON ACCIDENTS (during a scheduled flight covered by the policy)
It doesn't stop there: the insurance then covers medical expenses up to a maximum of F. 50,000.
WAT TO DO IN CASE OF AN ACCIDENT?
The terms and conditions leave nothing to be desired in terms of clarity
1. immediately after the aircraft crashes, the accident must be reported to insurers immediately (in person).
2. interested parties should cooperate fully in order to enable the insurer to establish the cause.
GRATIS INSURANCE AGAINST FLIGHT DELAYS
If you are left at the airport because there is a delay, your luggage is lost or has arrived with a delay, you can make all kinds of emergency purchases and pay for any necessary restaurant and/or hotel expenses (up to a maximum) under certain conditions.
Take your time:
If you do have the time (because of that delay, that is) then you should read the terms and conditions of that section of the policy. They are on pages 5,6 and 7 of the booklet. You will forgive us for not bothering you with that at the moment.
GRATISFIED TRAVEL INSURANCE
The terms and conditions of this are on pages 8 to 19.
This insurance focuses on risk coverage for all kinds of damage ANDERS than accidents. Because accidents are covered by the 1st section we described earlier.
The terms and conditions refer to a "Mutual health agreement"
What is mutual here completely escapes us, as only the cardholders have to do anything here.
Have you managed to obtain cover elsewhere? Then Amex does not charge a deductible.
The introduction recommends applying to your health insurer for an E111 form. This will entitle you to certain free healthcare in European Union countries. AMEX prefers to see that you are entitled to free medical care as this is obviously a considerable saving on claims costs. The advantage is then that the deductible on that free aid will then be dropped. Just think of it!
But anyway:so don't forget to apply for your form in good time from now on, because at least then you won't have to claim this form of insurance.
The Policyholder
In normal policies, it is customary for the insured (or the head of the household) to be the policyholder. Never before have we seen a form of insurance where the terms and conditions state that the policyholder is based in Portland USA. In other words, the Gold Card Member has no legal connection with the insurer itself. They probably decided to do this because the policy can be changed instantly without consulting the Gold Card holder if they wish to change the coverage.
This free continuous insurance offers you:
In case of medical emergency and/or necessary repatriation: up to 3 million cover!
(looks nice, but uselessly high. Further: it is a secondary cover. So damage is not covered if other forms of insurance or social insurance already cover or reimburse it)Dental emergency treatment: F 1,500,- (note: AMEX Goldcard holders don't worry about that anyway)
Cancellation of booked trips: compensation up to F. 10.000,- per year (note: again provided the trip was paid for with an AMEX CARD)
Baggage damage/money
(note: max. compensation for all travel per year F. 1,500,- incl. money/money equivalent papers. Please note: maximum compensation is limited on an annual basis).Private Liability: 1.5 million
(Useless, as liability abroad is already covered under AVP policy that everyone and certainly Goldcar holders really already have)Legal expenses (choice of lawyer by company) (outside Europe limited to F. 35,000.00 )
No cover in the Netherlands!
None of the above cover are in force for expenses or damages incurred within the Netherlands.
Approval of company:
Only cover for expenses incurred smaller than a total of F. 1,000. Above that only if authorised by Amex.
Shakespeare is reported to have said:"A lot to do about nothing"