With execution only you take out a financial product without advice. You choose the product, the cover, the sum insured and the excess yourself. We only process the application and take care of the administrative handling.
We then do not test whether the product suits your situation. We do not assess whether the cover is adequate, whether an exclusion weighs heavily in your case, whether the sum insured is correct, or whether you may already have cover under another policy.
2 The difference from advice
With advice
Execution only
We take stock of your situation
Yes
No
We assess whether the product is suitable
Yes
No
We compare providers for you
Yes
No
We record the advice in a file
Yes
Not applicable
You choose the product and the cover yourself
In consultation
Yes, entirely
We handle the application and administration
Yes
Yes
We help with claims and changes
Yes
Yes
Even without advice you remain a client in the usual way: you can report a claim, notify us of changes and come to us with questions. What is missing is the advice beforehand.
3 When execution only is not possible
For some products the law prescribes advice, or we consider advice necessary. We do not offer execution only for:
mortgage credit and products connected with it;
occupational disability and income insurance;
complex products for which the law prescribes advice or a knowledge and experience test;
situations in which we can see that the chosen product clearly does not match what you have told us.
In that last case we will tell you so. We may refuse an application if we do not consider it responsible.
4 What you are responsible for yourself
With execution only you are responsible yourself for the choice and for its consequences. In practical terms this means:
you read the policy conditions, the insurance card (verzekeringskaart) and the clauses before taking out the cover;
you check that the sum insured is correct and that the cover matches the risk you run;
you check whether there are exclusions, excesses or prevention requirements that apply to you;
you answer the questions in the application form correctly and in full;
you check the policy on receipt and report any inaccuracies immediately.
The duty of disclosure when entering into an insurance contract is set out in Section 7:928 of the Dutch Civil Code. If that duty is breached, the insurer may reduce or refuse payment. This is set out in Section 7:930 of the Dutch Civil Code. This duty applies with execution only exactly as it does with advice.
5 What we record
We record that you have chosen without advice and which choices you have made. You receive a confirmation of this. That is in your interest and in ours: it prevents later discussion about what was and was not agreed.
6 Withdrawal and cancellation
For most non-life insurance concluded at a distance there is a cooling-off period of fourteen days, within which you can rescind the contract without giving reasons. The exact period and the exceptions are set out in the conditions of the insurer concerned.
After that, the cancellation arrangement in the policy conditions applies. With many non-life policies you can cancel at any time after the first year, with one month's notice.
7 Our remuneration with execution only
Even without advice we may receive commission from the insurer, included in the premium. If you ask us, we will tell you the amount. More about this is set out in the service guide and in our remuneration policy.
8 Would you like advice after all?
If you are in doubt about the cover, if a large interest is involved or if your situation has changed, choose advice. Call 072 - 509 24 56 or email info@finassverzekert. nl. You can switch from execution only to advice at any time, including on a current policy.