Loss Of Coverage Letter Template for Philippines

The Loss Of Coverage Letter is a crucial document in Philippine insurance operations, used when an insurance provider needs to formally notify a policyholder about the termination or lapse of their insurance coverage. This document is required in various situations, including non-payment of premiums, policy expiration, change in eligibility, or other circumstances that lead to coverage termination. The letter must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and various Insurance Commission circulars, which mandate specific notice requirements and content guidelines. It typically includes detailed information about the termination reason, effective dates, any applicable refunds, and available options for the policyholder. The document plays a vital role in maintaining transparency and protecting both the insurer's and policyholder's interests while ensuring regulatory compliance in the Philippine insurance market.

1. Recipient Information: Full name and address of the policyholder, policy number, and other relevant identification details

2. Notice Statement: Clear statement indicating that insurance coverage will be or has been terminated

3. Reason for Loss of Coverage: Specific explanation of why the coverage is being terminated (e.g., non-payment of premiums, policy expiration, change in eligibility)

4. Effective Date: Clear indication of when the coverage will terminate or has terminated

5. Coverage Details: Brief summary of the insurance coverage that is being terminated

6. Legal Authority: Reference to relevant policy provisions or legal basis for the termination

7. Contact Information: Insurance company's contact details for questions or concerns

8. Next Steps: Information about what the policyholder needs to do or can do in response