Renouncing your commitment: the waiver period
The waiver period is the period during which the subscriber of a life insurance policy is entitled to terminate his commitment, without any costs. The subscriber has a cancellation period of 30 days from the date on which he receives confirmation of the conclusion of the contract.
To use his right of withdrawal, he must send a registered letter with AR.
More on Delay of renunciation
Distance selling opens a right to the withdrawal period, also known as the withdrawal period, during which the consumer can decide to renounce the purchase he has made. The right to renounce has recently been reinforced by the law on consumption known as Hamon law 2014.
Any natural person has the possibility to renounce an insurance contract that he has subscribed for personal needs such as home insurance, car insurance or accident insurance.
Since July 1st, 2008, you can exercise your right of renunciation to terminate your contract, without any expenses and without having to motivate your request, during a period of 14 days beginning at the conclusion of the contract, except if you have asked to receive compensation for a claim made during this period. To do this, you must send your insurer a registered letter with acknowledgment of receipt. Your contract is then terminated on the date of receipt of the mail by the insurer.
The cancellation period concerns precisely distance sales, commercial solicitation and the retraction of professionals.
The cancellation period concerns any distance selling (internet sales, telephone or mail). For purchases made on the internet, this period is subject to specific provisions.
The cancellation period also concerns any sale concluded at the consumer’s place of residence or at his place of work as well as at any other place where the seller is not normally present in the context of his professional activity: during a trip, for example or when the customer wishes to be solicited.
The withdrawal period may also occur when a sale is made in a business premises when the consumer has been personally invited in it by email, phone call …
Any professional client may benefit from a right of withdrawal in the case where the service or the property remains outside his professional field of activity and if the company of which he is part employs less than 6 persons.
There are exceptions: the waiver period does not apply to a tourism package, social service provision or health benefit.
The word of the broker
The Hamon 2014 law allows today a retraction period of 14 days (against 7 days before) for any contract subscribed from the date of June 14, 2014. This period is the legal minimum period: each professional may decide to extend it . The cancellation period begins at the time of the contract for the services or at the time of delivery / receipt of the goods for a purchase of product (s). In the event that the consumer has not been informed of his right of withdrawal, he is entitled to an extension of 12 months. When the consumer decides to give up his purchase, he does not have to justify himself.
In the case of the purchase of a good, the customer has 14 days to return it to the seller and must be able to issue proof of shipment (this avoids litigation).
Regarding the refund of the service or the consumer has waived, the seller is required to refund the full amount paid (shipping included). The customer must only pay for the return of the product. However, when the sale has been made outside the establishment and the product has been delivered to the customer’s home, the seller is obliged to recover the goods at his own expense when the latter can not be sent by post by the customer.
In the event that the seller fails to meet the repayment period of interest apply. :
- Interest at the legal rate for a delay of less than 11 days
- Interest at the rate of 5% for a delay of 11 to 20 days
- Interest at the rate of 10% for a delay of 21 to 30 days
- Interest at the rate of 20% for a delay of 31 to 60 days
- Interest at the rate of 50% for a delay of 61 to 90 days
- 5 additional points per month of delay
The cancellation period does not in any way affect the effectiveness of a contract guarantee: if a risk has occurred during this period, you are compensated. But when the insurer compensates you, you can no longer exercise your right of withdrawal.