What is a Target Market Determination?
A Target Market Determination (TMD) sets out the class of customers this product has been designed for and is suitable for.
This TMD is required by law and provides information on:
- who the target market is for this product,
- what is covered by this product and key points,
- what is excluded – any conditions or restrictions that a customer would look for,
- product distribution conditions and restrictions,
- events and circumstances that would reasonably suggest that this TMD is no longer appropriate (such as complaints and declined claims) and review periods, and
- reporting obligations and periods.
This TMD does not form part of the insurance contract and is not a summary of the product’s terms and conditions.
- Pre-Existing Conditions
- No Payout Limits and No Sublimits – What does that mean?
- Excess – How to choose one that suits your budget
- Claims Frequently Asked Questions
- Submitting Claims – How?
- Explaining Claims Benefit Letters