Dear Mr. Tan
I surf the net and found about your blog, that has short article about training bond. I would like to know, would it be possible if i request for some sample from you for my reference. How is the calculation being made, terms and conditions and what are the procedures involve. I m still searching for more samples on the net but not much can be found. Hope you can help me with that. Thank you.
REPLY
When I was in NTUC Income, we introduced a condition in the letter of appointment. It reads as follows (not the exact words):
QUOTE
In the event that the employee leaves the service for any reason during the first 12 months from the commencing date of service, the employee agrees to reimburse the employer an amount equal to one month's salary to compensate the employer for the cost of recruiting and training the employee.
UNQUOTE
The wording is not legally tight, but it is generally respected by the employee. In practice, the employer may waive this requirement under special circumstances. Most employees will think carefully before they join the company, and will only accept the employment if they are quite sure that they will stay for at least one year, or longer. It helps to weed out the employees that accept a job and continue to look for another job.
I hope that you find my comments to be helpful. Wish you all the best.
Wednesday, April 23, 2008
Cysts and cancer
Mr. Tan,
I found some breast lumps and was referred to TTSH for followup. The lumps turned out to be cysts, which are very common in women and which have no correlation to the incidence of subsequent breast cancer.
When I bought a H&S policy from income, I declared this verbally to the agent, but the agent decided that it was trivial and thus did not write down on the declaration form. Would you advise me to do a re-declaration?
How reasonable are the actuaries in assessing the risk of cancer in case of a benign condition like cysts. Why is it that the actuaries cannot accept doctor's letters stating that the presence of a benign condition does not increase the risk of cancer? I had to keep fighting for coverage on another condition I had and even then, NTUC didn't give me full coverage.
REPLY
It is better for you to make a re-declaration now. Tell the insurance company that you did disclose it to the agent who decided that it did not need to be recorded. If the company accepts the declaration, then it is good for all parties. If not, the company has to deal with the agent.
I am not familiar with the probably of cyst and its impact on cancer. Sorry, I cannot comment on this matter. Let me ask a doctor.
I found some breast lumps and was referred to TTSH for followup. The lumps turned out to be cysts, which are very common in women and which have no correlation to the incidence of subsequent breast cancer.
When I bought a H&S policy from income, I declared this verbally to the agent, but the agent decided that it was trivial and thus did not write down on the declaration form. Would you advise me to do a re-declaration?
How reasonable are the actuaries in assessing the risk of cancer in case of a benign condition like cysts. Why is it that the actuaries cannot accept doctor's letters stating that the presence of a benign condition does not increase the risk of cancer? I had to keep fighting for coverage on another condition I had and even then, NTUC didn't give me full coverage.
REPLY
It is better for you to make a re-declaration now. Tell the insurance company that you did disclose it to the agent who decided that it did not need to be recorded. If the company accepts the declaration, then it is good for all parties. If not, the company has to deal with the agent.
I am not familiar with the probably of cyst and its impact on cancer. Sorry, I cannot comment on this matter. Let me ask a doctor.
Send your questions by e-mail
If you wish to ask a question, send an e-mail to me. Do not post it as a comment in my blog, as I may overlook it.
Non Disclosure
Claim officers are quick to use the non-disclosure clause to reject life and health insurance claims. They are treading on dangerous grounds.
Most life insurance policies have an "indisputable clause". The insurance company is not allowed to dispute a claim after a certain period (say 1 or 2 years), except in the event of fraud. To dispute the claim, the insurance company has to prove that the policyholder intends to commit fraud. The burden of proof is on the insurance company.
To reject a claim within the disputable period, the insurance company has to show that the non-disclosure is deliberate, i.e. that the policyholder knows about the medical condition and deliberately withhold it to get the insurance accepted.
Here is my advice to a policyholder who faces a rejected claim on the grounds of non-disclosure.
1. Ask the claim officer to state the following:
a) The wording of the non-disclosure and indusputability clause.
b) The facts and evidence to support their decision to reject the claim
2. Present your facts in writing to support your position that the policyholder acted in disclosing relevant information.
3. Meet with the claim officer and manager to resolve the matter. Have any formal decision recorded in writing.
If you decide, at a later stage, to bring a complant to FiDREC or to take up a legal case, your position will be supported by the written evidence.
Most life insurance policies have an "indisputable clause". The insurance company is not allowed to dispute a claim after a certain period (say 1 or 2 years), except in the event of fraud. To dispute the claim, the insurance company has to prove that the policyholder intends to commit fraud. The burden of proof is on the insurance company.
To reject a claim within the disputable period, the insurance company has to show that the non-disclosure is deliberate, i.e. that the policyholder knows about the medical condition and deliberately withhold it to get the insurance accepted.
Here is my advice to a policyholder who faces a rejected claim on the grounds of non-disclosure.
1. Ask the claim officer to state the following:
a) The wording of the non-disclosure and indusputability clause.
b) The facts and evidence to support their decision to reject the claim
2. Present your facts in writing to support your position that the policyholder acted in disclosing relevant information.
3. Meet with the claim officer and manager to resolve the matter. Have any formal decision recorded in writing.
If you decide, at a later stage, to bring a complant to FiDREC or to take up a legal case, your position will be supported by the written evidence.
U.S. Presidential Election
I have been following the primary election with great interest. The Republican Party has selected their candidate, John McCain, quite early. The Democratic Party is still at a deadlock.
The headline in MyPaper said, "The Democratic Conundrum"
Hillary Clinton: "She can't win but won't quit"
Barack Obama: "He's going to win but can't close it out".
I hope that the Democratic Party can sort out its conundrum early and field a strong candidate in the election in November.
Here is my suggestion. Clinton and Obama work together as a team. Clinton will be the Presidential candidate and Obama will be the Vice Presidential candidate in 2008. In 2012, Clinton will step down (i.e. a prior agreement) and support Obama as the Presidential candidate.
Clinton is now 60 years old and has more experience in Government. She should take the leadership in 2008. Obama is mid 40s. In 4 years time, Obama will have the experience to take over.
My personal wish is that a Democrat will be the next USA President.
The headline in MyPaper said, "The Democratic Conundrum"
Hillary Clinton: "She can't win but won't quit"
Barack Obama: "He's going to win but can't close it out".
I hope that the Democratic Party can sort out its conundrum early and field a strong candidate in the election in November.
Here is my suggestion. Clinton and Obama work together as a team. Clinton will be the Presidential candidate and Obama will be the Vice Presidential candidate in 2008. In 2012, Clinton will step down (i.e. a prior agreement) and support Obama as the Presidential candidate.
Clinton is now 60 years old and has more experience in Government. She should take the leadership in 2008. Obama is mid 40s. In 4 years time, Obama will have the experience to take over.
My personal wish is that a Democrat will be the next USA President.
Rejection of a critical illness claim
Dear Mr. Tan,
I bought a critical illness cover for my wife two years ago. Recently, she felt some pain on her breast and saw a doctor at the polyclinic. The doctor examined her and refererred her to Tan Tock Seng for further examination. She was diagnosed with breast cancer.
At the polyclinic, she told the doctor that she did a mammogram more than ten years ago. It showed a lumpy breast but The doctor at that time said that there was no need for repeat consultation. I called the clinic where she did her mammogram but was told that they could not find her previous record. My wife has all along been in good health until this unforseen illiness was detected last year.
The insurance company denied her claim becuase she did not disclosed the breast lump in her declaration form. There is no record on this matter except for her verbal conversation with the doctor at the polyclinic. Can the insurance company deny the claim? Please advise.
REPLY
I am sorry to learn about your wife's medical condition and the rejection of the claim by the insurance company.
I suggest that you write to the insurance company formally to request for the following facts to be put down in writing:
a) the coverage of the policy
b) the policy condition regarding non-disclose and incontestibility clause
c) the facts of the case, in particular the evidence of her previous medical condition
d) the reason for the rejection
If the insurance company wish to reject the claim, they have to duty to prove non-disclosure of a previous medical condition. It seems that the verbal conversation does not constitute sufficient evidence to support the rejection. You should keep a record of these correspendence. If you meet with the claim manager, you can also ask for their position to be put down in writing.
If you feel that the insurance company has been unfair in rejection of the claim, you can lodge a complaint with the FiDREC (Financial industry Dispute Resolution Center). http://www.fidrec.com.sg/website/faq.html
You can also refer this matter to a lawyer, but at a later stage.
I bought a critical illness cover for my wife two years ago. Recently, she felt some pain on her breast and saw a doctor at the polyclinic. The doctor examined her and refererred her to Tan Tock Seng for further examination. She was diagnosed with breast cancer.
At the polyclinic, she told the doctor that she did a mammogram more than ten years ago. It showed a lumpy breast but The doctor at that time said that there was no need for repeat consultation. I called the clinic where she did her mammogram but was told that they could not find her previous record. My wife has all along been in good health until this unforseen illiness was detected last year.
The insurance company denied her claim becuase she did not disclosed the breast lump in her declaration form. There is no record on this matter except for her verbal conversation with the doctor at the polyclinic. Can the insurance company deny the claim? Please advise.
REPLY
I am sorry to learn about your wife's medical condition and the rejection of the claim by the insurance company.
I suggest that you write to the insurance company formally to request for the following facts to be put down in writing:
a) the coverage of the policy
b) the policy condition regarding non-disclose and incontestibility clause
c) the facts of the case, in particular the evidence of her previous medical condition
d) the reason for the rejection
If the insurance company wish to reject the claim, they have to duty to prove non-disclosure of a previous medical condition. It seems that the verbal conversation does not constitute sufficient evidence to support the rejection. You should keep a record of these correspendence. If you meet with the claim manager, you can also ask for their position to be put down in writing.
If you feel that the insurance company has been unfair in rejection of the claim, you can lodge a complaint with the FiDREC (Financial industry Dispute Resolution Center). http://www.fidrec.com.sg/website/faq.html
You can also refer this matter to a lawyer, but at a later stage.
Dual Currency Investment
Dear Mr. Tan,
Dual currency premium deposit, if US$ is the base currrency and the dual currency deposit is Aud at intrerest of say 8.% with tenor to 1 month. How does it work and how should I set my strike price so that I do not lose my base currency principal
REPLY
Read this FAQ
http://www.tankinlian.com/faq/duali.html
Dual currency premium deposit, if US$ is the base currrency and the dual currency deposit is Aud at intrerest of say 8.% with tenor to 1 month. How does it work and how should I set my strike price so that I do not lose my base currency principal
REPLY
Read this FAQ
http://www.tankinlian.com/faq/duali.html
Subscribe to:
Posts (Atom)