QUOTE(MilesAndMore @ Nov 26 2009, 03:31 AM)
Guys ! A close friend of mine recently bought this endowment plan from
ING called
PIP12. It was just recently approved and she got the booklet just not so long ago. Inside the agreement, it is stated that she can return the policy and request for a full refund on the premium paid
within 15 days from the date of delivery.
However, yesterday was the 15th day
(last day of the cooling off period) and she informed her agent to cancel the policy last night. Since she did inform her agent within the cooling off period, will there be any complication for her to make the claim ? Anyone from ING or any insurance experts please enlighten.
She will definitely go to the ING office later today but it'd be good if you guys can shed some lights on this issue. You know ? Just so that she won't be fool by those ING staffs. Thanks in advance !
No problem, if canceled within the cooling off period means full refund. But what if the agent did not notify the ins. co. within the time frame? It btw. the agent and the ins. co. not your friend's problem = full refund
Added on November 26, 2009, 11:36 amQUOTE(PJusa @ Nov 25 2009, 05:34 PM)
well as i said - even if your premium for the medical rider is indeed fixed, it will reflect the worstcase scenary for the insurer plus a margin to account for errors and inflation. you simply cannot get a better deal than one that is competively adjusted as needed. that is why general insurance health plans will always be cheaper.
as far as i know most policies allow for some sort of adjustment for medical riders. CI is usually fixed premium for life insurance depending on entry age and floating by age band for general insurance.
It depends on the timeframe. If say 5 yrs then it might be more competitive but lets say 15 yrs then there is a big difference in premium. True based on current age, a general insurer will rate it cheaper BUT the premium is not fixed. It will increase 'gradually' as u age, unlike life riders which is abit more expensive but does not increase every 5 yrs.
From what I know, there is no adjustment for medical rider and the only limitation is the lifetime limit, they might adjust your returns but that is another matter and neglible if one uses term or whole life. In order to save guard against inflation, the life insurer will update the premium periodically but this revision is not rectropective i.e. will not affect existing policyholder. I might be wrong as I'm not very familiar with Life policies
Added on November 26, 2009, 12:00 pmQUOTE(epalbee3 @ Nov 25 2009, 11:42 PM)
Any concrete information about this?
Added on November 26, 2009, 12:04 amPETALING JAYA: Kurnia Asia Bhd reported a net profit of RM32.32mil for the period ended Sept 30, reversing a net loss of RM12.11mil incurred in the previous corresponding period.
This is mainly driven by the strong turnaround performance of the group’s investment portfolio.
In a filing with Bursa Malaysia, Kurnia Asia also attributed the strong performance to an improvement in its underwriting performance year-on-year.
However, group revenue dropped 16.3% to RM255mil from RM304.5mil in the same period last year.
Its underwriting surplus for the quarter was RM3.68mil, an improvement of 38% from RM2.67mil a year ago. Its gross premium year-on-year declined 18.1% to RM231.32mil due to the implementation of more stringent risk selection guidelines.
The largest motor insurer in Malaysia, Kurnia Asia is changing its financial year-end to Dec 31 from June 30.
Executive chairman Tan Sri Kua Sian Kooi said despite operating in an increasingly competitive environment, Kurnia Asia was able to chart positive underwriting performance for five consecutive quarters.
Added on November 26, 2009, 12:43 amAnyone can tell me about your experience of claiming medical from kurnia?
thank you.
Pssst..... there is a thingy called IBNR (incurred but not reported) which is quite synomous with auto policies especially on the liability side (3rd party property & bodily injuries & sue for negligence). K**** have a 'special' arrangement to neglect this item during their reporting - they have a department called special liason to settle this with BNM. It is not so much the repairs of the vehicle that is bleeding the motor insurance but the liability side which is not capped (there is a limitation of RM3 mio per accident but is it actually legally enforcable?) e.g. there was a tour bas accident in 198X, the total liability was RM15 mio and it nearly sank As*a insurance which was the motor king in the 70s. Never really recovered from that 1 claim.
For liability, the claim process is a very long tail item and your $$ is tied down as claims reserve hence cannot be utilised for proper investment. Although Capt. C*** is known as somewhat veteran performer in the industry he cannot turn around this mess in 1 or 2 yrs not even 5 yrs unless they merge or strategic tie-up.
Ask any1 in the industry (not part-time agents but mgmt staff of ins. co.) it is public knowledge.
To properly value an insurance company, one needs to look at the liabilities (incl. claims reserved where IBNR is) and exposure vs. assets and premium. If this is not done correctly or is purposely misleading we end-up with K**** or on a global scale A*G
Looking at the NTA vs. Share price (0.70), the upside is phenomenal, y not put ur $ into it?
If you buy-in to all the PR and spin
This post has been edited by rakyat: Nov 26 2009, 12:00 PM 
Nov 25 2009, 03:09 PM
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