Law Flashcards
List proper claimants under Section 61(12) of the Insurance Act (Cap.142)
Nephew/Niece, Sibling, Spouse, Child, Parent
What constitutes product disclosure for participating life insurance policies at Point of Sale? (6 items)
Cover Page, Product Summary, Policy Illustration, Bundled Product Disclosure Document, Product Highlights Sheet , Your Guide to Life Insurance
What is product disclosure for ILPs at Point of Sale? (5 items)
Cover Page, Product Summary, Policy Illustration, Bundled Product Disclosure Document, Your Guide to Life Insurance
What is product disclosure for ILPs post point of sale? (3 items)
Policy Contract, Annual Statement of Accounts, Annual and Semi Annual Report on ILP sub fund
Do employers have insurable interest in employees lives?
Yes
Do god parents have insurable interest in god children?
No
Under the new nomination framework, can you make nomination under Section 73 of the CLPA?
No
What section of the Insurance Act was amended reflect that proper claimants would receive
payouts only in the event that the policy owner had not nominated a beneficiary
under the new framework.
Section 61
What section of the insurance act governs the payout of claims?
Section 61
What types of policy owners can make nominations? (3 types)
Life, accident, and health insurance policies with death benefits and insures yourself
Which section of the CLPA protects proceeds under trust nomination?
Section 73
What are the aims of the new nomination framework?
1) provide policy owners with greater choice and flexibility in determining manner in which proceeds from insurance policies are disbursed
2) accord adequate financial protection to the named beneficiaires
3) offer greater clairty and certainty in respect of nominations of beneficiaries to insurance policy proceeds
Can you make an irrevocable nomination for policies under CPFIS? / CPF Life / DPS
NO
Can you make trust nominations for policies bought under SRS?
NO
Can muslim policy owners make both trust and revocable nomiantions over their life insurance policies
YES
Can you make trust nominations for Integrated Shield Plans or the Eldershield Plan?
NO
Can you make nominations for group insurance policy
NO. (because policy owner is not the life insured)
Can you nominate under the CLPA or CSA
NO. All nominations fall under the Insurance Act (Cap 142)
If I make nominations b4 sep 2009, under Section 73 of the CLPA, or Section 45 of the CSA, will my nominees be affected
NO
Can you make nominations for term plans?
Yes
Can you make nominations for endowment insurance
Yes
Can you make nominations for whole life plans
Yes
How old must you be before you can make a trust nomination>
18
How old must your 2 witnesses be when you complete your trust nomination form
21 (and they cannot be the policy owner’s nominees or the spouse of any of his nominees)
Who can you nominate if you are the policy owner? (for irrevocable/trust nomination)
ONLY my spouse and children
how old must the trustee be?
min 18 years of age
can you change the trustee?
YES
Can the nominee be the trustee?
YES
Can the policy owner be the trustee?
YES (but he cannot receive the proceeds) He also cannot give consent for revocation of trust (only another trustee can do so)
How do you revoke an irrevocable trust
You need consent from beneficiaires/nominees or TRUSTEE
Can will take priority over irrevocable trust
NO
After making trust nomination, can you make changes by yourself as the policy owner?
NNOO
