Law

Question 1

List proper claimants under Section 61(12) of the Insurance Act (Cap.142)

Answer 1

Nephew/Niece, Sibling, Spouse, Child, Parent

Question 2

What constitutes product disclosure for participating life insurance policies at Point of Sale? (6 items)

Answer 2

Cover Page, Product Summary, Policy Illustration, Bundled Product Disclosure Document, Product Highlights Sheet , Your Guide to Life Insurance

Question 3

What is product disclosure for ILPs at Point of Sale? (5 items)

Answer 3

Cover Page, Product Summary, Policy Illustration, Bundled Product Disclosure Document, Your Guide to Life Insurance

Question 4

What is product disclosure for ILPs post point of sale? (3 items)

Answer 4

Policy Contract, Annual Statement of Accounts, Annual and Semi Annual Report on ILP sub fund

Question 5

Do employers have insurable interest in employees lives?

Answer 5

Yes

Question 6

Do god parents have insurable interest in god children?

Answer 6

No

Question 7

Under the new nomination framework, can you make nomination under Section 73 of the CLPA?

Answer 7

No

Question 8

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.

Answer 8

Section 61

Question 9

What section of the insurance act governs the payout of claims?

Answer 9

Section 61

Question 10

What types of policy owners can make nominations? (3 types)

Answer 10

Life, accident, and health insurance policies with death benefits and insures yourself

Question 11

Which section of the CLPA protects proceeds under trust nomination?

Answer 11

Section 73

Question 12

What are the aims of the new nomination framework?

Answer 12

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

Question 13

Can you make an irrevocable nomination for policies under CPFIS? / CPF Life / DPS

Answer 13

NO

Question 14

Can you make trust nominations for policies bought under SRS?

Answer 14

NO

Question 15

Can muslim policy owners make both trust and revocable nomiantions over their life insurance policies

Answer 15

YES

Question 16

Can you make trust nominations for Integrated Shield Plans or the Eldershield Plan?

Answer 16

NO

Question 17

Can you make nominations for group insurance policy

Answer 17

NO. (because policy owner is not the life insured)

Question 18

Can you nominate under the CLPA or CSA

Answer 18

NO. All nominations fall under the Insurance Act (Cap 142)

Question 19

If I make nominations b4 sep 2009, under Section 73 of the CLPA, or Section 45 of the CSA, will my nominees be affected

Answer 19

NO

Question 20

Can you make nominations for term plans?

Answer 20

Yes

Question 21

Can you make nominations for endowment insurance

Answer 21

Yes

Question 22

Can you make nominations for whole life plans

Answer 22

Yes

Question 23

How old must you be before you can make a trust nomination>

Answer 23

18

Question 24

How old must your 2 witnesses be when you complete your trust nomination form

Answer 24

21 (and they cannot be the policy owner’s nominees or the spouse of any of his nominees)

Question 25

Who can you nominate if you are the policy owner? (for irrevocable/trust nomination)

Answer 25

ONLY my spouse and children

Question 26

how old must the trustee be?

Answer 26

min 18 years of age

Question 27

can you change the trustee?

Answer 27

YES

Question 28

Can the nominee be the trustee?

Answer 28

YES

Question 29

Can the policy owner be the trustee?

Answer 29

YES (but he cannot receive the proceeds) He also cannot give consent for revocation of trust (only another trustee can do so)

Question 30

How do you revoke an irrevocable trust

Answer 30

You need consent from beneficiaires/nominees or TRUSTEE

Question 31

Can will take priority over irrevocable trust

Answer 31

NO

Question 32

After making trust nomination, can you make changes by yourself as the policy owner?

Answer 32

NNOO