Dead Ferrari driver’s estate valued at S$8.1 million

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

Seriously who really read word for word or have time to find out in detail when signing an insurance policy, especially friend is my agent.

"bro, this new plan very good. Pls support me as I need the production this mth, all terms is the same as last policy.. Pls sign" is what I commonly hear from my friend.. Chop chop 5mins then pay premium. I signed cos I trust that person.

You should know what you signing la... the contract can be a huge asset when u pass on & it makes a different on those living. you chin chai like marriage cert then sure divorce.

 

[C3P0]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

Not bad liao, he died and left behind money.

If I go heaven tomorrow, I left behind a lot of debts. Sart, because everyone who benefits from my house and car will pray hard that I live long long to pay off those debts.

 

[C3P0]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

Anyway I just want to say iscoupe very sart and I just bought my first policy from him this year.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

This is the crux of the argument.

Assuming client is legally-trained. Client needs to do his/her own due diligence on the contract, and rely on a minimal basis on the agent's recommendation on products. In truth, he is probably better to contruct his own portfolio by shopping around on pricing. Service requirement is very minimal.

Assuming client is NOT legal trained. There are lots of intepretation required from the part of the agent, who earns the commission. If he does a good job, he has obliged in his responsibilities. If he does not, there is an element of mis-representing or mis-selling.

Hence, it is not always the case the responsibility lies in the customer's hands.

that why we are taking the MAS required exam every year. Mis-selling & Mis-represent is the most common issue in all complains. Sometimes, when things go wrong, customer will hoot the agent based on that.. agent also make a living, once that happen, agent can be suspended or say bye bye to financial industry.

But again sometimes the agent never practice on the interest of the customer.

 

[Red_Bean_Bun]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

worth 10 million only ?? but drive a 2 million car ?? financial adviser some more ??

10m locally in SG is what it meant.................

 

[Centurion9990]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

You should know what you signing la... the contract can be a huge asset when u pass on & it makes a different on those living. you chin chai like marriage cert then sure divorce.

Yes. At the end of the day, it's still clients responsibilities to read and understand the T&Cs before signing the policy. I chin chai sign is becos I am helping a trusted friend.

 

[totoseow]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

lawyers act on clients' instructions. lawyers do not go crafting clauses because they very free and answer PMs asking for free legal advice.

so there is a difference. not fair to say insurers and lawyers go hand in hand

as long as there is a fee, we hold anyone's hands. lawyers are prostitutes

now i undrestand who the crooks r. finally. its the salesman!

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

Yes. At the end of the day, it's still clients responsibilities to read and understand the T&Cs before signing the policy. I chin chai sign is becos I am helping a trusted friend.

Just buy what you can afford & need la.

Leaving a legacy for loves one & debt free are the main objective after you create a lot of debt when u alive, so want support me haha...

 

[kenntona]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

You should know what you signing la... the contract can be a huge asset when u pass on & it makes a different on those living. you chin chai like marriage cert then sure divorce.

For the same reason, I always advocate NOT signing anything without checking with your own lawyer or cross-checking with another agent deemed to be independent/unvested.

Besides legal terms, the investment clauses are so confusing even the agents themselves are not fully aware of. Example principal protection vs capital guarantee (could you explain), and now "collision" vs "accident".....

It is akin to moving goalposts at time of contracting. Do NOT sign anything.

But again sometimes the agent never practice on the interest of the customer.

Have seen many of these cases.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

For the same reason, I always advocate NOT signing anything without checking with your own lawyer or cross-checking with another agent deemed to be independent/unvested.

Besides legal terms, the investment clauses are so confusing even the agents themselves are not fully aware of. Example principal protection vs capital guarantee (could you explain), and now "collision" vs "accident".....

It is akin to moving goalposts at time of contracting. Do NOT sign anything.



Have seen many of these cases.

But again still got good agent in the market & customer who sign blindly on a good plan.

I met Orhlulu over weekend, he told me he signed some policy that he don't know by supporting his friend. His son got into serious food poisoning, hospital gave him 6 bedded, without knowing he had the policy he asked for Private ward to treat his son thou he know the bill will be expensive. And later he found out his agent did a good job as the bill was 100% pay off by his policy.

 

[davidtch]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

brings me to a case recently....

X takes up travel insurance and which also insures against personal property loss.

X loses his iphone in a crowded street, most likely pickpocketed. X makes a police report and then makes a claim under the travel insurance.

Insurance company refuses to pay citing "NEGLIGENCE".

Pray tell how one gets pickpocketed DILIGENTLY?

In that case, shall we buy travel insurance since our loss will be denied via T&C?

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

In that case, shall we buy travel insurance since our loss will be denied via T&C?

better buy, any accident or death occurs overseas will cost the family huge expenses.
look into the travel insurance benefits, only the "emergency evaculation' is like $500,000 minimum...
the rest are peanuts.

e.g. C3PO go cheong niteclub kenna califlower, cannot walk, need wheelchair & hang glucose water to get on plane immediately to get treatment in Singapore.. easily hundred of thousand.

 

[kenntona]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

But again still got good agent in the market & customer who sign blindly on a good plan.

I hope this is not what you are advocating for, signing blindly and hope for the right document.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

end of day whether the insurance will pay or not due to fine prints.. thou have option not to have any coverage, people will buy for peace of mind. Like every cargo on the sea, flying the plane, driving the car, any shops, house, commercial building, workers compensation etc.

Singapore is compulsory for cars insurance, so lan lan. Driver choose cheaper premium over fine prints.

 

[wt_know]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

does it means more expensive insurance = ok?

end of day whether the insurance will pay or not due to fine prints.. thou have option not to have any coverage, people will buy for peace of mind. Like every cargo on the sea, flying the plane, driving the car, any shops, house, commercial building, workers compensation etc.

Singapore is compulsory for cars insurance, so lan lan. Driver choose cheaper premium over fine prints.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

I hope this is not what you are advocating for, signing blindly and hope for the right document.

Of course

But again how many healthy people nowadays that can really get a comprehensive medical plan with the asian growing averagely at 1000 calories a day with milk, cookies, ice-cream & soft drinks. Buy while you still healthy.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

does it means more expensive insurance = ok?

if you talking about car insurance, you buy me kopi I tell you more.

As for personal insurance, I am advocate for term insurance & medical. Low cost with high coverage.

 

[kenntona]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

But again how many healthy people nowadays that can really get a comprehensive medical plan with the asian growing averagely at 1000 calories a day with milk, cookies, ice-cream & soft drinks. Buy while you still healthy.

This is the reasoning for insurance as a form of protection, but sounds like hard selling - no relevance to my point of having inadequate knowledge in entering the deal. Fact remains - it is hard NOT to cross-refer against a lawyer or another agent on any proposal since, as shown in this case, there are already ambiguities in the legal intepretation of some clauses.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

This is the reasoning for insurance as a form of protection, but sounds like hard selling - no relevance to my point of having inadequate knowledge in entering the deal. Fact remains - it is hard NOT to cross-refer against a lawyer or another agent on any proposal since, as shown in this case, there are already ambiguities in the legal intepretation of some clauses.

yes you got the right mindset.

haha not easy to sell you insurance. Need a chio bu agent with big cup to distract you & sign without u knowing.

 

[iScoupe]

Re: Dead Ferrari driver’s estate valued at S$8.1 million

By now , a lot drivers must be calling in to hoot the insurers on "collision". Same as the last "ponding" issue.