insurance companies

[Winston]

Originally posted by blurblock
Don't know about you all, but I gave up my NTUC Income Life insurance after 4 years (yes, making a loss, but who cares, I am quite pissed off), Basically, I only seen the agent twice, Once when I bought the insurance and the second time is when I sign the contract. Anything I asked him never comes back, any information I want regarding new policies is down the void ...... The only time he called me back is the day after I cancel my policy with the question "Any reason why you want to cancel your policy?", I gave him his answer "I will call you back" that was five years ago, and I had not called him back yet.

hehe .... give him a taste of his own medicine

Mine also, bought the policy while in BMT, that time blur blur, dunno what's it's about.

On get a B-day card every year, never even seen my agent.

Only know the agent is probably a male from his name and his mobile number.

Same for AIA, wonder if it's a trend to ignore your clients after they signed up with the agent.

 

[zekai]

depend on the agent lah... black sheep everywhere

 

[cyrilng]

From the other thread on Equipment Insurance -

I've insured my stuff with Income. Recently my F100 film back cover was damaged in transit. Replacement cost at Nikon SG was $75. I submitted the claim & after about 2-3 weeks, got a cheque for $63 only as they said they had deducted $12 for depreciation. I pointed out to them them that for repairs or replacement of parts, compensation should be for the full amount as stated in the policy. How do you calculate depreciation on repairs costs or a part that has been replaced with a brand new one? Only if the entire camera had to be replaced would the depreciation cost deduction apply based on the original price it was bought for. The Claims Officer haughtily insisted that they were right & my 'interpretation' of the clause was wrong! I asked her how could an insurance policy clause be open to 'interpretation' when it should be very specific & clear.

Only after calling them twice & demanding to speak to the manager & having informed them that I had consulted my lawyer on the issue, did the officer get back to me & say that she 'was wrong' (fullstop) & would send me a cheque for the difference. Not a word of apology was forthcoming! I wonder how many claim payments went unchallenged & ended up filling their coffers at the expense of the ignorant or unquestioning policyholder.

The amount involved was small but it is a matter of principle, just like the recent case concerning their motor insurance. It seems only after you make a big noise & fuss about it, will they then do something about it or else they'll just quietly & conveniently going about business as usual for them.

And still haven't gotten the other cheque yet;(

 

[Silverelf]

Originally posted by blurblock
Don't know about you all, but I gave up my NTUC Income Life insurance after 4 years (yes, making a loss, but who cares, I am quite pissed off), Basically, I only seen the agent twice, Once when I bought the insurance and the second time is when I sign the contract. Anything I asked him never comes back, any information I want regarding new policies is down the void ...... The only time he called me back is the day after I cancel my policy with the question "Any reason why you want to cancel your policy?", I gave him his answer "I will call you back" that was five years ago, and I had not called him back yet.

hehe .... give him a taste of his own medicine

And here I am wishing my AIA agent will leave me alone...

 

[cyrilng]

Originally posted by Silverelf
And here I am wishing my AIA agent will leave me alone...

More bad news about no bonus payouts for AIA endowment policies in today's papers! :what:

 

[zekai]

Originally posted by cyrilng
More bad news about no bonus payouts for AIA endowment policies in today's papers! :what:

It look more like a case of misrepresentation on the agency part to me.

There is always more than meets the eye in the news articles nowadays.

 

[Joseph]

Originally posted by zekai
It look more like a case of misrepresentation on the agency part to me.

There is always more than meets the eye in the news articles nowadays.

Correction, it is more like misrep on the agent's part.

 

[cyrilng]

Originally posted by Joseph
Correction, it is more like misrep on the agent's part.

I think it's both

 

[Silverelf]

Originally posted by cyrilng
More bad news about no bonus payouts for AIA endowment policies in today's papers! :what:

didn;t manage to catch the news. so what was it about?

 

[zekai]

it is an old issue bought out now.

the company will not misrepresent one. if there is evidence of the company misrepresentation, aia will have settle it long ago and not let this go to the newspaper.

let me share with you. aia is very tough on errant agent.

but if the agent misrepresent the company and the client can prove it then the client have legal recourse.

in this case aia probably have evidence that the client is not totally as ignorant as claimed.

like i earlier said, he newspaper reporters are not as detailed as those of the past who dig out everything. There are many half truth not said.

so lets just sit back and watch the drama unfold.