I am now suffering from a malicious spyware called Internet Protection. It was installed into my laptop without my approval and could not be removed. It keeps popping up at frequent interval, asking to be activated at a hefty fee.
This is clearly a attempt to cheat consumers. I am now taking steps to remove this spyware, but it is quite difficult.
I wonder if there is any law in Singapore that will declare this type of activity to be illegal. Clearly, it is a person who intrudes into any person's domain (i.e laptop) without permission, with the intent to cheat. Furthermore, it is causing a big nuisance by making it difficult to be removed. If this is illegal, there must be a place that such criminal activity should be reported and an attempt by the authority to stop it.
I know that it is difficult to trace the identity of the intruder, but this is a separate matter. I read that in some countries, the authority will try to stop it within their powers. For example, they could mount a counter attack against the source of this illegal activity.
Tan Kin Lian
Thursday, April 7, 2011
Free Look Period for Life Insurance Policy
A life insurance policy sold in Singapore comes with a 14 day free look period. It allows the policyholder to cancel the policy within 14 days and get a full refund of the premium that has been paid.
If this is an ordinary life insurance policy, the premium has to be paid in full. If this is an investment linked policy, the policyholder will have to suffer any loss due to a change in the market value of the units. However, there should be no deduction for agent's commission or other expenses.
If you wish to cancel the policy, you have to notify the insurance company directly. Do not go through the agent, as the agent may not submit this request to the insurance company. If you have bought a life insurance policy recently, and you are not told about the free look period, you should lodge a complaint to the regulator (MAS) that the insurance company is not complying with this requirement.
If you are not getting a refund according to my understanding, as set out above, you can bring the matter to my attention. I will see if there is any change in practice that is different from my undrestanding.
Tan Kin Lian
If this is an ordinary life insurance policy, the premium has to be paid in full. If this is an investment linked policy, the policyholder will have to suffer any loss due to a change in the market value of the units. However, there should be no deduction for agent's commission or other expenses.
If you wish to cancel the policy, you have to notify the insurance company directly. Do not go through the agent, as the agent may not submit this request to the insurance company. If you have bought a life insurance policy recently, and you are not told about the free look period, you should lodge a complaint to the regulator (MAS) that the insurance company is not complying with this requirement.
If you are not getting a refund according to my understanding, as set out above, you can bring the matter to my attention. I will see if there is any change in practice that is different from my undrestanding.
Tan Kin Lian
Financial Savvy Test #18
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. Should I stay on the Minimum Sum Scheme or convert to CPF Life? Keyword: Minimum Sum
2. What type of medical condition must I declare for life insurance? Keyword: medical condition
1. Should I stay on the Minimum Sum Scheme or convert to CPF Life? Keyword: Minimum Sum
2. What type of medical condition must I declare for life insurance? Keyword: medical condition
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