Utmost Good Faith Binding Between Insured And Insurer Part V

Utmost Good Faith Binding Between Insured And Insurer Part IV Two policies cover the same consignment, small claim response, but the insurer rejected bigger sun insured claim.  The story of the insurer not following the Utmost good Faith rule by the insurer. In Malaysia, it is common for the insured or a transporter to protect themselves by …

Utmost Good Faith Binding Between Insured And Insurer Part IV

Utmost Good Faith Binding Between Insured And Insurer Part IV. The insurer has a bigger role in Utmost Good Faith binding both parties namely the insurer and the insured. Liver Transplant Tragedy Friday, June 7, 2002, on Singapore Strait Time carried the title ” Transplant tragedy:  Heartbreak for wife  ‘He died not knowing I was …

Utmost Good Faith Binding Between Insured And Insurer Part III

Utmost Good Faith Binding Between Insured And Insurer Part III.  How did the insured make use of the loophole of the Utmost Good Faith? I eager to prove my capacity to earn the non-motor insurance profit commission besides the normal agent commission during my first year begin as an agent/broker after I quitted my full-time job …

Utmost Good Faith Binding Between Insured and Insurer Part II

Utmost Good Faith Binding Between Insured and Insurer Part II. What is Fraudulent Misrepresentation? It is also known as Concealments. Concealments Concealment is closely related to misrepresentation—it is the failure to disclose material information. However, before an insurance company can deny payment for concealment it must prove: the insured knew that the fact was important …

Utmost Good Faith Binding Between Insured and Insurer

Utmost Good Faith Binding Between Insured and Insurer. What is utmost good faith? It is one the important principle that often overlooks by the agent and the insured. Why is it important? Utmost Good Faith Utmost good faith is a common law principle (sometimes called Uberrimae Fidei). The principle means that every person who enters into …

Why buy Life Insurance, Prospect Distantly Avoid Plague

Why buy Life Insurance, Prospect Distantly Avoid Plague Why buy Life Insurance, Prospect Distantly Avoid Plague at all cost. Regrettably, the Malaysian life insurance penetration is merely 56% of the total population in 2016. It implied that the balance 44% of the citizen is uninsured or not qualified to have life insurance due to inborn defect. …

Genuine Fire on Building, No Claim Settlement Insurer Denial

Genuine Fire on Building, No Claim Settlement Insurer Denial, No Foul Play exist.  Why No claim?  When I joined the public listed insurer. The branch manager gave me a heap of a mountain of claim files. I went through diligently till the wee hours of the morning in the cozy comfort of my house. After one month local …

Claim Flood Damage to Home Insurance for Penang Flood of Decades

Claim Flood Damage to Home Insurance for Penang Flood of Decades. The recent Penang worst flood of the 3 decades have brought much misery to the ordinary Penangites. Couple with the high cost of living, it is a daunting task to cope with the average family with school going children. But, it also broke the political …