Any records that pertain to premium payments must be kept for _______ after payment.
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The last thing you want to happen after you die is for your beneficiaries to be unable to locate and submit a claim on your life insurance. To prevent this, you should have copies of your life insurance records in at least two places. This is to make it less likely that you’ll lose them (to fire, flood, accidental discarding, etc.) and more likely that, after your death, your beneficiaries will find them. Show
What information should I keep?For each individual life insurance policy on your life, you should record the following information:
You might have life insurance automatically from your employer. Your employer also might offer you the chance to buy additional life insurance under a group policy. And you might be eligible to buy life insurance under a group policy from your union or trade association or other group you belong to (such as a college alumni association or an automobile club). For each of these life insurance benefits, you should record the following information:
Sometimes financial programs that are mainly designed for income or other purposes have death benefits as additional features. This might include pensions, annuities, workers compensation programs, disability insurance, travel accident insurance, etc. For each such program, you should record the following information:
Credit cards and lending institutions may offer life insurance to pay off your outstanding loans in the event of your death. For each life insurance benefit on your life dedicated to paying off a loan, you should record
Where should I keep the information?Keep one set of these records in your home, in a place where others who need this information are likely to find it (and after you put the information there, tell the people who’ll need it where it is). This might be with your other financial records (such as income tax, checking account, investment records), with your other legal papers (such as a copy of your will, living will, health care proxy, etc.), or anywhere your survivors are likely to look for them. Keep another set of these records “off site”—that is, outside of your home, perhaps in a safe deposit box, or with a professional or a relative who can be counted on to produce them when they’re needed. On each page, record the date on which the information was last updated. That way, if the copy in your home differs from the one in the safe deposit box, it’s easy to tell which is the more current. PART 1 1. This Act is the Insurance Act 1966. 2. In this Act, unless the context otherwise requires — “accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1 January of any year (as the case may be) and ending on 31 December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority; “actuary” means a Fellow of any prescribed professional body or institute; “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “authorised reinsurer” means a reinsurer which is for the time being authorised under section 42; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; “captive insurer” means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations; “chief executive” —
“company” has the meaning given by section 4(1) of the Companies Act 1967; “co-operative society” means a co-operative society registered under the Co-operative Societies Act 1979; “corporation” has the meaning given by section 4(1) of the Companies Act 1967; “direct insurance broker” means a person who is for the time being registered under section 76 in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business; “direct insurer” means any insurer other than a reinsurer, an authorised reinsurer or a captive insurer; “director” —
“directions” includes directives and notices; “executive officer”, in relation to a licensed insurer, means any person, by whatever name described, who —
“exempt financial adviser” has the meaning given by section 2(1) of the Financial Advisers Act 2001; “financial advisory service” has the meaning given by section 2(1) of the Financial Advisers Act 2001; “financial year” has the meaning given by section 4(1) of the Companies Act 1967; “foreign country” means a country or territory other than Singapore; “foreign insurer” means an insurer which —
“foreign insurer scheme” means any foreign insurer scheme established under section 53; “general reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to general business; “guaranteed policy moneys” means the benefits that an insured policy owner is entitled to receive under the policy owner’s insured policy under section 54(3) or (4) (as the case may be) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “insurance agent” means —
but does not include such persons or class of persons as the Authority may prescribe; “insurance broker” means —
but does not include such persons or class of persons as the Authority may prescribe; “insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of —
but does not include such businesses or activities, such class of businesses or activities, or such businesses or activities carried on by such persons or class of persons, as the Authority may prescribe; “insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker; “insured” includes reinsured and “insurer” includes reinsurer; “licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act 2001; “licensed insurer” means an insurer which is for the time being licensed under section 11; “life reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to life business; “limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005; “marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance (within the meaning of section 85 of the Marine Insurance Act 1906) on such risk or risks as may be prescribed; “marine mutual insurer” means an insurer that is a direct insurer licensed to carry on general business and that is permitted under the licence to carry on marine mutual insurance business only; “partner” and “manager”, in relation to a limited liability partnership, have the respective meanings given to them by section 2(1) of the Limited Liability Partnerships Act 2005; “PPF Agency” means the deposit insurance and policy owners’ protection fund agency constituted under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “PPF Funds” means the Policy Owners’ Protection Life Fund and the Policy Owners’ Protection General Fund established under section 34 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “registered insurance broker” means an insurance broker who is for the time being registered under section 76; “reinsurer” means an insurer whose licence is restricted to the carrying on of reinsurance business; “related corporation” has the meaning given by section 4(1) of the Companies Act 1967; “representative”, in relation to a licensed financial adviser or exempt financial adviser, has the meaning given by the Financial Advisers Act 2001; “statutory balance sheet” and “statutory valuation” mean respectively a balance sheet lodged with the Authority in order to comply with section 94, and a valuation of which the results are shown in a valuation balance sheet lodged with it on an actuarial investigation made in order to comply with section 95(1); “subsidiary” has the meaning given by section 5 of the Companies Act 1967; “substantial shareholder” has the meaning given by section 81 of the Companies Act 1967; “voting share” has the meaning given by section 4(1) of the Companies Act 1967. [1A [23/2003; 5/2005; 16/2011; 11/2013] Classification of insurance business and construction of references to matters connected with insurance 3.—(1) For the purposes of this Act, insurance business is divided into 2 classes —
[23/2003; 11/2013] (2) For the purposes of this Act, the reinsurance of liabilities under insurance policies by a licensed insurer or an authorised reinsurer is treated as insurance business of the class and type to which the nature of the risk assumed or liabilities undertaken by that licensed insurer or authorised reinsurer relates. [11/2013] (3) Despite subsections (1) and (2), if the Authority is satisfied that any part of an insurer’s business which belongs to a particular class or type of insurance business ought in the insurer’s case to be treated as belonging to another class or type, the Authority may direct that it is to be so treated for the purposes of this Act. (4) For the purposes of this Act, references to carrying on insurance business include the carrying it on through an agent. [11/2013] (5) For the purposes of this Act and subject to subsection (6), “Singapore insurer” means a person who is or has been carrying on insurance business in Singapore. [11/2013] (6) A person is not to be treated as carrying on insurance business, or any class of insurance business, in Singapore if, apart from the collection or receipt of premiums in Singapore, the person —
(7) The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, or against similar matters, is not to be treated for the purposes of this Act as carrying on the business of insurance. (8) For the purposes of this Act, no society registered under the Societies Act 1966 or organisation registered under the Mutual Benefit Organisations Act 1960 is deemed to be an insurer, and no agent for such a society or organisation is as such deemed to be an insurance agent; nor do references in this Act to a policy or contract of insurance apply to any policy or contract whereby an insurance is effected with such a society or organisation. (9) For the purposes of this Act —
(10) The definitions set out in the First Schedule have effect for the construction of references in this Act to policies of insurance, policy owners and policy moneys. [2 [23/2003] How many years must a US insurance company maintain all necessary records on transactions?Retention: You must keep an information record for five years from the day the last business transaction was conducted.
Who regulates insurance companies in Singapore?In Singapore, insurance and reinsurance activities are regulated by the MAS, established by the Monetary Authority of Singapore Act (Cap 186). The MAS is responsible for the licensing, authorisation and supervision of insurance and reinsurance activities.
What is an insurance broker according to California insurance Code?Code § 33. Current through the 2022 Legislative Session. "Insurance broker" means a person who, for compensation and on behalf of another person, transacts insurance other than life, disability, or health with, but not on behalf of, an insurer.
What does twisting mean in life insurance?Twisting — the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies.
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