Monday, October 03, 2022

WOTC - Trust bank

 Wisdom of the Crowd: 55 % of respondents said that the Trust Bak set up by Fairprice will not be profitable as there are already too many digital and traditional banks in Singapore.

https://tklcloud.com/Crowd2/chart3.aspx?id=2700
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3 comments:

Anonymous said...

Give a man a gun and he will rob a bank.
Give a man a bank and he will rob everyone.
If money doesn't grow on trees why do banks have branches?

October 05, 2022 10:02 AM
Anonymous said...


An elderly friend of mine was sold a dubious Manulife life policy from DBS. The media got

wind of it. She called MAS about the story but was told that due to privacy and

confidentiality, they are not allowed to give details.

She called Fridec and was told the same thing. She called DBS and they gave a mouthful about

what a horrid, deplorable, and wicked old lady she was. When word got back to the elderly,

she said she was not surprised how daring DBS had become!



I heard from the elderly lady she did not ask the bank for the product. She said she thought that banks are only for loans and money deposits. She said she did not know such a product existed. She bought most of her insurance from a very old friend from prudential. I think DBS is not telling the truth to the reporter

Why would she approach a bank and not an insurance company if she wanted insurance? Not many people knew that banks sell insurance.

The article is not telling the whole truth.

The policy stated Insured amount $426,000 on the cover.

On the death benefit page in between the 36 pages it stated $60,000 death amount. The elderly lady cancelled the policy as she was afraid after paying 10 years costing $600,000 DBS turn round and pay her family $426,000 as she was insured the amount.

Besides they backdated her age to make her qualify.

October 18, 2022 6:13 PM
Anonymous said...

Insurance law, “the principle of the sanctity of one’s signature has also been consistently upheld by the court, on the basis of commercial certainties. It is therefore no defence for an applicant to sign on a proposal form and later allege that he was not aware of the contents (Biggar v Rock Life Assurance Co [1902] 1 KB 516).” You may wish to refer to Clause 24.6.8 of the Insurance Law for more info (https://www.singaporelawwatch.sg/About-Singapore-Law/Commercial-Law/ch-24-insurance-law)

Why the insurance company is above the law!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

October 20, 2022 4:25 PM

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