Question:
a) From the information found on Life Insurance Association website on the different types of insurance at www.lia.org.sg "Consumer Zone - The Library - Consumer Guide - Your Guide to Participating Policies and Your Guide to Health Insurance" Explain the validity of the following statements.
i) Under Medical Expense Insurance, a policyholder will not receive full reimbursement on the medical expenses incurred
ii) For a Critical Illness Insurance, a policyholder can claim for benefits when a specific type of disease and surgery is diagnosed during the waiting period
iii) Disability Income Insurance aims to fully replace policyholder's total income
b) Under Trust Nomination, a policy owner will continue to refrain full rights and ownership over the insurance policy and can revoke the policy at any time while under Revocable Nomination, the policy owner will lose all his rights to the ownership of the policy and can only revoke the policy with written consent from all nominees. Explain.