In 1992, a mother bought a life insurance policy for her 19 year son. The policy included a level term insurance rider of $50,000 payable on death up to age 65. The annual premium for the rider was $199. The life insurance company was among the top companies operating in Singapore.
Find out what happened here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=453&Name=Excessive-premium-rate-charged-for-level-term-rider&View=A
http://www.fisca.sg/ArticleDisplay.aspx?ID=453&Name=Excessive-premium-rate-charged-for-level-term-rider&View=A
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