Zap wrote:
Insurance companies out to cheat people.
So please don't buy so many policies.
Lets say a certain illness like cancer is caused by genes.
You are born with it in your genes.
Your dad go buy a policy when you are born.
You get cancer at 50 years old.
After paying 50 years of premium, suddenly
the insurance company said your condition had existed since
birth
So under the "pre-existing condition" clause, they won't pay.
SO HOW?
In the first place why they never find out if the condition exist
or not.
WHY simply don't pay by using the UNFAIR clause.
All these insurance companies are out to take advantage and cheat
money for good natured people.
So please beware.
In fact, why buy insurance at all with all those conditions and
clause.
With the government heavily involved in business, it is becoming
a different government from one which is supposedly elected to
serve the people.
Many of us will remember that many insurance companies together
with government linked insurance companies were at one time
protected by the government being allowed to form cartel to prevent
people from inviting competitive quotations. As a consequence from
such cartel, many people were made to pay exceptionally high and
punitive premium especially after a claim has been made.
Owing to recessions, opening up of the market, finally the
government was pressured to give up such self-protectionism.
However, government today is getting into banking and finance
businesses.
Now after the Asian Financial crisis government was given the
excuse to restructure the financial system. It took advantage of
the situation to protect its own banking privileges by similar
cartel-like protectionism allowing banks to charge loan-shark
interest rates against the working people so that its own
government banks like DBS could charge penalty fees and loan-shark
interest rates.
Because of government own self-interests are at stake, citibanks
and american express continue to be sheltered in protectionism
being allowed together with DBS to charge penalty interest for late
payment and card interest rates at 16-20%.
This is the sort of self-interests which are now affecting all our
people. Like the insurance cartel being forced to give up their
premium protection, eventually people must again rise up to the
occasion and be vigilant against such protectionism of
self-interests and ask government to stop all its own malpractices
to protect their own business and other related interest which is
basically wrong doings which must be changed by opening up to
market practice.
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