The Acknowledgement Statement For Policy is a crucial document in Singapore's insurance framework that protects both insurers and policyholders. It is required when new insurance policies are issued or significant changes are made to existing policies. The document confirms that policyholders have received comprehensive information about their policy, understand its features and risks, and have had their questions adequately addressed by their financial adviser. This statement helps ensure compliance with Singapore's regulatory requirements, particularly those set by MAS and the Insurance Act, and serves as a key record in case of future disputes or clarifications.
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1. Policyholder Details: Full name, identification details, and contact information of the policyholder
2. Policy Information: Policy number, type, and key features being acknowledged
3. Key Disclosures: Important terms, conditions, and risks that have been explained
4. Financial Adviser Declaration: Confirmation that all relevant information has been explained
5. Client Acknowledgement: Explicit confirmation of understanding and acceptance
1. Language Declaration: Confirmation that explanation was provided in preferred language (used when client's primary language is not English)
2. Third Party Authorization: When policy decisions involve authorized third parties
3. Digital Consent: For electronic policy documentation and communications
1. Product Summary: Detailed description of the insurance product
2. Benefit Illustration: Illustration of policy benefits and projected values
3. Client Fact Find: Summary of client's financial needs analysis
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