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Top of the Table Insurance Agent involved in US$5m fake policy scam PDF Print E-mail
Written by Wilfred Ling   
Sunday, 10 October 2010

Today in Sunday Times titled "US$5m insurance scam", it was reported that an Indonesia businessman is suing an ex-insurance agent for selling him a fake insurance policy called the "Thank You Policy". In her defense, the ex-agent claimed that she was merely an accomplice as the ploy was conceived by the client. Although the court will have to decide who is telling the truth, what is certain is that the agent did not deny being part of a scam.

If you looked closely, the agent was a Top of the Table (TOT) as she earned more than $300,000 in 1999 and 2000 and one of the youngest to achieve TOT in the world in 2000. At just 23 years old she had already achieved TOT. It was really amazing. The Straits Times also profiled her in 2001 in one of the story. I am also amazed that at that young age, she was already serving high networth clients.

Well, 10 years later, her pass deeds have come to haunt her. For a related story, see What is Million Dollar Round Table and Top of the Table and Robust sales in life insurance? Really?

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amylauschke  - Is this available to the public   |Registered |2010-10-10 09:44:41
If this article and thus the comments are available to be read by the public, then I shall not say anything. Because that might earn Wilfred a legal suit.
Anonymous   |220.255.7.169 |2010-10-10 10:58:33
If any investigation is to be conducted on insurance agents MAS should investigate the fly by night MDRT, COT and TOT agents. I bet one to a thousand that you get them 10 out of 10 in misselling, misrepresentation, conflict of interest and even cheating. These agents push for themselves and never the customers.
Anonymous   |220.255.7.152 |2010-10-11 00:05:06
Not surprising especially in such a merciless dog-eat-dog society here. For money, many humans will stoop to anything, even selling away their own mothers.

From my previous stints in insurance companies, most insurance agents are from relatively poor families, and they don't have good paper qualifications. Previously, most barely even passed O-levels. Nowadays they're mostly half-past-six diplomas that have difficulty in even securing $1.7K/mth jobs. To them, the prospect of earning $100+K a year is something they can never hope to achieve. So when they come across methodologies and peers who have accomplished this money goals, they will throw aside all ethics to try it out.

9 out of 10 young agents I talked to when they see the case of customer putting in $300,000 into an endowment, their eyes all popped out. To them $300K is like $3M --- many even told me that if they have $300K, they will quit working full-time!! LOL
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