SEOUL, May 4 (Korea Bizwire) — AIA Life and Hyundai Life have been selected as the insurance companies that provide the most comprehensible insurance contracts, according to a May 3 report conducted by the Korea Insurance Development Institute. The institute assessed contracts from 24 insurance companies in terms of their clarity, comprehensibility and brevity. AIA [...]
SEOUL, Sept. 19 (Korea Bizwire) – A financial consumer organization warned more caution when dealing with foreign life insurance companies as they committed more financial frauds than Korean counterparts. According to the Korea Finance Consumer Federation (KFCF)’s analysis on the status of financial frauds including misappropriation of 24 life insurers for the past three years, [...]
SEOUL, June 2 (Korea Bizwire) – There are still cases in which insurance companies refused to pay insurance money for unsubstantiated reasons. According to the Korea Finance Consumer Federation, consumers ended up getting nothing in one out of every 100 claims cases on average. In 2013, the ratio of claims non-payment was 1.02 percent for life [...]