20 March 2014
A majority government-owned life insurance company
has stopped paying out benefits to policy holders who die while taking part in
protests and demonstrations. The Cambodian Life Insurance Company – 51% owned
by the Ministry of Economy and Finance and 49% owned by Thai, Indonesian and
Hong Kong insurance firms – lists “demonstrations” as one of five exclusions where
benefits will not be paid according to policy documents.
Life insurance in Cambodia is a relatively new
industry. Cambodia Life became the first company to offer policies in early
2012, with Manulife Financial and Prudential being the only major firms to have
since joined the market. Manulife Cambodia said that if death occurred through
a demonstration, the company would pay out the basic death benefit. On the
other hand, Prudential has declined to comment.
Other exclusions listed in Cambodia Life’s policy
include suicide committed during the first two years, murder, death suffered
while committing a crime and death from HIV/AIDS. All
premiums paid would be reimbursed to the policy holder’s family if he or she
died in any of the excluded circumstances.
Source:
http://www.phnompenhpost.com/national/protester-clause
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