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Financial advisory
RES5Financial Advisory Services✓Alan wants to take out a policy on the life of his friend Ben, to whom he is not related and on whom he is not financially dependent, hoping to profit if Ben dies. Under Singapore law, this policy is:
Insurable interest is not presumed between friends who are unrelated by blood or marriage; a financial interest in the continued life of the insured must be demonstrated. Without it, the policy is an illegal wagering agreement and is not valid.
Naming a beneficiary or obtaining the insured's consent does not cure the absence of a genuine financial (insurable) interest.
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