lia - quiz on ppf

if u go to the lia website's home page (http://www.lia.org.sg), u can't help but notice a quiz staring in your face which goes like this:

quiz: What is the Policy Owners’ Protection Scheme ('PPF Scheme')?

answer: True / False: The PPF Scheme protects existing and future policyowners should a life insurer, which is a Member of the PPF Scheme, fail. Policyowners receive 100% protection for the guaranteed benefits of their life insurance policies, subject to maximum caps where applicable.

(The PPF Scheme also provides 100% coverage for general insurance policies that are covered under the Scheme; no caps are applicable.)

my answer was yes.

but would u be surprised that out of 45 answers (at this point in time), there were 8 incorrect responses or 18% who got it wrong.

my comments:

even for a relatively simple question like the ppf, i was surprised that the number of responses who did not click on the correct answer was quite large.

similarly, for life insurance, there will be many who will probably end up buying policies not fully conversant with what they have bought. for example, how many are fully aware of the terms and conditions or exclusions of their policies?

that's why it is incumbent upon the consumer to be prudent in the choice of their financial adviser.

because the consequences of making the wrong choice means there is no turning the clock back.