"The damages suffered by the agency due to delayed/non-completion of the contracts/projects within the timelines may not be recovered due to non-imposition of LDs and non-forfeiture
of performance securities against the contractors, an indication of agency's laxity in enforcing the stipulations specified in the contract agreements to the disadvantage of the government," COA said.
"Several contracts with an aggregate amount of P684.42 million were not terminated in due time resulting in the accumulation of uncollected liquidated damages of P74.304 million and non-forfeiture
of P208.899 million performance security, depriving the government of the compensation it suffered from the suppliers' default," COA said in the 2018 annual audit report for PS-DBM.
According to him, 'the break down include: N11.5 bn final forfeiture (cash and accounts); N133.8 bn non-forfeiture
recoveries; N8.92 billion direct deposits; N38.64 bn tax recoveries; N4.30 bn fuel subsidy recoveries and N42 bn banks (third party).
Applicant was provided undue benefit due to non-forfeiture
of 10pc of total premium, audit report states
Of the rest, 8% have taken reduced benefits and only 5% have chosen the non-forfeiture
In last month's column, we explored how whole life can be funded in a way that could guarantee a paid-up policy either contractually or through the use of a non-forfeiture
Securities law has generally recognized that products that satisfy the requirements under state law relative to the standard non-forfeiture
law should not be treated as securities because the insurance company bears the investment risk.
In addition, they could consider contingent non-forfeiture
provisions, so if another 90% increase comes down the pike, at least they could salvage some coverage rather than forfeit all premiums paid.
In particular, one fundamental aspect of traditional life insurance that cannot be offered by a family takaful plan is the non-forfeiture
benefit, i.e., the guaranteed cash values of the policy.
Inflation of Daily Benefit Compound lifetime: 5%; Simple lifetime: 5% Benefit Periods 2 years, 3 years, 5 years and 10 years Admission / benefit triggers Chronically ill (expect to need services for at least 90 days), cognitive impairment, unable to perform 2 out of 6 ADLs Additional type of benefits Adult day care, alternate plan/ provided for base policy: informal care, assisted living, bed reservation, durable medical equipment, home modification, homemaker services, hospice care, respite care Optional Riders Non-forfeiture
Average application processing 22 days time The State Life Insurance Company (800) 275-5101 www.assetbasedltc.com Product Name Asset-Care States available Product is unavailable in NJ, NY, VI, Guam, PR Min.
Under the amendment, Bellamy said, to be exempt from Rule 151A, underwriters and agents selling indexed products must not sell a variable product; they must comply with state non-forfeiture
laws; and they must comply with a suitability standard.
These features include spousal discounts, respite care, hospice care, caregiver training, bed reservation, medical equipment, cognitive reinstatement, non-forfeiture
benefits, case management and referral services.