Identifying suspicious transactions for Insurance Companies:

  1. Customer proposes to purchase an insurance product using a cheque drawn on an account other than his or her personal account, i.e. Third Parties.
  2. Customer conducts a transaction that results in a conspicuous increase in investment contributions.
  3. Customer makes payments with large denomination notes, uncommonly wrapped, with postal money orders or with similar means of payment.
  4. The first (or single) premium is paid from a bank account outside the country.
  5. Customer purchases annuity policies and later on changes ownership to a third party, i.e. relative, friend, solicitor, etc.
  6. A client with other small policies or transactions based on a regular payment structure may make a sudden request to purchase a substantial policy with a lump sum.
  7. The client shows more interest in the cancellation or surrender of the policy rather than in the long-term results of investment
  8. A life insurance contract may be taken out for less than three years
  9. Customer cancels insurance soon after purchase.