Category: Financial Literacy EN

CASE 2 An elderly person had an insurance policy to cover 36 critical illnesses. He suffered a stroke (an illness covered by his policy) and lost mobility in one arm; thus, he put in a claim. However, the claim was denied by the company, resulting in him making a complaint to CAP. CAP wrote to the company asking for the reason(s) for declining the claim. The reply was shocking to say the least....

The case below illustrates the existence of unethical practices in the insurance trade and the policy of finding or even engineering excuses not to pay up unless consumers fight back and put them in a corner. CASE 1 A young man whose family was living in a rubber estate in Gurun was himself working in a factory some 10-15 km from home and travelling to and fro on a motorcycle. As is the norm...

  Consumers Association of Penang (CAP) calls on the government to set up a Royal Commission of Inquiry to investigate why our laws, institutions and authorities have failed to curb illicit money flows, identify their weaknesses, and make recommendations for eliminating the problem. Based on United Nations and International Monetary Fund documents, the Washington-based think tank Global...

"One of the main effects (I will not say purposes) of orthodox traditional economics was ... a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society." — Joan Robinson, British economist

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” — Joan Robinson* * British economist Joan Robinson was arguably the only woman born before 1930 who can be considered a great economist.