Conceivably, yes.
However, if it were a life policy, it would be a challenge for such a
policy to pass compliance and be incepted.
Beyond the usual factors of underwriting, such as age, demographic, and
health, here is also the consideration of political risk, and the concerns of
money laundering due to US sanctions.
This means that there are additional reporting standards.
What may mitigate the risk would be the fact the
Iranian national is working in Singapore for a substantial period of time, is
not a politically exposed person, and his funds can be justified. Even then, he may be limited to hospitalisation
or term plans. Investment-linked,
universal life, and complex insurance policies would likely be declined.
On the other hand, if he is working in a company, and
they have a group health plan, there should be no problem for him to be
included since the nature of plan means that the risk is spread across the
portfolio,
When it comes to general insurance coverage such as
professional indemnity, the risk is calculated primarily on professional
exposure to claim, not nationality, unless it involves work in Iran, or any
sanctioned nation, which would not be covered under the terms of coverage.
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