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Insurance made clear

Types of insurance

Types of takaful

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1) What are the types of insurance and takaful business available in Malaysia?
  A. Life insurance and general insurance.
  B. Family takaful and general takaful.
  C. All of the above.
2) Which one of these is not a basic principle of insurance?
  A. Insurable interest.
  B. Utmost good faith.
  C. Arbitration.
3) An intermediary that represents an insurance company in selling insurance plans is known as
  A. Insurance Broker.
  B. Sales representative.
  C. Insurance agent.
4) An insurance plan based on Shariah principles is called
  A. Takaful.
  B. Wakalah.
  C. Mudharabah.
5) Which one of these institutions do not offer takaful products?
  A. Takaful operators.
  B. Insurance companies.
  C. Banking institutions having bancassurance arrangements with takaful operators.
6) An insurance plan that provides life protection and investment opportunities is called
  A. Whole life insurance.
  B. Endowment insurance.
  C. Investment-linked.
7) The term "grace period" in a life/family takaful policy means
  A. The period where you can cancel your policy without any penalty.
  B. Additional period of time after the due date for premium payment.
  C. Period of time required by the life insurance company/takaful operator to underwrite your proposal.
8) The return on an investment-linked policy is
  A. Guaranteed.
  B. Not guaranteed.
  C. Partly guaranteed.
9) Under the "free look" provision, a person may cancel his life insurance policy by returning the policy to the  insurance company within _____ days after receiving the document.
  A. 15.
  B. 10.
  C. 14.
10) How much tax relief claim can you get on the premiums that you pay for an ordinary life policy?
  A. RM3,000.
  B. RM6,000.
  C. RM5,000.
11) You can increase your scope of insurance coverage on your existing life insurance policy in a more cost effective manner by purchasing
  A. Additional coverage.
  B. Another participating policy.  
  C. A rider.
12) A policy naming the ________ will create a trust in favour of the nominee(s)
  A. Parents.
  B. Spouse/child.
  C. Brothers/sisters.
13) When you have insured your property for a sum below the value of the asset, you are said to have
  A. Obtained a good bargain.
  B. Over-insured.
  C. Under-insured.
14) "Excess or deductible" in your motor policy means
  A. The amount of loss you have to bear before your insurance company will pay for the balance of  the claim amount.
  B. You have paid excess premium to the insurance company.
  C. Additional premium required for extension to your policy.
15) What is the rationale for an insurance company to impose loadings on motor insurance?
  A. To collect more premiums.
  B. To impose a premium that reflects the higher risk factor involved.
  C. To penalise the policyholder for remitting premiums late.
16) A policy that covers losses and damages to the household items and personal effects is called
  A. Householder policy.
  B. Houseowner policy.
  C. Housekeeping policy.
17) Premiums on insurance of residential property must be paid to insurance companies within ____ days from the inception date of the cover.
  A. 30.
  B. 45.
  C. 60.
18) In a health and medical plan, pre-existing conditions means
  A. Conditions and illnesses that existed before a person applies for the medical and health plan.
  B. Conditions that you need to fulfill before you can be on cover.
  C. Your health condition when you apply for the cover.
19) Mr. A insured his car for RM70,000. The car was stolen. The market value of his car at the time of loss was RM50,000. What is the maximum amount the insurance company will compensate him?
  A. RM50,000.
  B. RM70,000.
  C. Any amount between RM50,000 and RM70,000.
20) If you have a complaint about the product or services of your insurance company or takaful operator, who should you resolve the issue with first?
  A. Complaints Unit of the insurance company or takaful operator.
  B. Financial Mediation Bureau.
  C. Insurance association.
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