BPD 2nd Equiz-May 2024

Which is the best practice in case Client could not provide Quotation with signature and chop before BP's booking policy?

• Client confirmed the quotation via email is enough for policy booking.

• Client confirmed the quotation via email or SMS in advance. The full signature & chop version of confirmed quotation must be collected later on.

• MKT guaranteed via email to BP about client's confirmation for policy booking. The full signature and chop version of confirmed quotation will be provided later after policy issuance. Bp could issue the policy as normal to meet the deadline.

What is considered as abnormal cases that requires BP to carefully check before booking policy

• Client e-signed on quotation by their verified e-signature

• The date of confirmation on quotation is later than effective date/inception date of policy

• The date MKT sent the booking request to BPD is before effective date/inception date of policy. Unclear of date and time of signature from Client on quotation.

• The date MKT sent the booking request to BPD is later than effective date/inception date of policy. Unclear of date and time of signature from Client on quotation

• The confirmation from Client is out of quotation validity.

What BP must do in case of abnormal cases specified in above Q2. Multiple options are acceptable.

• Verify MKT about possibility of backdated confirmation and/or unclear information.

• Evidence from Client (eg: email; broker's email; SMS etc) should be provided

• Have the marketing department guarantee via email to the booking policy that the client has confirmed the booking. The complete signed and stamped quotation will be provided after policy issuance. In case of out of validity of quotation, the valid quotation should be replaced and provided before booking

• Hold to issue the policy until the information and evidence is clear and/or sufficient documents to be provided

Which information is compulsorily required to BP check before booking policy to ensure effectiveness of our BP cross-check

• Client's confirmation on adequacy of sum insured that applicable to all Property Damage Insurance and LOP through (ISR, ARC, FII, FEC, LOP) all business sources (Direct/Co-Inward/Fac-inwards/Broker/Agent)

• Client's confirmation on adequacy of sum insured that applicable to all Property Damage Insurance and LOP (ISR, ARC, FII, FEC, LOP) through Direct business only

• Client's confirmation on their understanding about our MSIG's explanation for terms and conditions of the quotation

• Client's confimation on their understanding about our MSIG's explanation for terms and conditions including but not limited to benefits, exclusions, rights and obligations of the quotation

Which products are excluded to obtain the confirmation from Client about adequacy of Sum Insured

• Householder/Houseowner Insurance

• Fire and Named perils Insurance

• Office multi risks

• Loss of Profit

• Machinery breakdown

Which case of HCI (healthcare insurance) is not required to provide Declaration form as per the latest guideline from UWD

• Renew policy in all cases

• Endorsement to add new insured persons of an existing policy 

• New policy of Golden Plan with group more than 20 insured persons

• New policy of Flexi plan, Basic plan, Diamond plan with group more than 20 insured persons

• New policy of Flexi plan, Basic plan, Diamond plan with group less than 20 insured persons

Choose the correct conditions required for a group Healthcare policy to follow MSIG's standard wording

• Group policy has at least 3 persons

• All insured persons working in the same company/organization

• All insured persons are being insured under the same benefits

• The policy holder is the Compay/Organization

In case of Group Healthcare policy and if any person having Yes in her/his declaration of disease

• The policy holder could sign on the Declaration form on her/his behalf

• This is a group policy and all the insureds could declare in one declaration form. The policy holder could sign on behalf of all the insureds.

• The Insured should declare and sign on the Declaration form separately with other insureds in the group