Insurance

PREMIUM is the price for insurance. The price of coverage is measured differently according to the type of insurance.

• TRUE

• FALSE

The following statements are the importance of insurance except

• face uncertainties and losses

• gain profit

• as a financial

  protection if unfortunate events happen

• provides coverage against any loss or damage incurred

Ahmad met an accident and suffers from a total and permanent disability. Is he able to claim the compensation from his life insurance?

• Yes

• No

Encik Jeffry buys an insurance policy to cover himself in case of an accident from Syarikat Kurnia for RM100 000 with a monthly payment of RM100. How much is the monthly premium?

• RM100

• RM1 000

• RM10 000

• RM100 000

Puan Aminah buys a life insurance policy to cover herself from Syarikat BBC for RM300 000 with a monthly payment of RM500. How much is the monthly premium?

How much is the coverage limit?

• RM500

• RM300 000

Insurance is an agreement whereby a group of individuals facing similar risks can share the fortuitous losses of the unlucky few by transfer of such risks to the insurer who agree to compensate the losses.

• TRUE

• FALSE

Risk transfer is an individual or business firm shift the uncertainties life on to the shoulders of others. 

• TRUE

• FALSE

Social benefits is to make sure that the claimed by individual or business firm able to live as normal as before.

• TRUE

• FALSE

............................ provides coverage against damage caused by fire, lightning and explosion that occur at home or business premise.

• Life Insurance

• Fire insurance

• Medical Insurance

• Motor insurance

.................... protects policyholder against losses during travel whether by land, air or sea such as death and permanent disability, loss of luggage, passport and money

• Life Insurance

• Personal Accident Insurance

• Fire Insurance

• Travel insurance