16 Questions
What is the purpose of property insurance?
To eliminate catastrophic losses associated with property damage
When was the first modern homeowner's policy sold?
1958
What is a peril in the context of homeowner's insurance?
An event or happening that causes a financial loss
How many main types of residential property insurance policies are there in Malaysia?
3
What is the main focus of automobile insurance policy?
Providing compensation for automobile accidents only
What was needed before the introduction of the first modern homeowner's policy in 1958?
Separate policies for every peril
What does the Basic fire policy cover?
Loss or damage by fire, lightning, or explosion
Which policy includes coverage for loss or damage due to flood and burst pipes?
Houseowner policy
What is the extension available in the Houseowner policy that covers loss of rent and liability to third parties for accidents in your house?
Coverage for loss of rent and liability to third parties for accidents in your house
Under which circumstance does the Householder policy not cover theft claim?
If there is no evidence of forced and violent entry or exit
What is an important point to consider when buying insurance for your property under the Houseowner policy?
Ensuring that the sum insured covers the cost of rebuilding your property
What type of property may require you to purchase another houseowner policy if it is under financing?
Strata-titled property
What does it result in if your apartment is under financing and the financier requires you to purchase another houseowner policy?
Double-insurance
What agreement has been made if your property is financed by a bank or finance company under the supervision of Bank Negara Malaysia (BNM)?
'No requirement to purchase another insurance policy'
What should you ensure you get if you own a strata-titled property?
A copy of your individual certificate of insurance for your property
What should you ensure about the insured value when buying insurance for your property under the Houseowner policy?
The sum insured should cover the cost of rebuilding your property
Test your knowledge of life and health insurance, property and liability insurance, homeowner's insurance, and automobile insurance with this quiz. Learn about buying and maintaining insurance, recovering on a liability or property loss, and filing claims for automobile insurance.
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