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Questions and Answers
What is the primary purpose of property insurance?
What is the primary purpose of property insurance?
- To pool financial risks associated with property losses (correct)
- To recover from catastrophic losses
- To prevent natural disasters
- To eliminate small financial losses
When was the first modern homeowner's policy sold?
When was the first modern homeowner's policy sold?
- 1972
- 1958 (correct)
- 1945
- 1965
What is the definition of 'peril' in the context of insurance?
What is the definition of 'peril' in the context of insurance?
- An intentional act causing damage
- An unexpected event causing financial loss (correct)
- A natural disaster
- An insurance policy
How many main types of residential property insurance policies are there in Malaysia?
How many main types of residential property insurance policies are there in Malaysia?
What does householder insurance primarily cover?
What does householder insurance primarily cover?
What is the purpose of automobile insurance?
What is the purpose of automobile insurance?
What does the Basic fire policy cover?
What does the Basic fire policy cover?
When buying comprehensive cover for a house and its contents, which policies should be purchased?
When buying comprehensive cover for a house and its contents, which policies should be purchased?
What does the Houseowner policy not cover?
What does the Houseowner policy not cover?
What is the importance of ensuring adequate insurance coverage for a property under financing?
What is the importance of ensuring adequate insurance coverage for a property under financing?
What is required if you own a strata-titled property such as an apartment?
What is required if you own a strata-titled property such as an apartment?
What does the Householder policy provide coverage for?
What does the Householder policy provide coverage for?
What may result in double-insurance according to the text?
What may result in double-insurance according to the text?
What is the responsibility of the company managing a strata-titled property?
What is the responsibility of the company managing a strata-titled property?
What type of properties require additional insurance if under financing?
What type of properties require additional insurance if under financing?
What does the Houseowner policy not cover without payment of additional premiums?
What does the Houseowner policy not cover without payment of additional premiums?
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Study Notes
Property Insurance
- Primary purpose: to protect against financial loss due to damage or destruction of property
History of Insurance
- First modern homeowner's policy sold: not specified (but implied to be a historical event)
Key Insurance Concepts
- Peril: a risk or cause of loss or damage to property or person
Residential Property Insurance in Malaysia
- Main types of policies: not specified (but implied to be multiple)
Householder Insurance
- Primarily covers: building and contents of a home
- Purchasing comprehensive cover for a house and its contents requires: two policies (Houseowner and Householder)
Automobile Insurance
- Purpose: not specified (implied to be different from property insurance)
Basic Fire Policy
- Covers: fire-related damage or loss
Importance of Insurance Coverage
- Ensuring adequate insurance coverage for a property under financing is important: to avoid financial loss in case of damage or destruction
Strata-Titled Properties
- Required insurance: additional insurance coverage for shared facilities and common areas
- Company managing a strata-titled property is responsible for: maintaining and insuring shared facilities and common areas
Houseowner Policy
- Provides coverage for: building and some risks
- Does not cover: certain risks or perils without payment of additional premiums
Double-Insurance
- May result from: purchasing duplicate or overlapping insurance policies
Financed Properties
- Type of properties that require additional insurance: those under financing
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