Top Insurance Interview Preparation Guide

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In this channel we have to recruit professionals agents by providing them training and pass the irdai exam for agency. Then only agent can sell products to consumer as an agent of particular company

When it comes to buying a policy, always:
☛ Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price.
☛ Ensure that your vehicle is adequately insured as it will affect the amount you can claim.
☛ Give all material facts about your vehicle, including previous accidents (if any), modification to engines, etc. When in doubt, it is best to ask your insurance company.

The types of coverage normally provided under a PA policy include:
☛ Accidental death
☛ Permanent disablement
☛ Temporary total or partial disablement
☛ Medical expenses
☛ Corrective surgery
☛ Hospitalisation benefits
☛ Funeral expenses

A travel insurance can be purchased for you or your family to insure against travel-related accidents, losses or interruptions, such as:
☛ Personal accident
☛ medical-related expenses
☛ loss of travel or accommodation expenses due to cancellation or curtailment of the journey
☛ losing your baggage, belongings and money
☛ losing your passport
☛ personal liability
☛ delayed baggage
☛ travel delays
☛ hijacking
☛ repatriation

☛ Medical and health insurance
☛ Retirement annuity
☛ Travel insurance
☛ House owner insurance
☛ Investment linked insurance
☛ Life insurance
☛ personal accident insurance

Basic principals of takaful are as follows:
☛ You must have a legitimate financial interest in the subject matter to participate in a takaful plan.
☛ A takaful contract is based on the principle of utmost good faith (trust), whereby you need to disclose all material information required.
☛ You can only recover your financial loss and not gain any profit as a result of a quantifiable loss.
☛ In determining the compensation, the takaful operator will identify the actual most important cause that brought about the loss.
☛ After you have been compensated for your loss, the takaful operator has the right to claim from any third party responsible for your loss.
☛ If a loss is covered by more than one takaful plans or insurance policies, the takaful operator that has made payment to you may call upon other takaful operators or insurance companies to contribute proportionately to the payment.

The products under general takaful are:
☛ Home takaful
☛ Motor takaful
☛ Personal accident takaful

☛ The products under family takaful are:
☛ Family takaful
☛ Investment linked takaful
☛ Child education takaful
☛ Medical & health takaful

There are 2 types of takaful:
☛ Family takaful
☛ General takaful

☛ Investment linked takaful
☛ Motor takaful
☛ Medical and health takaful
☛ Personal accident takaful
☛ Family takaful
☛ House owner takaful
☛ Marine takaful
☛ Fire takaful
☛ Travel takaful

Useful pointers when buying an insurance policy or participating in a takaful plan:
☛ Understand the policy or plan including the product features, conditions, benefits limitations and exclusions
☛ Ensure that the premium or contribution payable is affordable
☛ Ensure that the amount of coverage taken is adequate and suits your needs
☛ Ensure that all material facts are fully disclosed
☛ Deal only with registered agents/licensed brokers or directly with an insurance company or takaful operators
☛ Monitor the period of coverage and time for payment of premium or contribution

You can buy an insurance policy or participate in a takaful plan:
☛ Directly from insurance companies or takaful operators
☛ Through registered agents or licensed brokers
☛ From banking institutions that have bancassurance arrangements with insurance companies or takaful operators
☛ Via the internet

Banca means bank and assurance is for insurance. The selling of life assurance and other insurance products and services by banking institutions is called bancassurance.

Your insurance or takaful contract is a contract of utmost good faith (trust). Thus, you as the policy owner need to disclose all material information required. If any of the relevant material facts are not disclosed, the policy may be invalid and you will not be protected against any loss or damage.

Both insurance and takaful have similar basic principles. For instance, the insured, such as yourself, must have a legitimate financial interest in the risk you are insuring, meaning you must suffer a financial loss when the insured event occurs.
You can also buy more than one policy or plan to protect a particular risk but in the event of loss or damage, you can only make one claim. The amount payable will then be contributed by the insurance companies involved. As such, you cannot profit from your general insurance policy or takaful plan. If you suffer a loss, you will be compensated accordingly and no more than that. You will be paid or indemnified to the position you were in before the loss. However, if you wish to cover your life, you can buy more than one policy.

Takaful is a protection plan based on Shariah principles. By contributing a sum of money to a common takaful fund in the form of participative contribution (tabarru), you undertake a contract (aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a defined loss.

Insurance is the transfer of risk by an individual, such as yourself, or an organisation, such as your business, to the insurance company. You or your organisation will thus be known as the policy owner. The insurance company receives payment in the form of premium and will compensate you in the event of losses or damages sustained by you.

Travel insurance coverage is usually limited to the period of your travel. However, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies for a frequent traveller.

Medical and health insurance, is an insurance policy which is designed to cover the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery. Medical and health insurance also ensures that you will not have to worry about the cost of seeking treatment during emergencies. In addition, medical and health insurance also provides you with an income stream while you undergo treatment.

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.

This is a policy which covers your household contents and includes coverage for fatal injury to you as the insured. This policy does not cover damage to the house itself.

This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to flood, burst pipes, etc.

This policy provides you with coverage against loss or damage to insured property (i.e. house, shop and factory) caused by fire, lightning or explosion.

There are three main types of policies which you can buy to protect your home:
☛ Basic fire policy
☛ House owner policy
☛ House holder policy