PROFESSIONAL QUIZ TEST

CHAPTER 1 ​ THE REGULATORY ENVIRONMENT​ OF INSURANCE CLAIMS Quiz Test

start

question 1

Identify the evident changes in the new Financial Services Act(s) 2013 compared to the legislation that was repealed

Gives clarity, clearly defined objectives, and accountability of the organisation in charge of supervising the Act to ensure that it has the clear mandate to regulate the industry in a transparent and equitable manner;

ALL AS MENTION

To introduce a clearer framework for Islamic financial services based on the Syariah principles and related regulations;

To improve provisions for effective and early detection and supervisory intervention.​

20/100

Correct!

Notable changes in the new Act(s), as compared to those repealed, include the following:​

• Gives clarity, clearly defined objectives, and accountability of the organisation in charge of supervising the Act to ensure that it has the clear mandate to regulate the industry in a transparent and equitable manner;​

• To introduce a clearer framework for Islamic financial services based on the Syariah principles and related regulations;​

• To enable the regulation of owners of financial institutions and to monitor interaction between non-regulated companies and financial institutions to the extent of directly supervising any financial institution, if necessary, to safeguard the overall health of the industry;​

• Specific regulations governing financial intermediaries, including registration and operational provisions;​

• Improving consumer protection provisions to enhance consumers’ confidence in the financial system; and ​

• To improve provisions for effective and early detection and supervisory intervention.

next

20/100

question 2

'Treating Customers Fairly (TCF)' outcomes, The framework is also about policies and procedures put into place so that the customer is at the centre of focus when:

the product is being designed and developed;​

the product is being sold according to customer’s affordability, risk, suitability and needs;​

all fees and charges of the plan are equitable and fully disclosed;

ALL AS MENTION

40/100

question 2

'Treating Customers Fairly (TCF)' outcomes, The framework is also about policies and procedures put into place so that the customer is at the centre of focus when:

the product is being designed and developed;​

the product is being sold according to customer’s affordability, risk, suitability and needs;​

all fees and charges of the plan are equitable and fully disclosed;

ALL AS MENTION

40/100

next

Correct!

The framework is also about policies and procedures put into place so that the customer is at the centre of focus when:​

• the product is being designed and developed;​

• the product is being sold according to customer’s affordability, risk, suitability and needs;​

• the customer is being sold the product with full explanation of terms and conditions, coverage and exclusions, financial risk, and all relevant disclosures;​

• all fees and charges of the plan are equitable and fully disclosed;

• agents or intermediaries, who sell, are well-trained and equipped;

• customer information is well protected; ​

• processes of paying out living benefits and death claims are adequately outlined;​

• a platform for the customer to complain or have issues addressed is in place;​

• commissions on products are not biased towards products that give the most revenue to insurer.

40/100

question 3

Briefly explain the overall aim of the Insurance conduct of Business Sourcebook (ICOBS).

The overall aim of ICOBS is to ensure that customers are given clear, fair information when financial products are sold to them.​

The overall aim of ICOBS is to ensure that customers are given fair information when financial products are sold to them.​

The overall aim of ICOBS is to ensure that customers are treated fairly, and should be given clear, fair information when financial products are sold to them.​

The overall aim of ICOBS is to ensure that customers are treated fairly, when financial products are sold to them.​

60/100

Correct!

As mentioned earlier, the U.K.’s Financial Conduct Authority (FCA) regulates the conduct of financial services providers under the office of the Financial Services Authority (FSA). In line with their principle of treating the customer fairly or TCF, the FCA professes the following:​ ​ “We work to protect consumers from the harm that can be caused by bad conduct in the financial services industry.”​ ​ In order to authorise, supervise and enforce conduct of financial service providers, the FCA relies on the Insurance Conduct of Business Sourcebook (ICOBS). The overall aim of ICOBS is to ensure that customers are treated fairly, and should be given clear, fair information when financial products are sold to them.​

next

60/100

question 4

How many days Insurer is to register a claim and initiate the claims processing immediately after recognising the claim. ?

within 7 working days

within 14 working days

within 21 working days

within 7 days

80/100

Correct!

Notification of claims​ ​ ​ Timeline​ Insurer is to register a claim and initiate the claims processing immediately after recognising the claim.​ ​ within 7 working days ​

next

80/100

question 5

Suspicion of fraud should be promptly investigated and any evidence must be reported to

police

All as Mention

Bank Negara Malaysia

copied to PIAM

100/100

Correct!

FRAUD​ Section 9 in Part IV of the Regulation lays out the procedures with regard to fraudulent claims: ​ Insurers should be guided by a checklist, which will alert the claims handlers on the possibility of fraud;​ Suspicion of fraud should be promptly investigated and any evidence must be reported to the police and Bank Negara Malaysia and copied to PIAM;

next

100/100

Completed!

Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum

review answers

retake quiz

Wrong!

Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nul la facilisis at vero eros et accumsan et iusto odio dignissim.

TRY AGAIN

WRONG!