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What is the minimum age requirement to purchase an insurance policy in Singapore?

18 years old

21 years old

25 years old

30 years old

How many Life insurers are there in Singapore as of 2021?

What is the purpose of a deductible in an insurance policy?

To reduce the premium cost

To increase the coverage amount

To limit the number of claims

To exclude certain types of losses

What does the Private Medical Insurance Scheme (PMIS) in Singapore cover?

Only hospitalization expenses

Hospitalization and outpatient clinic services

Hospitalization and selected clinic services

Hospitalization, outpatient clinic and surgical expenses

What does the term 'exclusion' mean in an insurance policy?

The policyholder is excluded from making claims

Certain situations where the insurance policy does not provide coverage

The policyholder is excluded from paying premiums

Certain situations where the policyholder can claim beyond the coverage limit

Which insurance plan in Singapore offers coverage for people with pre-existing conditions?

Medishield Life

Integrated Shield Plans

Life insurance with critical illness coverage

Whole Life Insurance

What is the purpose of underwriting in the insurance industry?

To assess the risk of insuring an individual or entity

To determine the premium cost

To process claims

To market insurance products

What does the term 'co-insurance' mean in an insurance policy?

The insurer pays a percentage of the total claim amount

The policy is jointly insured by multiple insurance companies

The policyholder pays a certain percentage of the total claim amount

The policyholder and insurer share the same insurance coverage

What does the term "endorsement" refer to in an insurance policy?

A modification or addition to the terms and conditions of the policy.

Types of compensation paid for damage or loss

Cash value, payout

Deductable

What coverage does Eldershield insurance in Singapore provide?

Covers only elderly

Provides for severe disability, especially during old age

Provides coverage for all healthcare needs of the elderly

Covers all expenditures after retirement

What is the purpose of a waiting period in a health insurance policy?

To prevent individuals from purchasing insurance only when they need medical treatment

To limit the number of claims

To exclude certain pre-existing conditions

To increase the coverage amount

What is the purpose of Critical Illness insurance in Singapore?

To offset expenses for long term care

To provide insurance for common illnesses

To provide a lump sum payout upon diagnosing certain critical illnesses

To ensure coverage for all types of illness

'Riders' in an insurance policy in Singapore refers to which aspect of the policy?

The policyholder

Additional benefits that supplement the base policy

Policy underwriters

Those who will receive the payout from a policy

Which of the following types of insurance provides coverage for financial losses resulting from legal claims?

Liability insurance

Pet insurance

Health insurance

Home insurance

What is the purpose of a grace period in an insurance policy?

To provide a period of time after the premium due date to make payment without penalty

To allow for changes to the policy terms and conditions

To process claims

To exclude certain types of losses

What type of insurance is the Dependants' Protection Scheme (DPS) in Singapore?

Health insurance

Term life insurance

Investment-linked insurance

Whole life insurance

What is the purpose of Personal Accident Insurance in Singapore?

It covers hospitalization expenses

It provides a payout upon diagnosis of any disease

It provides coverage on the loss of property

It provides a lump-sum payout upon accidental death

What happens to the unclaimed insurance money in Singapore?

It returns to the policyholders

It is donated to charity

It becomes the property of the government

It is transferred to the Unclaimed Money Fund and accessible by the rightful owners at any time

What is the purpose of a surrender value in a life insurance policy?

To provide a cash value that can be received if the policyholder decides to terminate the policy before maturity

To increase the coverage amount

To limit the number of claims

To exclude certain types of losses

What is the Home Protection Scheme (HPS) in Singapore designed for?

To protect individuals from home burglaries

To protect against fire and other damages to the home

To provide coverage for mortgage loan in the event of death or permanent incapacity

To provide for housing renovation expenses

Which is Singapore’s government health insurance plan?

Integrated Shield Plan

Medishield Life

Medisave

Medifund

In Singapore, which insurance is mandatory for all workers?

Endowment Insurance

Work Injury Compensation Insurance

Health insurance

Travel insurance

What is the purpose of a claim in an insurance policy?

To request compensation from the insurance company for a covered loss

To increase the coverage amount

To limit the number of claims

To exclude certain types of losses

Which of the following is not a type of car insurance coverage?

Collision coverage

Comprehensive coverage

Liability coverage

Life insurance

Which plan offers lifelong coverage in Singapore and has a cash value component that grows over time?

Endowment Insurance

Term Insurance

Whole Life Insurance

Health Insurance

What does the Personal Accident insurance typically cover in Singapore?

Hospital bills

Death

Disability

All of above

What is the purpose of a beneficiary designation in a life insurance policy?

To specify who will receive the death benefit upon the insured's passing

To increase the coverage amount

To limit the number of claims

To exclude certain types of losses

Which of the following is not a type of travel insurance coverage? (select all applicable)

Trip cancellation coverage

Medical evacuation coverage

Baggage delay coverage

Car insurance

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