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General Insurance Products Flashcards

6 cards from real BCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 General Insurance Products flashcards as text

  1. What does a motor insurance policy in Singapore typically cover?

    Answer: Third-party liability, own damage, and personal accident depending on the plan type

    Motor insurance in Singapore ranges from third-party only (mandatory minimum) to comprehensive plans covering own damage, third-party liability, personal accident, and additional benefits.

  2. In Singapore, what is the minimum motor insurance coverage required by law?

    Answer: Third-party only coverage

    Under the Motor Vehicles (Third-Party Risks and Compensation) Act, all motor vehicles in Singapore must have at least third-party liability insurance to cover injury or death of other road users.

  3. What is a 'No Claim Discount' (NCD) in Singapore motor insurance?

    Answer: A discount given for each claim-free year, up to a maximum percentage

    NCD rewards policyholders with premium discounts for each year they do not make a claim, typically starting at 10% and going up to 50% after five consecutive claim-free years.

  4. What type of insurance covers a homeowner against fire and damage to the building structure in Singapore?

    Answer: Fire insurance (building insurance)

    Fire insurance covers the building structure against perils like fire, lightning, and explosion. For HDB flats, the HDB Fire Insurance Scheme is compulsory for flat owners with an outstanding HDB loan.

  5. What does 'home contents' insurance cover in Singapore?

    Answer: Personal belongings and furnishings inside the home against specified perils

    Home contents insurance covers movable property inside the home, including furniture, electronics, clothing, and personal effects against perils like fire, theft, and water damage.

  6. What is 'travel insurance' primarily designed to cover for Singapore travellers?

    Answer: Trip cancellation, medical expenses overseas, lost baggage, and travel-related emergencies

    Travel insurance provides comprehensive coverage for unexpected events during overseas trips, including medical emergencies, trip cancellations, baggage loss, flight delays, and personal liability.