Access Your Singapore Insurance IQ Challenge
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
What are the core types of insurance offered in Singapore? (select all applicable)
Life Insurance
Re-insurance
Property Insurance
General Insurance
Auto Insurance
Health Insurance
Travel Insurance
Liability Insurance
Which of the following factors does not affect the premium cost of an insurance policy? (select all applicable)
Types of insurance
Age
Gender
Coverage amount
Marital status
Hobbies
How many Life insurers are there in Singapore as of 2021?
9
12
11
13
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
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