An assessment on Checklists/Appendices of the procedures for Motor Commercial Club product.

TAKAFUL INSURANCE OF AFRICA LTD

If a customer taking out a comprehensive motor commercial policy elects to pay the ‘Excess protector’ then… Which of the below statements in not correct?

  • Any claim lodged by the above policyholder is payable because the ‘Excess protector’ has been paid. (
  • A claim lodged by the above policyholder is payable subject to payment of the excess limit
  • A claim lodged by the above policyholder is payable subject to applicable excess limits
  • Any claim raised by the policyholder is payable if it is below the excess limit. (TRUE)

If a customer taking out a comprehensive motor commercial policy selects the ‘OWN GOODS’ option as opposed to the ‘HIRE and REWARD’ option then… Choose the incorrect statement in the choices below.

  • A claim is payable provided the goods carried are the property of the policyholder. (√)
  • A claim is payable so long as the goods carried are not contradictory to the “Usage clause(√)
  • A claim is payable so long as the owner of the vehicle received payment for the transport service. (√)

The underwriting manager can approve a risk of sum insured worth;

  • Kshs 0-1.5M.
  • Kshs 0-2M.
  • Kshs 1.5M-3M.
  • Any amount.

Windscreen, towing and radio cassette claims can be approved by any of the following except;

  • Claims officer.
  • Claims Manager/ Assistant claims manager.
  • Any of the options.
  • None of the options

What is the claims limit that need the approval of the claims committee?

  • Above 3M
  • 2M- 3M.
  • 0-4M.
  • 2M-4M.

Why is the branch Manager required to counter-sign the certificate duplicate in the file?

  • To ensure that the credit policy has been adhered to.
  • To ensure that the client has been issued with a valuation letter.
  • To ensure that the correct class of certificate has been issued.
  • To ensure that the client has signed a copy of the declaration.

A client MUST signed all of the following documents except;

  • Proposal form.
  • Policy document.
  • Declaration form.
  • Valuation letter.

If a motor club premium is above 1 Million, who of the below should approve credit arrangement.

  • The cashier.
  • The branch manager.
  • An accountant.
  • The CEO.

If a client has a premium of KES 300,000, which of the below is NOT an option for payment.

  • Cash and carry
  • Use the IPF.
  • Pay 40% of the premium and get 1 month certificate.
  • Pay 20% of the premium and get full year certificates.

Select two from the below requirements that should be obtained from an individual.

  • Certificate of incorporation
  • Copy of ID of the person
  • Copy of PIN of the person
  • Memorandum and articles of association

Which among the following is not a KYC requirement for trusts.

  • Trust deed
  • Name and other details of a management company
  • Full names of trustees
  • Copy of ID of the trust

Pick the odd one out when conducting KYC for a company .

  • Certificate of incorporation
  • Copy of ID
  • Memorandum and articles of association
  • Copy of PIN of the company

AML guidelines require insurers to conduct risk assessment of customers before entering into a business relationship with them. Which of the four listed below is not a requirement of AML risk assessment?

  • Customer risk assessment
  • Geographical risk assessment
  • Transaction risk assessment
  • Sum insured risk assessment

Answer with “true” or “false”.

  • A PEP (politically exposed person) is a person who has been entrusted with a prominent public function in a country including; TRUE.
  • Early claims reported or suspicious claims after a very short period after commencement of cover is an indicator for Transaction AML risk; TRUE
  • When the client pays premium from multiple sources e.g. several and different bank accounts is not a sign of transaction AML risk. FALSE
  • Companies owned by the government and regulated financial institutions are high risk customers. FALSE
  • Ethiopia is a FATF non-cooperating country. TRUE

What is the maximum value of a risk that can be approved at a branch?

  • A risk of sum insured of Kshs 1.5M.
  • A risk of sum insured of 1.5M to 5M.
  • A risk of up to a sum insured of Kshs 3M.
  • A risk of upto a sum insured of Kshs 10M.

Which one of the following claims checklist is list important when processing a claim under Motor Commercial Club?

  • If the policy in force is Motor Commercial Club or not
  • Premium payment.
  • Vehicle loss history

Which one of the following is NOT a benefit under Motor Commercial Club policy?

  • Alternative Transport.
  • Funeral expense
  • Facility Repayment
  • Medical expenses incurred by driver or loader.

As a customer involved in a road accident, which one of the following should I not do?

  • Negotiate with third parties.
  • Report accident immediately to the police.
  • Report claim to an insurance company
  • Not admit liability.