Common Types of Insurance
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General matters concerning all types of insurance
- 1. The insured persons or policyholders might sometimes fail to disclose all their personal information to the insurance company. Will such a non-disclosure lead to the rejection of claims? What important facts must be disclosed?
- 2. Further to the question above, if a piece of non-disclosed information is not related to a particular claim, can the insurance company still reject such claim?
- 3. What are the usual "exclusion clauses" in an insurance policy?
- 4. I paid the premium one week late (or one month late). Is my policy still valid? Will the insurance company deny my claim if an accident happened immediately before my premium payment?
- 5. The insurance company has delayed processing my claim. Can I claim interest due to such a delay?
- 6. I have taken out several insurance policies covering the same risk (e.g. hospital confinement or household damage). Can I claim for the sum insured under ALL policies or just the actual expenses/losses only? Is the claim for the death benefit under life insurance subject to different rules?
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How can I get an insurance policy?
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a. Insurance Intermediaries
- 1. There are two types of insurance intermediary, namely "insurance agent" and "insurance broker". What are the differences in their roles/functions and qualifications? Are they required to be registered before performing their work?
- 2. What are the requirements for an individual to be a licensed insurance intermediary or responsible officer of licensed insurance agencies or insurance broker companies under the new regime?
- 3. Are licensed insurance intermediaries required to comply with any principles of professional conduct?
- 4. What powers do the Insurance Authority have to ensure insurance intermediaries’ compliance with the statutory requirement and to deal with insurance intermediaries’ misconduct?
- 5. I am not satisfied with the compensation and the conduct of my agent/insurance company. Shall I settle the dispute in court, or approach other organizations? Do the courts or other organizations impose a limit on the amount of any claim in each case?
- 6. My agent made some false statements which induced me to buy insurance from him. Can I terminate the policy and ask for a refund of the premiums?
- 7. My agent asks me to pay him cash so that he can pay my premiums promptly on behalf of me. Is he allowed to handle premium payments in this way?
- b. Insurtech and Virtual Insurer
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a. Insurance Intermediaries
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Common Types of Insurance
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A. Life insurance (including retirement products)
- 1. What is meant by a "cooling-off period"? If I have just purchased a life insurance policy but have second thoughts a few days later, can I cancel this policy?
- 2. What do I need to consider if I am thinking whether to replace an existing insurance policy with a new insurance policy? From whom may I seek advice?
- 3. How can I find out about the benefit illustration of a life insurance policy prior to purchasing it?
- 4. Why do I need to provide the information for completing the form for financial needs analysis prior to purchasing life insurance policy?
- 5. What is meant by a "contestable period" in relation to life insurance?
- 6. What is the effect of a "suicide clause" in a life insurance policy?
- 7. Can the insurance company deny my claims made under the insurance policy because of the non-disclosure of health problem and that the doctor failed to diagnose during the medical check-up prior to my insurance application?
- 8. What are the differences between a "revocable beneficiary" and an "irrevocable beneficiary"? Under what circumstances can I change an irrevocable beneficiary in my life insurance policy?
- 9. My son is now 15 years old. Can I name him as the beneficiary in my life insurance policy? Would he be entitled to receive all the proceeds if I die before he reaches the age of majority (i.e. the age of 18)?
- 10. The insured person has disappeared for several years. Can the beneficiary submit a claim for the death benefit under the relevant life insurance policy?
- 11. Will medical reports issued by traditional Chinese medical practitioners be accepted by an insurance company when processing claims?
- 12. I took out an insurance policy in Hong Kong but I was injured in a foreign country. Will this affect my claim?
- 13. Can a person under 18 years of age purchase a life insurance policy?
- 14. If my insurance policy has lapsed and I try to "reinstate" my policy by paying the premiums again, can I submit any claims to the insurance company at this stage?
- 15. I have taken out several life insurance policies covering the same risk (on the life of the same person), can I claim for the death benefit under ALL life insurance policies?
- 16. Who are required to join the MPF schemes (or other recognized occupational retirement schemes) under the law? Are self-employed persons or casual workers (who are not employed under contracts of employment) also required to join these schemes?
- 17. What are the statutory amounts or percentages of income for mandatory contributions under MPF schemes?
- 18. I have already joined a MPF scheme. Do I still need to consider other retirement plans, e.g. life insurance and other investment tools?
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B. Medical Insurance
- 1. What is the difference between group and individual medical/health insurance?
- 2. What is the Voluntary Health Insurance Scheme?
- 3. What is the minimum insurance coverage offered by Certified Plans?
- 4. How do I know whether an insurance policy is a VHIS Policy?
- 5. What is the impact of a “suicide clause” on medical/health insurance if the policyholder has tried to commit suicide, but only injured himself?
- 6. Will medical reports issued by traditional Chinese medical practitioners be accepted by an insurance company when processing claims?
- 7. I have taken out several insurance policies covering the same risk (e.g. hospital confinement or household damage). Can I claim for the sum insured under ALL policies or just the actual expenses/losses only?
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C. Accident or personal injury insurance
- 1. What is the general meaning of "accidental injury"? If I was injured but did not have a visible bruise or wound, can I still submit a claim for such an injury?
- 2. What are the general meanings of "permanent disability" and "temporary disability"? I received a lump sum from an insurance company due to a permanent disability but surprisingly recovered two years later. Can the insurance company ask me to refund part of its previous payment?
- 3. I seldom participate in risky or dangerous sports/activities (e.g. water skiing), but I was injured on one occasion while playing such a sport. Is such an injury considered as an "accident" or "self-inflicted" or a "negligent" event?
- 4. If I have received compensation from personal injury litigation against the wrongdoer, will it be used to set off part of my claim from my insurance policy?
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D. Insurance against damage or loss of property
- 1. If my home and the furniture inside are damaged, will the insurance company compensate me for the full value of my property? Will the insurance company make a professional valuation or estimation before effecting payment?
- 2. I am an owner of a flat inside a building that has coverage for third party liability. Can I escape from all liability if visitors or occupiers were injured in an accident inside the building?
- E. Professional Liability Insurance
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F. Motor Insurance
- 1. When an accident happens, what should a driver do or not to do? In case the driver is being sued by the victims, should the driver appoint a lawyer for defence before informing the insurance company?
- 2. Should the driver arrange to repair the car immediately after a traffic accident? Is the driver required to obtain prior approval from the insurance company for the costs of any repair?
- 3. I am the registered owner but not the "real owner" of a car ("real owner" is the person who actually paid for the car). Can I obtain insurance coverage in respect of the car?
- 4. I am a car owner. Am I bound to purchase third party liability insurance for my car under the law? What are the consequences if I fail to do so?
- 5. Do I need to disclose the traffic accident(s) I have previously been involved as a driver when I apply for motor insurance? Will I be charged of a higher premium if I disclose I have recently been convicted of any traffic offence such as illegal parking?
- G. Employees' compensation
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H. Travel Insurance
- 1. I have already purchased my air ticket and travel insurance for my next trip. However, it appears there is political instability in the country I am going to visit. What should I do?
- 2. I have signed up a local tour and shall participate in a hot-air balloon activity for my coming trip. What should I pay attention to when buying my travel insurance?
- 3. I am a frequent traveller as I like to visit different countries to appreciate the beauty of nature and mountain scene. Are there any tips for me in buying travel insurance?
- 4. I am travelling to a city at early morning of the day and will return before midnight. Do I still need to buy any travel insurance for such a short trip?
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A. Life insurance (including retirement products)
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