: Bank Negara Malaysia has required insurance companies or takaful operators to conduct comprehensive and objective investigations into all claims submitted by consumers.
“Should an insurance company or takaful operator reject an insurance or takaful claim in whole or in part, it is required to provide a clear explanation to the claimant about the rationale for the decision, including the policy themes or exceptions referred to,“ she said during a question and answer session in the Dewan Rakyat today in reply to a question from Datuk Ngeh Koo Ham who asked the Minister of Finance to state the steps taken to ensure that insurance companies are responsible for the...
She said the exclusion clause specifies certain conditions that are not covered by a policy - it depends on the type of policy, for example in motor insurance, among the common exclusions are driving under the influence of alcohol or drugs, illegal use of a vehicle, self-harm, undeclared existing illness or false claims.
“However, additional coverage with added premiums can be obtained for such events like natural disasters or pre-existing diseases,“ she said.