What is a material fact?
A material fact is any fact relating to you or the object to
be covered that the insurance company/ takaful operator
should know so that it can make a decision on whether it
should grant you the cover, the amount of premiums you
need to pay and the terms to be applied. The insurance
company/ takaful operator will normally get these facts
from the application form. As such, if you are not sure
of any questions in the application form, you should get
an explanation and not guess or leave the item blank. In
life insurance/ family takaful, facts commonly deemed
as material include occupation, financial status, family
medical history, state of health and lifestyle.
Paying premium/ contribution
When you pay your premium/ contribution, make sure
that your cheque is issued to your insurance company/
takaful operator if you pay through an agent. Otherwise,
try to pay your premium directly to the insurance
company/ takaful operator. There are many ways you can
pay your premium/ contributions such as autodebit from
your bank account, via Internet banking, credit card and
using telephone banking.
You should ask for a receipt for the premiums/
contributions paid and contact your insurance company/
takaful operator if you have not received the policy within
one month after the purchase.
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