Sales Compliance

The guidelines for Proper Sales Advised required submissions on

• Customer Fact Finding Form

• Proposal Form

• Code of Ethics declaration

• Sales Illustration

The objective of Replacement of Contract

(ROC) guideline is to

• Protect interest of Sales Intermediary

• Protect interest of Takaful participant

• Protect interest of Takaful Operator

Which is NOT TRUE on consequence of Replacement of Contract (ROC) to clients

• They may have to pay higher premium due to age & change in health condition factor.

• Waiting period starts again.

• May incur initial cost again such as commission paid to takaful agent and other administrative expenses.

• Their health declaration will be waived for reinstatement.

A Replacement of Certificate (ROC) is defined as any transaction involving the participation of family takaful certificate if within 12 months before or after a new certificate is effected, an family takaful certificate has been (select best 3 answer)

• lapsed , surrendered; partially surrendered or forfeited

• maturity

• changed or modified into paid-up takaful, continued as extended term takaful or automatic advance from participant’s account, or under another form of non-forfeiture benefits, dividend accumulations, dividend cash values or other cash values

• changed or modified so as to effect a reduction in the amount of contributions paid arising from the reduction of sum covered and/or rider or removal of rider, or in the period of time the existing family takaful certificate will continue in force

Which of the following is the document which must be given to customer, at the point of sales?

• Original Customer Fact Finding form

• New Sales Submission Checklist

• Original Proposal Form

• Product Disclosure Sheet

Which of the following is the document which must be given to client, at the point of sales?

• Original Customer Fact Finding form

• New Sales Submission Checklist

• Original Proposal Form

• Product Disclosure Sheet

The Product Disclosure Sheet highlights the ________________ of the product

• Projected return

• Key features

• Tabarru' charge

• Commission structure

Which of the following is the importance of Product Disclosure Sheet?

• To ensure sales advisor able to explain to client on the product.

• To ensure Takaful Operator is delivering the important information on the product.

• To ensure client able to understand the product information in layman term.

• To ensure consumer right is protected.

The requirement to produce Product Disclosure sheet is to adhere with ______ guideline

• SLMT

• MTA

• LIAM

• BNM

Which of the following is the  purpose of Record of Advice in the Customer Fact Finding Form?

• To indicate the best product choose by client.

• To indicate the reason for recommending the product to client by an sales advisor.

• To indicate the best practice in selling the product by sales advisor.

• To indicate that the sales advisor adhere to the guidelines and regulation by BNM.