5th Quiz

Question 1 - 3 is based on the following information:

BBCC (M) Bhd is a resident bank in Malaysia. It has several branches and subsidiaries in Malaysia and oversea. All overseas branches and subsidiaries are located in countries that have double tax agreement with Malaysia.

Business income of RM900,000 derived and accrued from Jitra branch is taxable under world income scope.

• True

• False

Adjusted loss from overseas branches cannot be set off against the aggregate income of BBCC (M) Bhd.

• True

• False

Income of a BBCC (M) Bhd's subsidiary in Bangkok is taxed based on Thailand's income tax law.

• True

• False

The following are benefits from an insurance policy except

• protection

• safety

• investment

• guarding

Conventional insurance business consists of

• general and takaful insurance

• life and general insurance

• general and family insurance

• life and family insurance

An insurance company is prohibited to transfer to another insurer all or part of its liabilities in respect of claims arising under the contracts of insurance that it writes.

• True

• False

Which of the followings are sources of income for a conventional insurance company?

• Life re-insurance fund, life fund, insurance fund

• General fund, life fund, family fund

• Life fund, shareholders fund, general fund

• Life fund, incidental income, family fund

Which of the followings is correct?

• Gross premium is the income of a life fund.

• Gross premium is the income of a shareholders fund.

• Gross premium is the income of a general fund.

• Gross premium is considered as other income.