INSURANCE QUIZIZ

What is the main tax rate applied to the Shareholder's Fund in Takaful insurance?

• 8%

• 16%

• 24%

• 30%

These are the incentives offered for insurance industry EXCEPT:

• PIDM

• Election under Para. 15 Schedule 2 ITA 1967

• Annuity

• Interest exemption

What are the two sources of income for life insurance businesses?

• Life Fund

• General Insurance

• Shareholder's Fund

• Reinsurance Income

Which of the following is included in general insurance business?

• Life fund & shareholder's fund

• Fire, property, motor vehicle & transportation

• Pension & annuity plans

• Investment income from overseas fund

Which of the following statements about Takaful funds is not correct?

• Family fund is taxed at 24%

• Shareholder's fund is taxed at 24%

• Family fund is for participant contributions and claims

• Shareholder's fund is for operating costs and profits

What deduction applies to premium paid for reinsurance outside Malaysia for general insurance?

• 100%

• 80%

• 95%

• 70%

What is tax rate applied to the Family Fund in takaful insurance?

• 10%

• 24%

• 8%

• 18%

These income are included in computing the gross income for general insurance EXCEPT:

• Gross investment

• Gross premium

• Rental income

• Dividend income

What is the Wakalah Model in Takaful?

• Profits shared between participants

• Contributions form a charitable fund

• Operator earns a fee for managing fund

• Funds pooled to share losses

Choose expenses that can be deductible under general fund S60(5)(b)

• Commission

• Claims

• Gross proceeds from investment

• Re-insurance