Frequently Asked Questions: Insurance

1) General Insurance

Is there duplication if I buy the Home Contents Insurance and Fire Insurance together?

No. Home Contents insurance is designed to cover your personal possessions that are movable such as furnishings, appliances, clothing, jewelry, cash, etc. whereas Fire insurance is designed to cover those things you would not take like fixtures and fittings.

How many types of Motor Insurance are available in the market?

In terms of coverage, the following types of motor insurance policies are available

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What is NCB?

NCB means no claim bonus under the Motor insurance policy. Policyholders with the first completed year of clean claims records will be given 10% NCB upon renewal of the policy and the NCB will be increased by 10% for each additional consecutive year of clean claims records up to a maximum of 50%. The NCB will be the renewal premium discount.

Do I still need to buy another Travel insurance policy for myself if my travel agent already has an insurance policy for me?

Most insurance policies affected by travel agents provide coverage to serious accidents or injuries and do not cover loss of luggage, delays or cancellations of trips and medical expenses. As such, each individual should have his/her own policy.

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How many day(s) in advance should I apply Travel Insurance for my trip?

As most of the travel insurance policies would have trip cancellation coverage, you are suggested to effect the insurance as soon as your itinerary is confirmed.

What is Personal Accident Insurance?

The Personal Accident Insurance Product Plan provides benefit to the insured person upon his death or disablement as a result of an accident. Many Personal Accident Insurance Policies available in the market provides other additional benefits such as Hospital Cash Allowance.

Is medical examination required for purchasing Personal Accident insurance?

No medical examination is required.

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2) Life Insurance

How many categories of life insurance are available in the market?

The major categories are: Universal Life, Whole Life, Term, Endowment, and Investment Linked Insurance.

What is the difference between Term Life insurance and Whole Life insurance?

Term life insurance is a policy that provides life cover for a fixed duration or term. If the insured is dead during the term, the insurance company will pay the sum insured to the designated beneficiary. If the insured is still alive when the policy expires at the end of the term, no payment will be made by the insurance company. Normally, the longer the policy term and the higher the insured age, the more the premium to be charged.

Whole life insurance is the most popular life insurance plan. It offers protection throughout the life of the insured and includes an element of savings. Normally, the saving amount will be paid in terms of cash value or dividends.

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Is medical examination required for life insurance?

All applicants are required to complete a health declaration or health questionnaire. Whether medical examination is required depends on the answers to the health questions and insurance companies' guideline.

Why will the premium increase as I get older?

The premium amount is derived based on various attributes, where mortality rate as one of the basic information. As the mortality rate increases when the insured age goes up, the premium amount will be increased accordingly.

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What is "Cash Value"?

For the majority of the savings insurance plan, Cash Value is an amount accumulated under the Policy. This amount can be withdrawn any time by the policy owner if necessary, but withdrawal charges may be levied.

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How is "Death Benefit" paid for investment linked insurance policies?

Death Benefit is payable to the beneficiary upon death of the life insured. With the "Level Benefit Option", the death benefit is either the policy value or the basic sum insured less all withdrawals made in the 12 months preceding the date of death, whichever is the higher. With the "Increasing Benefit Option", the death benefit is equal to the basic sum insured plus the policy value.

I have financial difficulties at the moment and cannot afford to pay for my savings insurance plan. What should I do if I would like to keep my insurance plan?

In the situation of temporary financial difficulty, terminating the insurance policy is not the best way to solve problem. You are recommended to draw cash from the policy to meet your financial needs if you have accumulated sufficient cash value in the policy, provided that the cash value after withdrawal is sufficient to pay for the premium in the coming 2 months. A withdrawal fee will be charged. Alternatively, premium holidays are allowed for selected product plans if the accumulated cash value is sufficient to cover the premium payment, if applicable.

About the Application

What are the application procedures if I want to apply for an insurance with China Construction Bank Macau Branch?

You can visit any of our Subbranches for applications.

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Other Questions

In case of loss, damage or injury, what should I do in order to make a claim?

You should contact your insurance company's claims department immediately. You need to fill in a claim form and submit the following documentary evidence to support your claim:

In liability cases, the third party instead of the policy holder will makes the claim.

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Can I still keep my policy after migrating to other countries?

It depends on the different types of policies and insurance companies' guidelines.

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If I terminate my policy, can I get any refund?

If you terminate the policy after its cooling off period, you can only receive the policy's cash value, if any.

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