QBE Professional Indemnity Insurance Policy

Transcription

1 QBE Insurance (Malaysia) Berhad Reg. No D No. 638, Level 6, Block B1, Leisure Commerce Square, No. 9, Jalan PJS 8/9, Petaling Jaya, Postal Address P.O. Box 10637, Kuala Lumpur, MALAYSIA. Phone: Fax: QBE Professional Indemnity Insurance Policy (For the Members of Great Eastern Life Field Force and Agents Association Malaysia (1980)(GELFAAM)) QBE INSURANCE (MALAYSIA) BERHAD welcomes you as a Policyholder and we take this opportunity to recommend that you thoroughly examine this Document which sets out the limitations and benefits of the insurance. Please store it in a safe place. Should you have any query, please contact your Registered Agent/Broker or our QBE office, especially if the insurance is not completely in accordance with your intentions. WE WOULD REMIND YOU THAT YOU MUST DISCLOSE TO US, FULLY AND FAITHFULLY, THE FACTS YOU KNOW OR OUGHT TO KNOW, OTHERWISE YOU MAY NOT RECEIVE ANY BENEFIT FROM YOUR POLICY.

2 QBE Professional Indemnity Insurance Policy CONTENTS A THE COVER... 4 SECTION 1 - INSURING CLAUSES Insuring Clause A Insuring Clause B Retroactive Date... 4 SECTION 2 - AUTOMATIC EXTENSIONS Estates and Legal Representatives Intellectual Property Libel and Slander Loss of Documents Fraud and Dishonesty... 5 B EXCLUSIONS Prior or Pending Absolute Asbestos Activities as a Agency Leader Assumed Duty or Obligation Billings Breach of Investment Mandate Conflict of Interest Corporate or Merchant Banking Services Excessive Changing of Policies Fines and Penalties Fraud and Dishonesty Bankruptcy of the Insured or Insolvency of Financial Institution Government Investment Performance Nuclear Provision of Legal Services Related Parties Supply of Goods War Terrorism Insurance Brokers/Agents Financial Consultants Investment and Portfolio Management.7 2 PIDFPI000-Q-1013 (GEL)

3 C CLAIMS CONDITIONS AND NOTICE PROVISIONS When to Notify Who to Notify What to Notify Claims Mitigation and Co-operation Defence and Settlement Fraudulent Claims Insured s Right to Contest Legal Counsel Clause Subrogation... 8 D GENERAL CONDITIONS Accreditation of Consultants Alteration to Risk Assignment of Interest Cancellation Deductible Jurisdictional Cover Limit of Indemnity Other Insurance Policy Construction Premium Warranty Clause Territorial Cover Licensing Requirement Clause... 9 E DEFINITIONS GE Affiliate GE and/or OAC Insurance Products Claim Costs and Expenses Deductible Documents Family Member Hedging Insured Limit of Indemnity Period of Cover Policy Premium Professional Business Practice Proposal QBE Schedule Subsidiary Terrorism PIDFPI000-Q-1013 (GEL) 3

4 QBE Professional Indemnity Insurance Policy A THE COVER Preamble Subject to payment of the Premium and all the provisions of this Policy, in reliance upon the statements made and information contained in the Proposal and the Schedule: SECTION 1 - INSURING CLAUSES 1.1 Insuring Clause A QBE agrees to indemnify the Insured against legal liability for any Claim for compensation first made against the Insured during the Period of Cover and which is notified in writing to QBE during the Period of Cover, for breach of professional duty in the conduct of the Professional Business Practice carried on by or on behalf of the Insured by reason of any negligent act, error or omission committed or alleged to have been committed on the part of the Insured. 1.2 Insuring Clause B QBE agrees to pay, the Costs and Expenses incurred with the written consent of QBE in the defence or settlement of any Claim covered under Insuring Clause A1.1 Acts, Errors or Omissions or under any applicable extension, PROVIDED ALWAYS THAT such Costs and Expenses shall be part of and not in addition to the Limit of Indemnity. 1.3 Retroactive Date "Unlimited Retroactive Cover" - unless a Retroactive Date is specified in the Schedule, this Policy shall provide cover in respect of acts, errors or omissions committed (or alleged to have been committed) irrespective of when such acts, errors or omissions were committed (or were alleged to have been committed). SECTION 2 - AUTOMATIC EXTENSIONS QBE shall provide indemnity as is available under this section, for nil additional Premium, PROVIDED ALWAYS THAT: a) each Extension in this section is subject to all the provisions of this Policy; and b) no Extension in this section shall increase the Limit of Indemnity. 2.1 Estates and Legal Representatives QBE agrees to provide coverage to the estates, heirs, legal representatives or assigns of any Insured in the event of the death or incapacity of such Insured. PROVIDED ALWAYS THAT such persons shall observe and be subject to all the terms of this Policy insofar as they can apply. 2.2 Intellectual Property QBE agrees to provide coverage in respect of any Claim made against the Insured for any unintentional infringement of copyright, trademarks, registered designs or patents, or any plagiarism, or breach of confidentiality. 2.3 Libel and Slander QBE agrees to provide coverage in respect of any Claim made against the Insured, by any person, for libel or slander by reason of words written or spoken provided that such Claim arises out of the conduct of the Professional Business Practice. 2.4 Loss of Documents QBE agrees to pay the reasonable and direct cost to the Insured of reproducing, replacing or restoring Documents which have been destroyed, damaged or lost (and which, after diligent search, cannot be found) PROVIDED ALWAYS THAT: (a) (b) (c) (d) (e) the destruction, damage or loss of Documents is discovered during the Period of Cover and is notified in writing to QBE within twenty-eight (28) days after the date of discovery; a claim by the Insured under this Extension must be supported by bills and/or accounts approved by a person nominated by QBE whose nomination is agreed by the Insured (this agreement is not to be unreasonably withheld); the cover this Extension provides is limited to the destruction, damage or loss of Documents which were in the physical custody or control of the Insured or which were in the physical custody or control of any other person to whom the Insured entrusted, lodged or deposited Documents in the ordinary course of the Insured's Business; QBE has no liability under this Extension for any amount which falls within the Deductible; this Extension does not apply to the destruction, damage or loss of Documents brought about, or contributed to, by fire, water, burglary or theft. 4 PIDFPI000-Q-1013 (GEL)

5 2.5 Fraud and Dishonesty QBE agrees to provide coverage in respect of any Claim made against the Insured which would otherwise be excluded by Exclusion B11 Fraud and Dishonesty, PROVIDED ALWAYS THAT this extension does not apply to: (a) any Insured against whom conduct of the type described in Exclusion B11 Fraud and Dishonesty is proven as a fact; (b) loss of money (including cash), negotiable instruments, bearer bonds or coupons, stamps, bank or currency notes. B EXCLUSIONS QBE shall not be liable under this Policy in respect of any Claim against an Insured directly or indirectly based upon, attributable to, or in consequence of any fact or contributed by: 1. Prior or Pending any fact or circumstance: a) made, threatened or intimated against the Insured prior to the Period of Cover; b) of which written notice has been given, or ought reasonably to have been given, under any previous policy; or c) of which the Insured first became aware prior to the Period of Cover, and which the Insured knew or ought reasonably to have known had the potential to give rise to a Claim under this Policy. 2. Absolute Asbestos asbestos, asbestos fibres or derivatives of asbestos. However this Exclusion shall not apply to any Claim or part of a Claim for financial loss arising out of a breach of professional duty where the cause of the breach does not relate to any asbestos exposure. 3. Activities as a Agency Leader services provided as an agency leader. 4. Assumed Duty or Obligation a) a duty or obligation assumed by the Insured which is not assumed in the normal conduct of the Insured s Professional Business Practice; b) a duty or obligation which the Insured assumes solely as a result of acting as a director of any company or trustee of any trust; c) a contractual liability imposed upon the Insured if that liability would not have been imposed upon the Insured in the absence of a contract. 5. Billings a) a trading debt incurred by the Insured or any guarantee given by the Insured for a debt; b) any legal obligation to refund any fee charged to a third party; c) actions relating to intentionally charging excessive fees, commissions, costs or other charges to third party clients. 6. Breach of Investment Mandate a) the failure to adhere to investment mandates used as an inducement to investors or a basis upon which investors placed funds with the Insured; or b) the promotion, sale or distribution of products not expressly approved in writing by AIA GE. 7. Conflict of Interest any actual or alleged conflict of interest, including but not limited to: a) the inducement, recommendation or endorsement of investment or lending of funds in the Insured itself or its parent entity, subsidiary or affiliated companies. b) the gaining of any profit or advantage to which the Insured was not legally entitled to. 8. Corporate or Merchant Banking Services a) advice relating to the mergers or acquisition of any entity; or b) the provision of finance or financial facilities; or c) the underwriting of securities or issuance of debt securities. 9. Excessive Changing of Policies the excessive changing of policies, otherwise known as churning without fully explaining the financial impact, including commissions, to third party clients. 10. Fines and Penalties for punitive, aggravated, multiple or exemplary damages, or fines or penalties imposed by law, including but not limited to, civil penalties and awards of statutory compensation and/or damages under the companies and/or securities legislation and related legislation, or any amount which is uninsurable by law. PIDFPI000-Q-1013 (GEL) 5

6 11. Fraud and Dishonesty a) any dishonest, fraudulent, criminal, or malicious act or omission actually or allegedly committed or actually or allegedly condoned by an Insured or his/her consultants, sub-contractors or agents; b) any act or omission of any Insured or their consultants, sub-contractors, or agents actually or allegedly committed with a reckless disregard for the consequences thereof; c) actual or alleged willful breach of any statute or contract by the Insured or his/her consultants, sub-contractors, or agents. 12. Bankruptcy of the Insured or Insolvency of Financial Institution the bankruptcy of the Insured, or the insolvency of any financial institution, including but not limited to insurance company, underwriting agency or syndicate, banks or any other financial institutions, including their inability to pay policyholders or unit trust-holders. PROVIDED ALWAYS THAT this Exclusion shall not apply to any Claim for breach of professional duty in the conduct of the Professional Business Practice carried on by or on behalf of the Insured by reason of any negligent act, error or omission committed or alleged to have been committed on the part of the Insured. However this is limited to Insuring Clause B only. 13. Government the prosecution of lawsuits by or on behalf of any government, quasi governmental or self regulatory entity, unless arising from Professional Business Practice rendered to such government or entity. 14. Investment Performance a) the depreciation (or failure to appreciate) in value of any investments, including but not limited to, property, shares, securities, commodities, currencies, options and futures or derivative transactions, or as a result of any actual or alleged representation, advice, guarantee or warranty provided by or on behalf of the Insured as to the performance or characteristics of any such investment; or b) losses sustained through Hedging transactions, including but not limited to advice in respect of such transactions; or c) loss of value, surrender value or cancellation value of any leased product or service as a result of fluctuations in value of such product of service; or d) the failure of any product to become self-funding or achieving what is commonly known as the Critical Year. QBE shall have no liability in respect of any guarantee, whether written or oral, regarding the financial return on any investment. In respect of Exclusion (a), (b) and (c) above, the Exclusion shall not apply to any loss due solely to negligence on the part of any Insured in failing to effect a specific investment transaction in accordance with the specific prior instructions of a client of the Insured. 15. Nuclear ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of any nuclear fuel. 16. Provision of Legal Services the provision of legal advice that would normally be provided by a qualified lawyer. 17. Related Parties any Claim brought or maintained by or on behalf of: a) any Insured; or b) any person who, at the time of the negligent act, error or omission giving rise to the Claim, is a Family Member unless such person is acting without any prior direct or indirect solicitation or co-operation of any Insured; or c) any Insurer, if the specific negligent act, error or omission was committed under the instruction or influence of that Insurer 18. Supply of Goods 19. War the sale, supply, installation, alteration, modification or manufacture of goods by or on behalf of the Insured. a) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalization or requisition of or damage to property by or under the order of any government or public local authority. b) any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the Claim resulting therefrom is accidental or intentional. 6 PIDFPI000-Q-1013 (GEL)

7 20. Terrorism any act of Terrorism. For the avoidance of doubt, QBE shall not be liable under this Policy to indemnify in respect of any loss, damage, death, injury, illness, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with: a) any act of Terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss. b) any action taken in controlling, preventing, suppressing or in any way relating to any act of Terrorism. 21. Insurance Brokers / Agents any Claim: (a) by any insurer arising out of any alleged negligent act, error or omission by the Insured in their capacity as insurance agents or general insurance agents of that insurer, unless that insurer has obtained a judgment against the Insured in any court in respect of that Claim, (b) arising out of the commingling of monies or accounts, or loss of monies received by the Insured or credited to the Insured s account, (c) arising out of the Insured s activities as a managing agent or managing general agent unless otherwise endorsed, (d) arising out of the Insured s activities by signing any insurance proposal on behalf of others. 22. Financial Consultants Investment and Portfolio Management any Claim: arising out of the investment of client s funds in shares, units or loans or otherwise in any Affiliate of the Insured unless the Insured discloses to the client in writing before the investment is made of the existence of the affiliation and its precise nature. C CLAIMS CONDITIONS AND NOTICE PROVISIONS 1. When to Notify Written notice of any Claim or any circumstance which might reasonably be expected to give rise to a Claim shall be given as soon as practicable and in any event within thirty (30) days after expiry of the Policy. If an Insured becomes aware of any circumstances which might reasonably be expected to give rise to a Claim and notifies QBE of those circumstances in writing during the Period of Cover or within thirty (30) days after expiry of the Policy, any Claim subsequently made which arises from those circumstances shall be deemed to have been notified during the Period of Cover. 2. Who to Notify Notice of any Claim or circumstances which might reasonably be expected to give rise to a Claim shall be delivered to: 3. What to Notify Claims Manager QBE Insurance (Malaysia) Berhad No 638, Level 6, Block B1, Leisure Commerce Square No. 9, Jalan PJS 8/9, Petaling Jaya Selangor Darul Ehsan Notice of any Claim or circumstances which might reasonably be expected to give rise to a Claim shall include the reasons for the anticipation of a Claim, with full particulars as to the circumstances, dates and persons involved. 4. Claims Mitigation and Co-operation The Insured shall, as a condition precedent to their right to be indemnified under this Policy: a) upon knowledge of a circumstance which could lead to a Claim, exercise reasonable care and skill and do and concur in doing all things reasonably practicable to avoid or diminish QBE's liability under this Policy;. b) co-operate with and provide any document needed by QBE and/or QBE's legal representatives or agents to enable QBE to effectively investigate any fact or circumstance that may give rise to a Claim under this Policy, or to effectively investigate, defend or settle any Claim, or to enable QBE to assess its liability under this Policy. Other than Costs and Expenses incurred to enable QBE to assess its liability under this Policy, the cost of complying with this condition is for the Insured to bear, unless QBE otherwise agrees in writing. 5. Defence and Settlement a) QBE shall have the duty to defend any Claim covered by this Policy. Coverage shall apply even if any of the allegations in such Claim are groundless, false or fraudulent. QBE s duty to defend any Claim shall cease upon exhaustion of the Limit of Indemnity. b) The Insured agrees not to settle any Claim, incur any Costs and Expenses, make any admission, offer or payment or otherwise assume any contractual obligation with respect to any Claim without QBE's written consent (this consent not to be unreasonably withheld). QBE will not be liable for any settlement, Costs and Expenses, admission, offer or payment, or assumed obligation to which it has not consented. c) QBE is entitled at any time to conduct, in the name of the Insured, the investigation of any fact or circumstance that may give rise to a Claim under this Policy, or the investigation, defence or settlement of any Claim. PIDFPI000-Q-1013 (GEL) 7

8 d) QBE may, if it believes that a Claim will not exceed the Deductible, instruct the Insured to conduct the defence of that Claim. QBE will reimburse the Insured for all reasonable Costs and Expenses incurred in defending the Claim in the event that any payment made to dispose of the Claim exceeds the Deductible. 6. Fraudulent Claims If any Claim under this Policy is in any respect fraudulent or if any fraudulent means or devices are used by the Insured or anyone acting on the Insured's behalf to obtain a benefit under this Policy, all benefit under this Policy for that particular Claim will be forfeited. 7. Insured s Right to Contest In the event that QBE recommends settlement of a Claim and the Insured disagrees with QBE's recommendation, the Insured may elect to contest the Claim, PROVIDED ALWAYS THAT QBE's liability in connection with the Claim will not exceed the amount for which the Claim could have been settled plus Costs and Expenses incurred with QBE's written consent up to the date of the Insured's election. 8. Legal Counsel Clause QBE will not require the Insured to contest a Claim unless a legal counsel (to be mutually agreed upon by the Insured and QBE) advises that the Claim should be contested. a) In formulating the advice, legal counsel shall take into consideration the economics of the matter, the damages and costs which are likely to be recovered by the claimant, the likely Costs and Expenses and the prospects of the Insured successfully defending the Claim. b) The costs of the advice referred to in (a) above will count as Costs and Expenses. Where a mutually accepted legal counsel is not agreed upon within thirty (30) days, then the legal counsel shall be appointed by QBE. It is agreed that the legal counsel appointed shall act as an expert, not an arbitrator. 9. Subrogation In the event of any payment under this Policy, QBE shall be subrogated to the extent of such payment to all the Insured's rights of recovery, and the Insured agrees to execute all papers required and do everything necessary to secure and preserve QBE's rights, including the execution of documents necessary to enable QBE effectively to bring suit in the name of the Insured. D GENERAL CONDITIONS 1. Accreditation of Consultants It is a condition precedent of this Policy that the Insured providing advice is accredited, licensed and authorized by: (i) (ii) (iii) The Bank Negara and/or Life Insurance Association Malaysia and/or Persatuan Insurans Am Malaysia, and GE and/or; OAC 2. Alteration to Risk The Insured shall give to QBE written notice as soon as practicable of any material alteration to risk during the Period of Cover including: a) the Insured going into voluntary bankruptcy, receivership, or liquidation or the Insured failing to pay debts or breaching any other obligation giving rise to the appointment of a receiver or bankruptcy or winding up proceedings; b) any material change in the nature of the professional services offered by the Insured. 3. Assignment of Interest No change in, or modification of, or assignment of interest under this Policy is effective except when made by written Endorsement to this Policy and signed by an authorised employee of QBE. 4. Cancellation a) Insured may cancel this Policy at any time by notifying QBE in writing. All Premium for the expired Period of Cover is nonrefundable. b) QBE may cancel this Policy by giving thirty (30) days notice in writing to the Insured at the last known address. All Premium for the expired Period of Cover to be paid within thirty (30) days after cancellation of the Policy. 5. Deductible a) In respect of each Claim made against the Insured the amount of the Deductible shall be borne by the Insured at their own risk and QBE shall only be liable to indemnify the Insured for that part of any Claim which is in excess of the Deductible and any clawback of commission. QBE shall not be liable to indemnify the Insured for any clawback of commission. b) Where QBE has elected to pay all or part of the Deductible for any Claim, the Insured shall, within seven (7) days from the date of such payment, reimburse QBE for such payment. 8 PIDFPI000-Q-1013 (GEL)

9 c) In respect of any Claim where the amount of the Claim is less than the amount of the Deductible, the Insured shall bear all Costs and Expenses associated therewith unless QBE shall have agreed to meet such Costs and Expenses pursuant to Insuring Clause B. d) Where QBE deems it necessary to appoint advisors to determine liability of the Insured or to resolve a Claim, such Costs and Expenses, up to the amount of the Deductible, shall be borne by the Insured. e) Any Costs and Expenses incurred by QBE to determine whether QBE has a liability to indemnify the Insured under this Policy shall not be subject to the Deductible but shall be borne by QBE. f) If any Claim against the Insured involves more than one claimant and/ or negligent act, error or omission, the Deductible shall apply to each and every claimant. 6. Jurisdictional Cover The cover for this Policy is limited to only Claims brought in the court of law of Malaysia only. 7. Limit of Indemnity a) QBE s total Limit of Indemnity under this Policy shall not exceed RM10,000,000 in the aggregate. Cover for individual Insured is sub-limited to either RM200,000 any one Claim and RM 1,000,000 in the aggregate, or RM500,000 any one Claim and RM1,000,000 in the aggregate depending upon the certificate issued to the individual Insured. Such Limit of Indemnity shall not be cumulative with any other professional indemnity insurance offered to another Insured. b) Any payment made by QBE under this Policy shall erode the Limit of Indemnity. 8. Other Insurance If, at the time a Claim arises under this Policy, the Insured is, or would but for the existence of this Policy be, entitled to indemnity under any other policy or policies, QBE shall not be liable except in respect of any excess beyond the amount which would have been payable under such other policy or policies had this Policy not been effected. 9. Policy Construction The construction, interpretation and meaning of the provisions of this Policy shall be determined in accordance with the law of the state, territory or country in which this Policy is issued and any dispute relating thereto shall be submitted to the exclusive jurisdiction of the courts of such state, territory or country. The marginal notes and titles of paragraphs in this Policy are included for descriptive purposes only and do not form part of this Policy for the purpose of its construction or interpretation. Under this Policy, the masculine includes the feminine and the singular includes the plural and vice versa. For the avoidance of doubt, references to the term the Insured in each clause of this Policy shall be deemed to refer to each individual Insured and the clauses shall be construed accordingly. For the purposes of this Policy, where a Claim in a clause is stated (i) to be limited in coverage or (ii) not to be covered for any reason whatsoever, that clause shall be construed as applying only to that particular Claim and not to all Claims against all Insured individuals as a whole. The foregoing shall be subject to the Limit of Indemnity clause. 10. Premium Warranty Clause It is a condition precedent under this Policy that premium must be received by QBE prior to commencement of the cover. In the event that this condition is not satisfied, QBE may affect cancellation in accordance with General Condition D5 (b). 11. Territorial Cover The coverage provided under this Policy shall be limited to legal liability arising out of acts, errors or omissions incurred anywhere in the world, except within the United States of America or the Dominion of Canada or any other territory coming within the jurisdiction of the courts of the United States of America or the Dominion of Canada. 12. Licensing requirement Clause It is a condition precedent to the QBE liability to pay under this Policy that:- 1. in respect of advising, issuing or promulgating analysis or reports concerning unit trust products, the Insured must be a registered Unit Trust Consultant authorized and registered with the Federation of Malaysian Unit Trust Manager (FMUTM) and must abide by the Code of Ethics and Standards of professional Conduct for Unit Trust Industry issued by the FMUM; and 2. in respect of advising, issuing or promulgating analysis or reports concerning other types of investment product or collective investment scheme, the Insured must be duly licensed or authorized, if such is required under the Capital Markets and Services Act, 2007, relevant regulations, guidelines or other relevant laws and regulations. E DEFINITIONS The following words shall have the same meaning throughout this Policy, whether expressed in the singular or in the plural. 1. GE GE shall mean Great Eastern Life Assurance (Malaysia) Berhad or any other member of the Great Eastern Holdings Limited including its subsidiary and affiliate organizations or companies. PIDFPI000-Q-1013 (GEL) 9

10 2. Affiliate Affiliate for the purpose of this clause shall mean either a) A company which is managed by the Insured or by any partner of the Insured or b) A unit trust managed by the Insured or by an affiliate ( as defined herein) of the Insured or c) An individual who is a partner of the Insured or is wife, husband, child, parent or other close relative of the Insured. 3. GE and/or OAC Insurance Products GE and/or OAC Insurance Products shall mean insurance products declared in the Proposal, or attachment thereto, that are underwritten, issued and insured by Great Eastern Life Assurance (Malaysia) Berhad and Overseas Assurance Corporation (Malaysia) Berhad only. 4. Claim "Claim" shall mean: a) the receipt by the Insured of any written or verbal notice of demand for compensation made by a third party against the Insured; or b) any writ, statement of claim, summons, application or other originating legal or arbitral process, cross-claim, counterclaim or third or similar party notice served upon the Insured. 5. Costs and Expenses "Costs and Expenses" shall mean expenses, including legal costs and disbursements, incurred either by QBE or, with QBE's prior written consent by the Insured: a) in the investigation of facts or circumstances which may give rise to a Claim; or b) in the investigation, defence or settlement of a Claim; PROVIDED ALWAYS THAT Costs and Expenses shall be part of, and not in addition to, the Limit of Indemnity. 6. Deductible "Deductible" shall mean the amount of the Deductible stated in the Schedule and shall include Costs and Expenses. 7. Documents "Documents" shall mean deeds, wills, agreements, maps, plans, books, letters, policies, certificates, forms and documents of any nature whatsoever, whether written, printed or reproduced by any method including computer records and electronic data material, but shall not include bearer bonds or coupons, stamps, bank or currency notes or any other negotiable instruments. 8. Family Member Family Member shall mean: a) any spouse, companion (who permanently resides with the Insured), or domestic partner; or b) any parent, or parent of the spouse or their partner or companion; or c) any sibling or child of the Insured. 9. Hedging Hedging shall mean the arranging of one or more contracts specifically to protect against movement in prices or values, including but not limited to foreign exchange, commodities and securities of every description. 10. Insured "Insured" shall mean Great Eastern Life Assurance (Malaysia) Berhad s agents but not consultants, sub-contractors or agents of the agent and/or agency leader, who during the Period of Cover, has an agent agreement in force with Great Eastern Life Assurance (Malaysia) Berhad Limit of Indemnity "Limit of Indemnity" shall mean the limit of liability under this Policy stated in the Schedule and includes Costs and Expenses. 12. Period of Cover "Period of Cover" shall mean the period stated in the Schedule 13. Policy Policy shall mean: a) the Schedule, Insuring Clauses, Extensions, Conditions, Definitions, Exclusions and other terms contained in this document; and b) any Endorsement attaching to and forming part of this Policy either at inception or during the Period of Cover; and c) the Proposal. 10 PIDFPI000-Q-1013 (GEL)

11 14. Premium "Premium" shall mean either: a) RM155 (exclusive of taxes) per annum, per Insured or b) RM230 (exclusive of taxes) per annum, per Insured Subject to the Limit of Indemnity chosen for the individual Insured in accordance with General Condition D Professional Business Practice "Professional Business Practice" shall mean the sale, distribution and/or promotion of GE Insurance Products. 16. Proposal "Proposal" shall mean the written Proposal made by Great Eastern Life Force and Agents Association Malaysia to QBE containing particulars and statements which, together with other information provided by Great Eastern Life Field Force and Agents Association Malaysia, are the basis of this Policy and are considered as incorporated into this Policy. 17. QBE "QBE" shall mean QBE Insurance (Malaysia) Berhad. 18. Schedule "Schedule" shall mean the Schedule to this Policy. 19. Subsidiary "Subsidiary" shall mean: a) any entity which by virtue of any legislation or law is deemed to be a Subsidiary of the Insured; or b) any entity over which the Insured is in a position to exercise effective direction or control through ownership or control of more than fifty percent (50%) of the issued voting shares of such entity. 20. Terrorism "Terrorism" shall mean an act, including but not limited to the use of force or violence and/or threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s) which from its nature or context is done for, or in connection with, political, religious, ideological, ethnic or similar purposes or reasons, including the intention to influence any government and/or to put the public, or any section of the public, in fear. IMPORTANT NOTICE: The following are channels available for complaints on insurance related matters. You can contact our Complaint Unit for assistance at or the following authorised bodies: 1. FINANCIAL MEDIATION BUREAU (FMB) LEVEL 25, DATARAN KEWANGAN DARUL TAKAFUL NO. 4 JALAN SULTAN SULAIMAN KUALA LUMPUR TEL: FAX: DIRECTOR Laman Informasi Nasihat dan Khidmat (LINK) BANK NEGARA MALAYSIA TINGKAT BAWAH, BLOK C TINGKAT 14B PETI SURAT KUALA LUMPUR TEL: FAX: PIDFPI000-Q-1013 (GEL) 11