Acknowledgement Statement For Policy Template for Malaysia

The Acknowledgement Statement For Policy is a critical document in Malaysian insurance practice, designed to protect both insurers and policyholders by creating a clear record of the policyholder's understanding of their insurance coverage. This document is typically used when issuing new insurance policies or making significant modifications to existing ones, ensuring compliance with Malaysian insurance regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. It serves as evidence that the policyholder has been properly informed about their policy terms, benefits, exclusions, and obligations, helping prevent future disputes and misunderstandings. The document is especially important in the Malaysian context where insurance products can be complex and may be offered in multiple languages, requiring clear documentation of the policyholder's comprehension and acceptance.

1. Policyholder Information: Full name, identification details, and contact information of the policyholder

2. Policy Reference: Details of the insurance policy being acknowledged, including policy number, type, and date of issue

3. Acknowledgement of Receipt: Confirmation of receiving the complete policy document and related materials

4. Declaration of Understanding: Statement confirming understanding of key policy terms, conditions, and exclusions

5. Premium Payment Declaration: Acknowledgement of premium amounts, payment schedule, and consequences of non-payment

6. Disclosure Confirmation: Confirmation that all material information has been disclosed truthfully

7. Execution: Date, signature section for policyholder and witness