Fuel Subsidy Rebates

Pos Malaysia: Plenty of time to get rebates
By : Jennifer Gomez
NST Online 13/06/2008

KUALA LUMPUR: Don't rush to get your fuel subsidy rebates from the post office tomorrow as you have about 300 days to do so. This was the appeal by Pos Malaysia Bhd.

Executive director and group chief executive officer Datuk Abu Huraira Abu Yazid said although Pos Malaysia was prepared to process the cash rebates for owners of some 1.7 million vehicles, there was no need for the people to rush to post offices.

"We will have the cash ready. But it will be easier for everyone if they just drop off the application forms. They will receive the money order within seven days," he said.

Owners of cars below 2,000cc and four-wheel-drive vehicles and pick-up trucks of up to 2,500cc are eligible for a cash rebate of RM625. Owners of motorcycles below 250cc are eligible for RM150.

Vehicle owners have until March 31 next year to claim the rebates.

Private vehicle owners renewing their road tax between April 1 this year and March 31, 2009, are eligible for the cash-back.

Each person is allowed to claim rebates for five vehicles.

Those who renewed their road tax between April 1 and May 31 can claim their rebates from tomorrow.

Those who renewed their road tax from June 1 can start collecting their rebates from the beginning of next month.

A total of 683 computerised post offices across the country will handle the payout.

Abu Huraira said those who wanted to take cash had to bring their identity card.

They need to fill in a form and provide their vehicle registration number.

This will then be verified through the Road Transport Department database.

"If the form is filled up properly, the counter process will only take three minutes."

More than 2,000 counter workers will be on duty at the 683 computerised post offices between 8.30am and 5pm to handle the rebate applications.

A Pos Malaysia executive will be stationed at every post office to help with enquiries.

There will also be an operations centre at the headquarters to facilitate enquiries from branch post offices.

Abu Huraira added that staff leave from tomorrow till the end of next month had been frozen.

For now, vehicle owners must collect the rebates themselves.

Pos Malaysia will unveil a plan for rebate collection by those living abroad later.

Takaful in Wikipedia (Bahasa Melayu)

To learn more about Takaful from Wikipedia in Bahasa Melayu, click the link ...

http://ms.wikipedia.org/wiki/Takaful

Insurance Terminology

• Insured / Policyholders ~ The person (or corporation) purchasing insurance.
• Insurer ~ A body or person authorised to sell insurance.
• Peril ~ A contingency or fortuitous happening which could losses. Cause of loss.
• Claim ~ A demand presented to the insurer, by policyholder or beneficiary, for the payment of the proceeds stated in the insurance policy.
• Underwriting ~ The process of reviewing applications for coverage. Applications that are accepted are then classified by the underwriter according to the type and degree of risk.
• Premium ~ The consideration an insured pays to the insurer for an insurance coverage of a specified nature for a specified policy period.
• Loading ~ A process used to determine insurance premium by adjusting the expected value of claim payments to provide an allowance for the cost of insurance-related services, uncertainty and profit.
• Risk ~ (a) A situation which cannot be controlled or perfectly foreseen. (b) The subject matter of an insurance contract.
• Loss ~ A claim either paid or payable due to the insurer's policy obligations.
• Insurance ~ A system for transferring the responsibility for paying for losses from one party to another.
• Insurable Risk ~ A Standard risk which an insurer is willing to insure at the standard rates.

Source : Oswald Timothy Edward & Yon Bahiah Wan Aris, "Fundamental of Insurance", UiTM, 2002.

The Concept of Takaful

Takaful in Arabics, means joint guarantee. Thus it can be visualised as a pact among a group of members or participants who agree to jointly guarantee among themselves against loss or damage that may inflict upon any of them as defined in the pact. Should any member or participant suffer a catastrophe or disaster he would receive a certain amount of money or financial benefit from a fund, as also defined in the pact, to help him meet the loss or damage.

In other word, the basic objective of Takaful is to pay for a define loss from a defined fund. Each member of the group pools effort to support the needy. It means mutual help among the group.


Source : Oswald Timothy Edward & Yon Bahiah Wan Aris, "Fundamental of Insurance", UiTM, 2002.

Definition of Insurance

Insurance is an agreement whereby a group of individuals facing similiar risks can share the fortuitous losses of the unlucky few by the transfer of such risks to the Insurer who agrees to compensate the losses.


Source : Oswald Timothy Edward & Yon Bahiah Wan Aris, "Fundamental of Insurance", UiTM, 2002.