I bet not many people ever bother to read the contents of an insurance policy, be it life or property insurances.
The term 'insurance' is in fact to insure the CEO of the company of his/her pretty salary package.
Perils covered under the policies are generally overkill, packaged such that the premium could be marked up to a higher sum, hence contributing more to the company's annual turnover quota.
In the case of my home, the policy encompassed perils like earthquakes, landslides and floods (besides the usual fire hazard), BUT when you think deeply, there is a redundancy in the perils covered.
My house is located on a small hill, with no steep slides in view, even if we say there still exists a possibility of landslides, I wouldn't believe that a flood can happen to my area. Reason, if my house could ever got flooded, the building which house the insurance company downtown would have become waterworld. Not only that, KL city would be totally submerged under mud.
I guess, these type of insurance polices are in place, mainly because the CEOs of these insurance companies could not earn enough to pay for their very own salaries.
Well, I am not saying that I am stingy with the extra RM10 or so, BUT I would rather want to hear the CEOs or the insurance companies say this frankly," We are doing very bad in this economy, we BEG you to SEDEKAH a bit, so that we can bring money home to feed family members." , then I would happily pay that extra. At least I don't feel cheated.
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