Don't quite understand your question especially the buying separate fire insurance and changing the master policy owner name. I will have a swing at it anyway.

From what I understand, the master insurance is under the name of the jmb for and on behalf of all parcel units.

The premium is based on ur unit size and shared across the board.

So in the event a fire destroys the entire condo or a particular unit, an owner or jmb can make a claim under the policy.

Etiqa use to charge me flat fee of RM 500 for fire insurance only, whereas the Condo master insurance cover building and unit for RM 300. (They need fire insurance to secure my loan)

Doesn't quite make any sense to take a separate insurance. Assuming Condo collapse and they have to rebuild, becoz u bought a separately policy, ur unit doesn't get rebuilt and there's a hole in the middle of the building lol...

Please don't waste money on getting a separate fire insurance.

The fire insurance that bought by JMB should be covering the entire building including individual parcel.

You just request the copy of fire insurance bought by JMB/MC from the management office then submit to bank.

No owner can escape from fire insurance, even the property is fully paid.

It is stated clearly in the strata title act, that JMB/MC has the duty to buy the fire insurance to cover the entire building, and individual parcel unit need to pay according to the unit share. Generally, JMB/MC charged the insurance premium incurred through the maintenance account annually one.

Slight correction to your question…

It’s charged as an expenditure under the JMB’s maintenance account. The premium has to be paid first, can’t wait for all the parcel owners to pay up. Otherwise, the insurance will never get paid!

You will be invoiced for the amount paid  (based on your unit share) as advanced by the JMB for the amount charged to the maintenance account. Normally, once you paid, you get a copy of the policy (with owners name) without charge or any other fees.

*sorry I don’t know why I keep missing out words*

Normally, it is not included in the maintenance fee, but owner will incur an extra invoice as mentioned by aurora97.

It is the duty of JMB/MC to get the entire building being covered by the fire insurance.

Insurance company got a standard valuation of the property and premium one.
Just like car insurance.

You do not need to know at all whether individual buy is cheaper or not, as you cannot avoid paying the master policy.
JMB/MC is required by the strata title act to buy the insurance to cover entire building, how can they exclude you and allow you not to pay the insurance?
There is no way to buy a master policy that cover entire building but exclude your unit.

While if you buy your own, it means you have double insurance, but when anything happened, you will be only being compensated by 1.

any banker can verify?

Not a  banker, but I can confirm it. HSBC told me the same: provide proof of condo insurance, else the bank will automatically apply for fire insurance and bill you for it. The point is, till you settle your loan, the unit belongs to the bank, not you, and the bank won't take any risk: the unit has to be insured. Every year, have to show the bank evidence of condo fire insurance.