Takaful Exam Bundle (Graded A+)

Risk Management - Answer-Identification analysis and economic control of those risks which can threaten the assets or earning capacity of an enterprise. Insurable Interest - Answer-The legal right to insure arising out of a financial relationship, recognised at law, the subject matter of insuranc...

Call - Answer-Sum of money put into a P&I risk-pool fund Gharar - Answer-uncertainty Maysir - Answer-Speculation Riba - Answer-usury Qardh-al-hasan - Answer-Interest-free loan

Types of Motor Takaful Cover - Answer-Motorcycle Private Car Commercial Vehicle Taxi Buses Tankers Act Only - Answer-Third party bodily injury Third Party Cover - Answer-Third party bodily injury Third party property damage. Third Party Fire and Theft - Answer-Third party bodily injury Thi...

3 Concepts of Insurance - Answer-1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Answer-1- Element ...

Briefly explain General Takaful plan and its scheme. - Answer-1. General Takaful plans or schemes are basically on a short-term basis (normally one year) between a group of participants to provide mutual compensation in the event of a defined loss. 2. It is designed to meet the needs for protecti...

Contractual Relationship between Participants and the Takaful Operator - Answer--Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Answer--means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated a...

Principles of Insurance that can be applied to takaful - Answer-(1) permissible takaful interest (insureable interest) (2) utmost good faith (3) indemnity (4) subrogation (5) contribution (6) proximate cause. Underwriting - Answer-Sign and accept liability under an insurance policy, thus guarante...