Principles of takaful Study guides, Class notes & Summaries

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

Principles of takaful Exam Questions and Answers 100% Correct Call - Correct Answer ️️ -Sum of money put into a P&I risk-pool fund Gharar - Correct Answer ️️ -uncertainty

Design Defect* - Answer-A flaw or deficiency in the design of a product that makes it unreasonably dangerous to users. Can result in product liability where manufacturers/designers may be held responsible for injuries or damages caused by the defective design. Manufacturing Defect* - Answer-A defect that occurs during the manufacturing process, causing a product to deviate from its intended design. Results in unsafe products and manufacturers may be held liable for harm caused to consumers....

Takaful : Underwriting and Claims Management Exam Questions and Answers 100% Correct Principles of Insurance that can be applied to takaful - Correct Answer ️️ -(1) permissible takaful interest (insureable interest) (2) utmost good faith (3) indemnity (4) subrogation (5) contribution (6) proximate cause. Underwriting - Correct Answer ️️ -Sign and accept liability under an insurance policy, thus guaranteeing payment in case of loss or damage occur. Insureable interest/permissible ...

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 guaranteeing payment in case of loss or damage occur. Insureable interest/permissible takaful interest - Answer-Basic requirement for insurance company to issue insurance policy. Present by way of ownershi...

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 insurance. Insurance Contract - Answer-An agreement, enforceable by law, between two or more persons to do, or abstain from, some act or acts, their intention being to create legal relations and not merely ...