Takaful Study guides, Class notes & Summaries

Takaful chapter 7 general takaful Exam Questions and Answers 100% Pass Briefly explain General Takaful plan and its scheme. - Correct 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 protection of individuals and corporate bodies in relation to material loss or damage resulting from a catastrophe o...

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 Third party property damage Fire or theft Comprehensive Cover - Answer-Own damage Bodily injury Property damageLoss or Damage to Vehicle - Answer-Accidental collision or overturning. Collision or ov...

Chapter 9 - General Insurance and Takaful Products Questions and Answers 100% Pass Types of Motor Takaful Cover - Correct Answer ️️ -Motorcycle Private Car Commercial Vehicle Taxi Buses Tankers Act Only - Correct Answer ️️ -Third party bodily injury Third Party Cover - Correct Answer ️️ -Third party bodily injury Third party property damage. Third Party Fire and Theft - Correct Answer ️️ -Third party bodily injury Third party property damage Fire or theft Comprehen...

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 protection of individuals and corporate bodies in relation to material loss or damage resulting from a catastrophe or disaster inflicted upon properties, assets or belongings of participants during the per...

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 according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shared between participants and takaful operator based on pre-agreed ratio or percentag...

Topic 9 : Fundemantal Of Takaful Questions and Answers 100% Pass Islam and Insurance - Correct Answer ️️ -Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Correct Answer ️️ -Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Correct Answer ️️ -- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation...

Islam and Insurance - Answer-Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Answer-Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Answer-- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation payment e of contract (aleotary) monetary value exchnage may not same. Maisir - Answer-participants might purchas...

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 ...

Takaful Exam Questions and Answers 100% Correct Contractual Relationship between Participants and the Takaful Operator - Correct Answer ️️ --Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Correct Answer ️️ --means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shar...

Takaful definitions Questions with 100% Correct Answers Risk Management - Correct Answer ️️ -Identification analysis and economic control of those risks which can threaten the assets or earning capacity of an enterprise. Insurable Interest - Correct Answer ️️ -The legal right to insure arising out of a financial relationship, recognised at law, the subject matter of insurance. Insurance Contract - Correct Answer ️️ -An agreement, enforceable by law, between two or more persons ...