IFP CHALLENGE 2020

Hazard refers to .....

• a cause of loss

• uncertainty, probability or possibility of loss

• condition that increase the chance of loss

• uncertainty of an outcome of a future event

The main objective of cashflow statement is _________________

• to forecast for the retirement needs

• to calculate tax and zakat

• to know if the client has a surplus or deficit

• to plan for hajj planning

What are the steps involved in risk management process?

• Identification, evaluation and development

• Identification, review and reduction

• Identification, development and transfer

• Identification, control and avoid

Based on the Risk Management Matrix, which techniques involved low frequency & high severity?

• Risk Avoidance

• Risk Transfer

• Risk Retention

• Risk Prevention

Which of the following is NOT one of the example of cash outflow

• Car maintenance

• Bonuses

• Medical expenses

• Takaful premium

The takaful should be founded on the following concepts, EXCEPT

• co-operation and mutual assistance

• responsibility and mutual protection

• ownership, inheritance and bequest

• guarantee and uncertainty of financial loss from an exposure

In a takaful contract, if the participant dies within the protection period, his/her beneficiary is entitled to ________________.

• A whole amount of paid premiums.

• The paid premiums and share of profits made out of the cumulated paid premiums.

• The paid premiums, share of profits made out of the cumulated paid premiums and outstanding tabarru' contribution.

• The share of profits made from the cumulated paid premiums.

Retakaful is defined as ______________.

• a renaming process of takaful companies.

• a process of restructuring one's takaful policy.

• a process of changing takaful operator to another operator.

• a process of putting the takaful company as being insured by another main company.

The net worth statement is divided into three sections EXCEPT

• The expenses section

• The liabilities section

• The net worth section

• The assets section

In risk management, ..........................................................

• loss is the undesired outcome of risk

• risk is the unpleasant outcome of loss

• exposure is the undesirable outcome of loss

• loss is the undersired result of business ventures