BTM 4243 Takaful (Quiz 1)

"Driving a car could brought us to an accident, which would injure us or damage the car". This statement describes about .....................in our life.

• Risk

• Potential

• Opportunity

• Hazard

"Investing in the stocks of a company and starting up a new business involve not only the risk of loss but also the opportunity to make a profit or gain". This statement refer to ..............................

• Speculative Risk

• Pure Risk

• Financial Risk

• Fundamental Risk

"The losses caused by the events that are limited to one individual or a small group of individuals". This statement refer to ...........................

• Fundamental risk

• Speculative risk

• Non-financial risk

• Particular risk

The following techniques can be used to manage risk EXCEPT:

• Risk sharing

• Risk acceptance

• Risk control

• Risk ignorance

"Some organisations provide medical assistance to their

employees if they are hospitalised. They pay their employees’ medical expenses direct to the hospital or reimburse the cost of medical to their employees". This technique refer to .....................

• Risk Transfering technique

• Risk Acceptance technique

• Risk Control technique

• Risk Avoidance technique

"To manage the risk of caravan to be looted, someone would advise the caravan to take a particular route that, in his opinion, was safe. The person who gave this advice always guaranteed that if any looting occurred on his suggested route, he would compensate the caravan for the loss". This situation refer to .....................

• Daman ul Darak

• Aaqila

• Daman Khathar ul Tareeq

• Taawun

The client of insurance scheme can be called as ...................... and such clients can be an individual, company, government or any identifiable entities.

• Insured

• Contributor

• Premium payer

• Insurance holder

The history of insurance scheme began with ............................ in the seventeenth century.

• Life insurance

• Motor insurance

• Marine insurance

• Fire insurance

................................. started when a group of people form burial societies, which would collect premiums from participants and pay the burial expenses out of the premiums collected. These societies established pool funds to manage their expenses.

• Life insurance

• Motor insurance

• Marine insurance

• Fire insurance

The insurance contract between the client and the insurer is based on these principles EXCEPT:

• Insurable interest

• Utmost good faith

• Proximate Cause

• Confidentiality