Insurance/Takaful

What is the definition of Insurance?

• protection that doesnt involve elements of gambling (maisir) and interest-bearing activities (riba’ )

• contract represented by a policy, in which its holder receives financial protection

• members contribute money into a pool system to protect each other against specific damage or loss

What does medical insurance covers?

• risk of becoming sick

• individual coverage

• medical fees

• hospitalization expenses

Choose 2 financial institution in Malaysia

• National Saving Bank

• Tabung Rakyat

• Bank Malaysia

• Employees Provident Fund (EPF)

State 2 types of motor insurance

• Liability insurance

• Comprehensive insurance

• Third-party insurance

• Property insurance

What differs term life insurance and whole life insurance?

• financial protection

• the period of the insurance

• monetory relief

• expiration date