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WorksheetsBWSR2013_A181
Total questions: 10
Worksheet time: 2mins
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
There are 3 classes of Identification of risk, EXCEPT
Personal
Property
Liability
Avoidance
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
What are the features of insurance?
Indemnification and frequency of losses
Pooling losses and transfer of risks
Payment of severity loss
Pure and speculative risk
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 the mudarabah concept, if there are losses from the investment, the losses shall be borne by the ______________.
Operator
Shared by the participants and the operator
Participants
Beneficiary
In the wakalah model, the takaful operator acts as an agent on behalf of the ____________________.
Shareholder
Takaful company
Beneficiary
Participant
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 following statements are correct on retakaful, EXCEPT
Retakaful is a form of takaful.
Retakaful implies that a takaful company protects the retakaful company.
Retakaful operator provides security for the risk reinsured.
Retakaful is a takaful for takaful operators.
