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WorksheetsTopic 5 - Takaful (a)
Total questions: 14
Worksheet time: 5mins
When you participate in takaful, you are following a risk strategy known as risk sharing
True
False
Co-payment refers to ____________
Coordination of benefits
Portion of the cost of service to be paid by the insured (a set dollar amount)
Term of conditions not covered by the insurance company
Provider bill for service
The __________ is the party that entitle for the sum insured should the participant effected with the stated perils.
beneficiary
life
deductible
health
PIDM is established to administer a deposit insurance system. Beginning 31 December 2011, its role was expanded to also administer a takaful and insurance benefits protection system.
True
False
In a takaful contract, if the participant dies within the protection period, his/her beneficiary is entitled to ________________.
A whole amount of paid contributions.
The paid contributions and share of profits made out of the cumulated paid premiums.
The paid contributions, share of profits made out of the cumulated paid contributions and outstanding tabarru' contribution.
The share of profits made from the cumulated paid contributions.
In the wakalah model, the takaful operator acts as an agent on behalf of the ____________________.
Takaful company
Beneficiary
Participant
Shareholder
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 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
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.
Identify the stakeholders in the takaful industry.
Takaful operator, participant, and nominee
Takaful operator, participant and beneficiary
Takaful operator, participant, beneficiary and nominee
takaful operator, beneficiary and nominee
The following are common argument for the excess contribution to be kept as a reserve EXCEPT.
It consolidates the fund for paying claims in the following years
It may use to cover the cost for capital adequacy
The subsequent contribution can be brought down with the availability of that reserve
The drop in the contribution makes the takaful industry more competitive
