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WorksheetsQUIZ IMU655-TAKAFUL & RETAKAFUL
Total questions: 16
Worksheet time: 1hrs 26mins
The basic concept(s) of uncertainty that is/are embodied in the takaful
contract include:
Mutual Protection
Mutual Resposibility
prediction of some future event
The major differences between Takaful and Insurance are as following
EXCEPT:
Uncertainty
Changing in Price
Gambling
Interest
Which of the following concept eliminates the element of uncertainty in
Takaful contract?
Mudharabah
Wakalah
Tabarru'
You cannot insure your neighbour’s house because
Your neighbour has bought insurance for it.
You do not have insurable interest
It is located beside a petrol station
Underwriting is referred to the process of
Quoting premium rates and terms, and issuances of the policy
Determination of premium rates only
Accessing and selecting, and determinations of premium, terms and conditions
1) State 4 products under Family takaful business
2) State 4 products under General takaful business
Hassan is a surgeon at a private hospital. As a surgeon, he performs risky and complex operations. He is married to Marinah who is a housewife. He is planning to buy a bungalow. He does not have any takaful policy since he does not know about the importance of takaful protection.
As a takaful agent propose and explain THREE (3) suitable takaful plans for himself, his wife and his bungalow
Identify which situations are qualified for Takaful protection:
(a). Physical damage to Nora's private car due to an unexpected traffic accident.
(b). Money invested in Bitcoin by William.
(c). Damage to a safe owned by Avery caused by theft.
(d). Emotional depression caused by breaking up the relationship between a boyfriend/girlfriend.
(e). Water damage to store stock at Nora's shop.
(f). Investment returns on property owned by William.
(g). Machinery fire damage at Avery's workplace.
(h). Accidental window breakage at the office of Nora.
(i). Gains from Unit Trust invested by William.
(j). Injuries of employees while performing their duties at Avery's company.
Propose 5 marketing strategy for a takaful product
Illustrate and explain modified model with surplus sharing for General Takaful
Illustrate hybrid model for family takaful:
The benefits of a mortgage takaful plan for the participant and the financier.
Hannah, Maya, and Scarlett are participating in a Takaful scheme. Can you list 6 primary uses of the contributions made by participants in Takaful?
Customers who opt for (a) will now have to pay a portion of their medical and hospital bills.
The basis contract of takaful operations
How are these models applied in Takaful contracts:
1)Wakalah
2) Mudarabah
3)Waqf
