Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of Conventional Insurance align with Shari’ah? Explain in detail.

Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: It pertains to a risk management technique when acquiring a life insurance. * risk avoidance risk…

A: One of the risk management technique is Risk Transfer where one party transfer the risk to another.…

Q: What kind of insurance  forms may not be included in the comprehensive forms?

A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…

Q: What type of private insurance increases the subscriber’s choice of provider and improves access to…

A: Insurance - It is contract between an insured person and insurance company upon an unforeseen event,…

Q: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

Q: True or False? 1. An insurance contract is derecognized when it is extinguished and when it is…

A: An insurance contract is a contract between the two parties where one party promises to pay the…

Q: Type of long-term care policies Triggers to become eligible for benefits Exclusions

A: Point to be Noted:- Since you have asked questions with multiple sub parts. I will be answering…

Q: The policy holder who receives the coverage is called ________________. a. Premium b. Face value c.…

A: There are various terminology used in insurance business

Q: Which of the following sections of a commercial general liability policy contains information about…

A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…

Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…

A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…

Q: Explain the differences between a collision deductible and a health insurance deductible

A: Collision insurance is usually done for vehicles and covers collision with other vehicle, or…

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: risk" factor

A: Risk is a term that shows the possibility of injury or loss to the health, business, vehicle, etc.…

Q: Which of the following is a type of captive formed to write most types of liability insurance…

A: A captive insurance firm is a special arrangement for insurance, which is a subsidiary insurer to…

Q: Differentiate between the contract and concept of Takaful and Conventional Insurance

A: Insurance refers to the contract in which the insurer provides the risk protection facility to the…

Q: Explain the differences between a collision deductible and a health insurance deductible. In health…

A: Health insurance deductible refers to the amount paid by the insurer from his/her own resource…

Q: What is the consideration for the insurer in an insurance contract?

A: Contract:   Contract is an agreement among two parties or more parties which includes enforceable…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? A. those…

A: International financial reporting standard 17 or IFRS 17 deals with the standards relating to…

Q: An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b.…

A: Insurance policies are beneficial to people as it provides cover against uncertainties, significant…

Q: __ is a contract that involves compensation for specific potential future losses in exchange for…

A: Step 1 Currency swap forward contracts are frequently used by companies with international market…

Q: tell me why the use of reinsurance contributes to the solvency of the ceding insurer.

A: By ceding a portion of their risk, ceding companies reduce their overall risk exposure and…

Q: What are the differences between an insurance agent and an insurance broker? Discuss.

A: Insurance brokers are individuals that sells, buy or negotiate variety of financial products that…

Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…

A: The insurance companies do different kind of insurance for the companies depending on the risk and…

Q: What will making a prepayment for insurance have the effect of?

A: The insurance paid in advance means the expense has been paid but it is not due yet.

Q: Indicate whether the statement is true or false, and justify your answer.The main advantage of a…

A: Given: The main advantage of a Cochrane insurance contract over a guaranteed renewable contract is…

Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…

A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…

Q: What type of private insurance increases the subscriber’s choice of provider and improves access to…

A: Insurance - It is contract between an insured person and insurance company upon an unforeseen event,…

Q: The Director of Insurance has the power to. make reasonable insurance rules and regulations…

A: Insurance means a contract between two parties in which one party bears the risk of the other party…

Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?

A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…

Q: QUESTION 1 Explain the four legal principles associated with insurance contracts in detail,…

A: Insurance:   It is a contract between two parties under which one party takes the responsibility to…

Q: explain five different parts of an insurance contracts and what purpose each serves. Give examples…

A: A contract for insurance is a legally binding agreement between two parties, one of whom is known as…

Q: Explain the difference between commutative contract and non-commutative contract. Why Insurance is…

A: COMMUTATIVE CONTRACT In Arabic aqd mu'awadha, it is a type of compensatory contract whereby one…

Q: 19. is the document that acknowledge the insured legally entitled to receive the payment from the…

A: Insurance is a financial mechanism that protects an insured asset from various risks. There are many…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? those that…

A: PFRS is accounting standard or approach related to insurance contracts. It means how an insurance…

Q: Insurance

A: Insurance is protection against unforeseen risks. It compensates for the losses suffered either by…

Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…

A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…

Q: Which of the following is correct about the effect of a deductible with respect to the price of an…

A: Insurance is an agreement or a contract between two parties. An insurance contract states that one…

Q: Which of Ike following statements is CORRECT about he Missialement of Age provision in a health…

A: The misstatement of age clause is the provision under the life insurance policy that clears the…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.