O C. WaqfO D. Ta'awun29. 'Premium' in takaful is considered asO A. The price for transferring risks and payment for protectionO B. Segregation of risks from the insured to the insurerO C. Absolute protection from illness, accidents and so forthO D. Voluntary contribution to participate in protecting each other against defined loss30. Which of the following is TRUE under the pillars of a Takaful contract? *

Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…

Answered: 'Premium' in takaful is considered as

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'Premium' in takaful is considered as

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

O C. Waqf
O D. Ta'awun
29. 'Premium' in takaful is considered as
O A. The price for transferring risks and payment for protection
O B. Segregation of risks from the insured to the insurer
O C. Absolute protection from illness, accidents and so forth
O D. Voluntary contribution to participate in protecting each other against defined loss
30. Which of the following is TRUE under the pillars of a Takaful contract? *

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S1: One characteristic of an insurance contract is to transfer insignificant risk from the policyholder to the issuer. S2: Under the general model of PFRS 17, a group of insurance contract is initially measured at the fulfillment cash flows and the contractual service margin.A. Both statements are correctB. Only S1 is correctC. Both statements are incorrectD. Only S1 is incorrect
3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policy
3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policy
A promise to grant a license is most likely indistinct if [A] The license is not integral to the functionality of a tangible good. [B] The customer can benefit from the license separate from other related services. [C] This performance obligation is satisfied over the time. [D] The customer can benefit from the license on its own and the license is separately identifiable. [S1] The insurer of an insurance contract becomes the policy holder in a reinsurance contract. [S2] Retrocession is where the insurance risk is transferred from one reinsurer to another reinsurer. [A] both are true [B] both are false [C] S1 is true [D] S2 is true Goods on consignment should be included in the inventory of [A] The consignor but not the consignee, [B] Both the consignor and consignee. [C] The consignee but not the consignor. [D] Neither the consignor nor the consignee. Which of the following is not a criterion required to recognize that a contract with a customer is created? [A] The contracting…
The contract between insured and insurer is ______________. a. Coverage b. Premium c. Policy d. Face value
Which of the following is a type of captive formed to write most types of liability insurance coverage? A. Risk orientation groups B. Risk reduction groups C. Risk retention groups D. Risk avoidance groups
Choose the correct. Which of the following must be provided to every potential buyer of a new security?a. A letter of comments.b. A deficiency letter.c. A prospectus.d. A Form S–16.
Which of the following is not one of the groupings of insurance contracts under PFRS 17?A. those that are not onerous at initial recognition but can become onerous in subsequent periodsB. those that pay premiums at initial recognition which are to be measured using the simplified approachC. those that are onerous at initial recognitionD. those that, at initial recognition, have no significant possibility of becoming onerous in subsequent periods
If a prospect does NOT submit the initial premium with an application, the producer should A.refuse tratinghe application B.submit the application to the insurance company and advance the premium for he prospect from the agency account C.submit the applicalion to the insurance company without the premium D.give lhe applicant a conditional receipt and send the application to the insurance company wilhout the premium
Which of the following is not one of the groupings of insurance contracts under PFRS 17? those that pay premiums at initial recognition which are to be measured using the simplified approach those that, at initial recognition, have no significant possibility of becoming onerous in subsequent periods those that are onerous at initial recognition those that are not onerous at initial recognition but can become onerous in subsequent periods
Which of the following must be provided to every potential buyer of a new security?a. A letter of comments.b. A deficiency letter.c. A prospectus.d. A Form S–16.
If an insured fails to pay the premium when due, the insured's heallh policy will remain in force for a specified period of lime under which of lhe following provisions? A.Grace Period B.Waiver of Premium C.Guaranteed Insurability D.Entire Contract

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