What is the nature of takaful?

INS200 C8 Takaful Insurance Quiz

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Business
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University
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Easy
Nur Awatif
Used 15+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Members compete against each other for insurance coverage
Members contribute money into a pool system to guarantee each other against loss or damage
Members receive free insurance without contributing any money
Members invest their money in a high-risk stock market
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three elements prohibited in takaful?
Interest, investment, security
Interest, lottery, risk
Interest, speculation, certainty
Interest, gambling, uncertainty
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Islamic law, what is the primary source of Islamic law?
Quran and Sunnah
Hadith and Ijma
Qiyas and Ijma
Ijma and Hadith
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of tabarru' in takaful?
Participants make a donation to a risk fund to help and assist each other in the event of loss or damage
Participants receive free insurance without contributing any money
Participants compete to earn the highest returns on their contributions
Participants invest their money in a high-risk stock market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basis of a takaful contract?
Affordability and spiritual satisfaction
Risk transfer
Profit maximization
Risk sharing
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In takaful, how are the operating expenses handled?
Operating expenses are covered by the insurance company's profits
Operating expenses are charged to the participants without any choice
Operating expenses can either be borne by the shareholders’ fund (under mudharabah model) or be charged to the participants as fixed upfront charges (under wakalah model)
Operating expenses are covered by the government
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of ta'awun in takaful?
Mutual help among the group of participants to provide financial assistance to fellow participants who have suffered loss
Competition among participants to earn the highest returns on their contributions
Participants invest their money in a high-risk stock market
Participants receive free insurance without contributing any money
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