RMI Chapter 1,2,3,5

In Takaful, what is the term for the contribution paid by participants to the common pool?

• Premium

• Mudarabah

• Wakalah

• Tabarru'

Which regulatory body oversees the Takaful industry in Malaysia?

• Bank Negara Malaysia

• Securities Commission Malaysia

• Malaysian Communications and Multimedia Commission

• Ministry of Finance Malaysia

What is the fundamental difference between conventional insurance and Takaful?

• Profit-sharing model

• Interest-based transactions

• Investment in non-Sharia-compliant assets

• Absence of risk-sharing

Which of the following is NOT a characteristic of Takaful operations?

• Interest-based investments

• Risk-sharing among participants

• Sharia-compliant contracts

• Halal underwriting and investments

Which type of Takaful model involves participants directly sharing risk among themselves without the involvement of a Takaful operator?

• Mudharabah

• Wakalah

• Waqf

• Mutual cooperation

According to the attributes of insurable risks, which of the following characteristics would typically NOT be associated with an insurable risk?

• Large Loss Exposure

• Predictable

• Catastrophic Events

• Measurable

Which legal principle in insurance holds that the insured should not profit from a loss, but rather should only be restored to the same financial position that existed prior to the loss?

• Subrogation

• Contribution

• Indemnity

• Proximate Cause

Under the principle of Utmost Good Faith, which of the following is NOT typically a duty of the insured?

• To disclose all material facts

• To make the first premium payment promptly

• To maintain the property in good condition

• To pay premiums on time

Which legal principle in insurance stipulates that if multiple insurance policies cover the same risk, each insurer pays a proportionate share of the loss based on the amount of insurance provided?

• Contribution

• Subrogation

• Indemnity

• Representation

Which of the following scenarios would likely NOT constitute an insurable interest?

• A homeowner insuring their neighbor's house against fire damage.

• A business owner insuring their company's property against theft.

• A person purchasing life insurance on their own life to financially protect their family.

• A creditor insuring a debtor's life to ensure repayment of a loan.