Insurance and Takaful Quiz

Which period can the historical development of insurance and takaful be divided into?

• Prehistoric, Industrial, and Contemporary

• Pre-Islamic, Early Islamic, and Modern

• Ancient, Medieval, and Modern

• Pre-Islamic, Islamic, and Post-Islamic

What were the Greeks and Romans known for developing in terms of mutual aid societies?

• Health insurance

• Car insurance

• Common fund for financial loss support

• Life insurance

What is the concept of takaful based on?

• Private insurance companies

• Government support

• Shared responsibility and mutual help

• Individual responsibility

When did modern insurance begin to take shape in Europe?

• 20th century

• 17th century

• 12th century

• 5th century

What are the criticisms faced by conventional insurance in Muslim countries?

• Limited options, poor customer service, and high deductibles

• Excessive uncertainty, interest, and gambling

• High premiums, low coverage, and slow claims processing

• Lack of transparency, unfair practices, and discrimination

When was the first takaful company established?

• 2005

• 2010

• 1979

• 1950

What principles does takaful operate on?

• Risk avoidance

• Individual gain at the expense of others

• Mutual cooperation and shared risk

• Profit maximization

What has the takaful industry seen since the late 20th century?

• Stagnant growth

• Decline in operations

• Shift towards conventional insurance

• Significant growth

How have insurance and takaful systems adapted over time?

• They have remained unchanged

• They have become more complex

• They have evolved to suit changing conditions

• They have become less accessible

What is the significance of takaful in Islamic finance?

• It is considered a form of charity

• It promotes individualism

• It emphasizes shared responsibility and mutual help

• It focuses on profit maximization