1. Conventional insurance includes elements of interest, gambling, and uncertainty. (True/False) 2. In Takaful, all surpluses and profits belong to the shareholders only. (True/False) 3. Takaful is actually an effort to enable the Muslims to assist one another to reduce their losses in case of a calamity occurring. (True/False) 4. In an insurance policy generally the subject matter is the property against which the risk is presumed to occur in the future. (True/False) 5. The whole amount of premium received by the insurance company is invested in the interest-based business and the money paid to the client is from Maisir. (True/False)
1. The Islamic contract is known as:
2. These are the three models and several variations on how takaful can be implemented includes all of the following EXCEPT: a. Mudharabah Model.
b. Maqasid al-shariah.
c. Wakalah Model.
d. Combination of both (a) and (c).
3. A financial agreement in which the chance is that any one party would not receive anything that obviously has a great uncertainty is: e. Gharar.
4. The ______ sale is a deal to sell what ever a pregnant animal will produce before it is actually borne or to sell what ever will be caught in a fisherman’s net or what ever a pearl diver will bring up in his next dive or to sell the fruits of trees at the beginning of the season when their quality cannot be established yet. i. Gharar.
5. The insurance market comprises the following types of insurers EXCEPT: m. Lloyds.
n. Mutual Indemnity Associations
o. Captive Insurance Companies.
p. Insurable interest.