Strengths and Weaknesses

Only available on StudyMode
  • Download(s) : 88
  • Published : April 10, 2013
Open Document
Text Preview
There are five condition of risk that can be covered by takaful concept. Firstly is to cover the property. This means that, an individual or company can insured their property to the insurance company. In case, anything happen 2 their property, they will get compensation from insurance company. There are many types of property such as house, factory and many more.

Secondly is takaful company also covered the types of vehicles such as car, van and so on. Nowadays, there are many of incidents happen to us. Perhaps, it will become something that we can predict but sometime we can’t. For example, the incident occurs to our car. If we didn’t have any type of insurance to cover, the cost will become higher than usual. Because of that, takaful company comes up with the solution that we can cover our vehicles.

Thirdly is to cover goods. This type of risk becomes more popular among the importer and also to the exporter. It is because, while they make negotiation among them such as to import the goods from other company, the received good usually not look like what they want. In case to cover it, the takaful company will play their roles to solve the problems.

Next, the risk that covers by takaful company is the valuable thing. For example if we have gold or liquidity asset that have value more than we need, we also can issued to the takaful company. It is to safeguard our valuable thing from anything happen.

Lastly is to cover our health, life and so on. This means that, if something happen to our life such as incident and it will make us to do an operation that needs high cost, we can claim to the takaful company. Then, takaful company will cover it for us.
tracking img