Tutorial 2: Takaful Products

1) In Family Takaful, what is the significance of Mudarib?

a. Policyholder
b. Operator or manager
c. Beneficiary
d. Nominee

2) What does Family Takaful aim to provide in the event of the policyholder's death?
a. Monthly income for surviving family members
b. Reimbursement for medical expenses
c. Education funds for children
d. Business investment opportunities

3) In Family Takaful, what is the purpose of the nominee or beneficiary designation?

a. To determine the premium amount
b. To decide the coverage period
c. To receive the benefits in case of the policyholder's death
d. To select the type of coverage

4) Which of the following may be covered by Family Takaful but not typically covered by
Health Takaful?
a. Critical illness benefits
b. Hospitalization expenses
c. Death benefits
d. Educational grants for children

5) In family Takaful, what is the purpose of the Waqf fund?

a. Cover administrative expenses
b. Provide additional benefits
c. Distribute profits
d. Charity and social welfare

6) Which Takaful type is more likely to offer coverage for pre-existing medical conditions?
a. Health Takaful
b. Family Takaful
c. Both equally
d. Neither
7) Which type of Takaful provides coverage against loss or damage to property?
a. Family Takaful
b. General Takaful
c. Health Takaful
d. Investment-linked Takaful

8) Which Takaful product typically covers medical expenses and healthcare costs?
a. General Takaful
b. Family Takaful
c. Health Takaful
d. Travel Takaful

9) What is the purpose of Takaful surplus distribution?

a. Covering administrative costs
b. Enhancing participant returns
c. Accumulating reserves
d. Paying claims

10) What is the concept of "Aqd" in Takaful contracts?

a. Profit-sharing
b. Binding contract
c. Risk-sharing
d. Shariah compliance

11) Which Takaful product provides coverage for travel-related risks such as trip cancellations
or medical emergencies abroad?
a. General Takaful
b. Family Takaful
c. Health Takaful
d. Travel Takaful

12) What is the primary focus of family Takaful products?

a. Property protection
b. Life protection
c. Business continuity
d. Liability coverage

13) What is the significance of the term "Wakalah" in Motor Takaful?

a. It refers to the policyholder
b. It denotes the insurance company
c. It represents the insured vehicle
d. It signifies the agent or operator
14) What type of coverage in Motor Takaful provides protection against damage to the
insured vehicle due to an accident? a. Third-party liability
b. Comprehensive
c. Fire and theft
d. Personal accident

15) What does "No Claim Bonus" (NCB) signify in Motor Takaful?
a. Additional coverage for natural disasters
b. Discount for claim-free years
c. Extra premium for high-risk drivers
d. Compensation for third-party claims

16) In the context of Motor Takaful, what does "Salvage Value" refer to?
a. The value of a damaged vehicle after repairs
b. The insured vehicle's initial purchase price
c. The total coverage amount
d. The amount paid to the policyholder at the end of the coverage period

17) What type of Marine Takaful covers loss or damage to the vessel itself?
a. Hull Takaful
b. Cargo Takaful
c. Liability Takaful
d. Freight Takaful

18) In Marine Takaful, what is typically covered under Freight Takaful?

a. Loss of cargo during transportation
b. Damage to the vessel's hull
c. Liability for injuries to crew members
d. Loss of profits due to shipment delays

19) What does "General Average" refer to in the context of Marine Takaful?
a. Standard coverage for all vessels
b. Proportionate sharing of losses among all parties involved
c. Exclusive coverage for cargo
d. No coverage for maritime incidents

20) In Marine Takaful, what does "Particular Average" refer to?

a. A specific type of vessel
b. A type of cargo
c. A loss or damage that affects only one party
d. A general maritime regulation