Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise En Ahmad subscribed to an accident takaful plan from Aafiyah Takaful Sdn Bhd for his family involving his wife, Aliyah and 6 children aged
Exercise En Ahmad subscribed to an accident takaful plan from Aafiyah Takaful Sdn Bhd for his family involving his wife, Aliyah and 6 children aged 14, 12, 10, 8, 5 and 2 years old. Year Monthly Premium (RM) Hospital Benefit (Daily) Semi- Permanent Disable 10 20 30 102,000 40 Death Total Permanent Funeral Benefit Disable Normal Accident Normal Accident Policyholder Spouse Child (Max 4) 17,000 34,000 17,000 34.000 2,000 2.000 500 34.000 48,000 34,000 68,000 2.000 2.000 500 51,000 102,000 51,000 2,000 2.000 500 con 68.000 136,000 68,000 136,000 2.000 2.000 500 O 000 85.000 170,000 000 2.000 co 170,000 2.000 500 102,000 204,000 100.000 102,000 204,000 2,000 2,000 son 500 119,000 119,000 238.000 2000 2.000 2006 2,000 500 136,000 136,000 272,000 2,000 500 153,000 306,000 153,000 2.000 2.000 500 170,000 340,000 170,000 340,000 2,000 2.000 500 1 2 2 3 4 5 6 7 8 9 10 50 60 70 80 15 30 45 60 26 75 90 105 105 120 135 150 17,000 34.000 51,000 68.000 85.000 102,000 119,000 136,000 153,000 170,000 238.000 272.000 2.000 90 306.000 100 Note: 1. 44% of the policyholder's contribution is channeled to Participant's Account (PA) 2. The remaining 56% of the policyholder's contribution is channeled to Participant's Special Account (PSA) 3. Hospital Benefit (Daily) is maximum of 15 days per year Based on the above schedule, please answer the questions below: (Each question is independent from one another) a) What is the additional rider/(s) of this takaful plan? b) What is the annual contribution that En. Ahmad needs to pay in year 2? c) Please calculate En Ahmad's Accumulated Participant's Account at year 4 d) In year 7, En Ahmad and his wife were involved in an accident. Both of them were awarded for 18 days. Please calculate the benefit/(s) that En. Ahmad and his wife are entitled for c) In year 8, En Ahmad and his family were involved in a major accident. En. Ahmad lost both his hands and legs. All of his children died in the accident. Please calculate the benefit (s) that En. Ahmad is entitled for (5 x 3 marks) [Total: 15 marks) Exercise En Ahmad subscribed to an accident takaful plan from Aafiyah Takaful Sdn Bhd for his family involving his wife, Aliyah and 6 children aged 14, 12, 10, 8, 5 and 2 years old. Year Monthly Premium (RM) Hospital Benefit (Daily) Semi- Permanent Disable 10 20 30 102,000 40 Death Total Permanent Funeral Benefit Disable Normal Accident Normal Accident Policyholder Spouse Child (Max 4) 17,000 34,000 17,000 34.000 2,000 2.000 500 34.000 48,000 34,000 68,000 2.000 2.000 500 51,000 102,000 51,000 2,000 2.000 500 con 68.000 136,000 68,000 136,000 2.000 2.000 500 O 000 85.000 170,000 000 2.000 co 170,000 2.000 500 102,000 204,000 100.000 102,000 204,000 2,000 2,000 son 500 119,000 119,000 238.000 2000 2.000 2006 2,000 500 136,000 136,000 272,000 2,000 500 153,000 306,000 153,000 2.000 2.000 500 170,000 340,000 170,000 340,000 2,000 2.000 500 1 2 2 3 4 5 6 7 8 9 10 50 60 70 80 15 30 45 60 26 75 90 105 105 120 135 150 17,000 34.000 51,000 68.000 85.000 102,000 119,000 136,000 153,000 170,000 238.000 272.000 2.000 90 306.000 100 Note: 1. 44% of the policyholder's contribution is channeled to Participant's Account (PA) 2. The remaining 56% of the policyholder's contribution is channeled to Participant's Special Account (PSA) 3. Hospital Benefit (Daily) is maximum of 15 days per year Based on the above schedule, please answer the questions below: (Each question is independent from one another) a) What is the additional rider/(s) of this takaful plan? b) What is the annual contribution that En. Ahmad needs to pay in year 2? c) Please calculate En Ahmad's Accumulated Participant's Account at year 4 d) In year 7, En Ahmad and his wife were involved in an accident. Both of them were awarded for 18 days. Please calculate the benefit/(s) that En. Ahmad and his wife are entitled for c) In year 8, En Ahmad and his family were involved in a major accident. En. Ahmad lost both his hands and legs. All of his children died in the accident. Please calculate the benefit (s) that En. Ahmad is entitled for (5 x 3 marks) [Total: 15 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started