The insured/participant must have a legitimate financial interest in the risk he is insuring, meaning he must suffer a financial loss when event occurs.

1 point

True

False

2. Insured/Participant can also buy more than one policy or plan to protect a particular risk but in the event of loss or damage, he can make claim on all policy.

1 point

True

False

3. Maisir is a concept in Islamic banking that refers to charged interest.

1 point

True

False

4. Wakalah is an agency model that treats the Takaful operator as an agent of the participants.

1 point

True

False

5. A takaful contract is based on the principle of utmost good faith (trust), whereby the participant needs to disclose all material information required.

1 point

True

False

6. Personal accident takaful covers the participant against loss or damage to participant vehicle due to accidental fire, theft or accident.

1 point

True

False

7. House owner policy provides coverage against loss or damage to insured property (i.e. house, shop and factory) caused by fire, lightning or explosion.

1 point

True

False

8. House-holder policy is the policy which covers household contents and includes coverage for fatal injury to house-holders as the insured.

1 point

True

False

9. Public Liability insurance is considered essential in businesses which involve regular interactions between the members of the public and companies such as retail businesses, restaurants, clinics and many more.

1 point

True

False