AAOIFI Shari’ah Standard No. 26 “Islamic Insurance” / Dr. Ahmad Asad
Quiz by Ahmad Asad
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- Q1
Q1) Standard No. 26 “Islamic Insurance” is applicable to all of the following except:
Difference between conventional and Islamic insurance
Definition and characteristics of Islamic insurance
Control sexercised by Islamic Financial Institutions regarding Islamic insurance
Social insurance schemes by the state
30s - Q2
Q2) _______________ is a Mu’awadah (mutual compensation) contract seeking tomake profit out of the insurance operation.
Govt. insurance
Islamic insurance
Social insurance
Conventional insurance
30s - Q3
Q3) Islamic Insurance has ___________ contractual relationships.
Four
Five
Two
Three
30s - Q4
Q4) Under Islamic insurance, the relationship between the participants may be confined to a ____________ contract if a company manages the fund.
Murabahah
Istisna’a
Salam
Musharakah
30s - Q5
Q5) ______________ is an insurance against fire, accidents, breach of trust, etc.
Life insurance
Person insurance
Property insurance
All of the above
30s - Q6
Q6) ____________ includes insurance against disability or death.
Person insurance
Property insurance
In-transit insurance
All of the above
30s - Q7
Q7) If the insurance assets fall short of covering indemnity commitments, the deficit may be covered from ____________.
New capital
Qard Hasan
Participant’s personal account
Company’s account
30s - Q8
Q8) The participant shall receive either the loss incurred, or the insurance amount, whichever is __________.
Equal
Higher
None of the above
Less
30s - Q9
Q9) _____________ can be distributed in proportion to the respective contributions of the policyholders irrespective of whether or not they have received indemnity.
Insurance surplus
Profit
Loss
Insurance deficit
30s - Q10
Q10) Person insurance policy expires in any of the following cases:
Termination of the policy by either party
All of the above
At the end of the period agreed
Death of the insured person
30s - Q11
Q11) Islamic Insurance is based on participants’ commitment to make contributions for the sake of company’s interest.
False
True
30s - Q12
Q12) The Company assumes the role of agent in managing the insurance account.
True
False
30s - Q13
Q13) Non-Muslims are not allowed to participate in Islamic Insurance.
True
False
30s - Q14
Q14) If the insurance seeker delays in making payments, the company may terminate the contract.
True
False
30s - Q15
Q15) It is not permissible to stipulate special cases which lead to deprivation from indemnity.
False
True
30s