INSURERS (FUNCTION) Flashcards
What are the types of insurer defined by function?
- Composite
- Specialist
- Takaful
- The State
What kind of business do composite insurers usually accept?
Property, casualty, motor, life, marine
What % of general premium income written by UK insurers do composite insurers account for?
60%
What do specialist insurers tend to issue policies for?
One particular niche
What is takaful insurance?
A type of insurance stemming from the Islamic financial services industry
What traditional insurance policies are forbidden in Islam?
- Uncertainty
- Gambling
- Interest
What Islamic principles do takaful insurances embrace?
- Mutuality + cooperation
- Shared responsibility
- Joint Indemnity
- Common interest
- Solidarity
Who approves takaful insurance products?
Islamic scholars
In which main areas does the state act as an insurer?
- Welfare benefits
- Pension provision
Other than an insurer, what does the State also act as?
A guarantor
What risks does the State act as a guarantor for?
Terrorism + flood risks
