Understanding Takaful

Question 1

Insurance Principles Applied in Takaful

Answer 1

Ada 7: Insurable interest, utmost good faith, indemnity, subrogation, contribution, loss minimization, proximate cause.

Question 2

Insureable interest

Answer 2

object of interest, suffer some financial loss, ownership exists to reduce risk, not to promote gambling

Question 3

insurable interest must exist when the policy is

Answer 3

issued and at the time of loss