Professional Documents
Culture Documents
Sanzida Begum
ID: 17002
Insurable Interest
Principle of Indemnity
Principle of Subrogation
Principle of Utmost Good Faith
Proximate cause
Contribution
The company will invest the funds. All the profits from the
investment shall be pooled back to the fund.
The company shall pay from the General Takaful Fund
compensation. From this fund, operational costs of General
Takaful Business, required reinsurance premiums are to be
borne.
Reserve for unusual losses is to be built up from this fund.
The surplus (profit) after meeting all these expenses and
required reserve, will be shared between the participants and
the company. However, the participants who had suffered
losses should not have any share of profit as they have been
already compensated out of this fund.
Family Takaful
Pay the agreed amount of installments on a regular basis.
Each installment is divided and credited into two separate
accounts namely "The Participant Account" and the "The
Special Account".
The major portion of the installment amount is credited to
the Participants Account and the rest is credited to Special
Account.
The deposits are paid back to the participants as per terms of
the contract with profit. The amount that is credited to the
Special Account is meant for those participants who will not
be able to pay full installments because of early death.