4.9 /5

OVERALL RATING

98%

Happy Clients

14001

USER REVIEWS

ASC172 Principle Of Risk Management And Insurance UITM Assignment Sample Malaysia

ASC172: Principles of Risk Management and Insurance is a comprehensive course offered at Universiti Teknologi MARA (UITM) in Malaysia. This course aims to provide students with a solid understanding of fundamental concepts related to risk management and insurance principles. It covers both life and general insurance, as well as Takaful principles.

Furthermore, the ASC172 course will provide an introduction to Takaful principles. Takaful is an Islamic insurance concept based on cooperation and mutual assistance. Students will understand the key principles of Takaful, including the concept of Tabarru (donation), Mudarabah (profit-sharing), and the formation of Takaful funds.We will also explore the differences between conventional insurance and Takaful, gaining insights into the ethical and Shariah-compliant aspects of Takaful operations.

Buy Non Plagiarized & Properly Structured Assignment Solution

Solved Solutions For ASC172 Principle Of Risk Management And Insurance Assignment UITM 

AssignmentHelper.my is a reliable and trusted academic assistance service that caters to students’ needs in Malaysia, particularly in solving assignments for ASC172 Principle of Risk Management and Insurance at UITM. We understand the importance of completing assignments effectively and efficiently, and our team of experienced professionals is here to help.

At AssignmentHelper.my, we offer assistance with various types of assessments related to ASC172, including PHT412 Assignment CLO2, ASC172 Practical Test, ASC172 Quiz 1 CLO1, ASC172 Group Project CLO3. These are just a few examples, as we can assist you with any assignment related to ASC172.

When you place an order with us, you can be confident in receiving plagiarism-free assignment solutions that are tailored to meet your specific requirements. Our team ensures that every assignment is well-researched, properly formatted, and delivered within the given timeframe.

Assignment Task 1: Explain the concept of risk and insurance.

Risk can be defined as the possibility of an uncertain event occurring, leading to potential loss or damage. In everyday life, we face various risks, such as accidents, illness, natural disasters, and financial uncertainties. These risks can have a significant impact on our lives, causing financial burden or emotional distress.

Insurance, on the other hand, is a mechanism designed to mitigate the financial consequences of these risks. It is a contract between an individual (or a business) and an insurance company. The individual, known as the policyholder, pays a premium to the insurance company in exchange for a promise of protection or compensation in case of specified events or losses.

The concept of insurance is based on the principle of risk pooling. The insurance company collects premiums from a large number of policyholders, creating a pool of funds that can be used to pay for the losses suffered by a few individuals within the pool. By spreading the risk across many policyholders, the burden of financial loss is distributed and more manageable for the individuals involved.

Insurance provides individuals and businesses with a sense of security and peace of mind. It allows them to transfer the risk of potential losses to the insurance company, which has the financial capacity to handle such risks. In return for the premiums paid, the insurance company agrees to compensate the policyholder or provide benefits as specified in the insurance policy, subject to the terms and conditions outlined in the contract.

Hire Writer For Custom Assignment Assistance

Assignment Task 2: Analyze the features and principles of life insurance, general insurance, annuity contract and Takaful.

  1. Life Insurance: 

Life insurance is a type of insurance that provides financial protection to the beneficiaries of the policyholder in the event of the policyholder’s death. Here are some key features and principles of life insurance:

Features:

  • Death Benefit: The primary feature of life insurance is the death benefit, which is the amount paid to the beneficiaries upon the death of the insured individual.
  • Premiums: Policyholders pay regular premiums to the insurance company to keep the policy active.
  • Cash Value: Some life insurance policies, such as whole life or universal life, have a cash value component that accumulates over time and can be accessed by the policyholder during their lifetime.

Principles:

  • Insurable Interest: The policyholder must have a valid insurable interest in the life of the insured. Typically, this means the policyholder must have a personal, financial, or emotional relationship with the insured person.
  • Utmost Good Faith: Both the policyholder and the insurance company must act honestly and disclose all relevant information during the application process.
  • Principle of Indemnity: Life insurance does not aim to compensate for the loss suffered but provides a predetermined sum to the beneficiaries upon the insured’s death.

2.General Insurance: 

General insurance, also known as non-life insurance, covers a wide range of insurance products that provide protection against losses other than death. Here are the features and principles of general insurance:

Features:

  • Multiple Coverage Areas: General insurance covers various areas such as motor insurance, property insurance, health insurance, liability insurance, and travel insurance.
  • Indemnity: Unlike life insurance, general insurance aims to indemnify the policyholder by compensating for the actual financial loss suffered, up to the policy limit.
  • Premiums: Policyholders pay premiums based on the type of coverage and the risk associated with it.

Principles:

  • Principle of Subrogation: Once the insurance company compensates the policyholder for a loss, it assumes the right to pursue legal action or claim against any third party responsible for the loss.
  • Principle of Contribution: If the policyholder has multiple insurance policies covering the same risk, each insurance company shares the liability in proportion to the policy limits.
  • Principle of Proximate Cause: The insurance company evaluates the cause of the loss and determines whether it falls within the coverage provided by the policy.

 3. Annuity Contract: 

An annuity contract is a financial product offered by insurance companies, providing regular income payments to an individual over a specified period or for the rest of their life. Here are its features and principles:

Features:

  • Regular Income: Annuities offer a guaranteed income stream, which can be structured as a lump sum or periodic payments, depending on the policyholder’s preference.
  • Accumulation Phase: Policyholders can contribute to the annuity contract over a specific period, allowing the funds to grow through investment earnings.
  • Payout Phase: Once the accumulation phase ends, the annuity provides a regular income based on the accumulated funds and the agreed payout options.

Principles:

  • Longevity Risk: Annuities help individuals mitigate the risk of outliving their savings by providing a steady income stream, especially in retirement.
  • Actuarial Considerations: Annuity payouts are calculated based on actuarial principles, taking into account factors like life expectancy and investment performance.
  • Tax Advantages: Annuities often provide tax-deferred growth during the accumulation phase, meaning the earnings are not taxed until the funds are withdrawn.

4. Takaful:

Takaful is a concept of Islamic insurance based on the principles of mutual cooperation and shared responsibility. Here are its features and principles:

Features:

  • Mutual Cooperation: Takaful operates on the principle of mutual assistance, where policyholders pool their funds to support and indemnify each other against losses.
  • Shariah Compliance: Takaful products adhere to Islamic principles, such as avoiding interest (riba) and prohibited activities (haram).
  • Surplus Distribution: Any surplus generated from the Takaful operations is shared among the participants based on predefined ratios.

Principles:

  • Tabarru: Participants contribute a portion of their premiums as a donation or charitable contribution to a common fund, which is used to provide compensation to those in need.
  • Mudarabah or Wakalah: Takaful funds are managed either through a Mudarabah (profit-sharing) or Wakalah (agency) contract, where the surplus is distributed between the participants and the operator based on predetermined ratios.
  • Shariah Compliance Board: Takaful operations are overseen by a Shariah Compliance Board to ensure compliance with Islamic principles and to provide guidance on matters related to Shariah compliance.

Assignment Task 3: Demonstrate the types of products in insurance industry.

The insurance industry offers various types of insurance products catering to different needs and risks. Some common types of insurance products include:

  • Health Insurance: Provides coverage for medical expenses, hospitalization, and healthcare services, protecting individuals and families from high healthcare costs.
  • Auto Insurance: Covers damages and liabilities related to vehicles, including accidents, theft, and third-party injuries.
  • Home Insurance: Protects homeowners against losses or damages to their property and belongings due to events like fire, theft, natural disasters, or liability claims.
  • Travel Insurance: Offers coverage for travel-related risks such as trip cancellation, medical emergencies, lost luggage, and travel accidents.
  • Liability Insurance: Protects individuals or businesses from legal liabilities arising from third-party claims, such as personal injury or property damage.
  • Property Insurance: Covers commercial properties, including buildings, contents, and equipment, against risks like fire, theft, vandalism, or natural disasters.
  • Marine Insurance: Provides coverage for goods in transit, including cargo, ships, and other marine-related risks.
  • Professional Liability Insurance: Offers protection to professionals (e.g., doctors, lawyers, architects) against claims of negligence or errors in their professional services.
  • Disability Insurance: Provides income replacement if an individual becomes disabled and unable to work due to an illness or injury.
  • Long-Term Care Insurance: Covers the costs associated with long-term care services, such as nursing homes, assisted living, or in-home care for individuals who cannot perform daily activities independently.

These are just a few examples of the many insurance products available in the industry. Each product is tailored to address specific risks and provide financial protection and peace of mind to individuals, businesses, and communities.

Pay & Get Instant Solution Of Assignmets and Essays By Malaysian Writers

Hire Affordable Assignment Help For ASC172 Principle Of Risk Management And Insurance Assignment UITM 

If you’re looking for affordable assignment help for ASC172 Principle of Risk Management and Insurance at UITM, consider checking out “AssignmentHelper.my.” This platform provides assistance for various academic subjects and offers specialized support for this particular course.

AssignmentHelper.my is a reliable and reputable service in Malaysia that caters to the needs of students seeking cheap assignment help. We understand the financial constraints faced by many students and aim to provide cost-effective solutions without compromising on the quality of work. By offering affordable rates, We ensure that their services are accessible to a wide range of students.

Furthermore, AssignmentHelper.my is not limited to assignments only. We also offer essay help, where their skilled writers can assist you in developing well-structured and coherent essays that meet your requirements. Whether it’s refining your thesis statement, organizing your arguments, or improving your writing style, their essay helpers can guide you throughout the writing process.

We also provide assistance with other accounting assignments Sample  in Malaysia. So, if you require help with various topics within the field of accounting, you can rely on their expertise to deliver accurate and well-crafted solutions.

Private and Confidential

Yours all information is private and confidential; it is not shared with any other party. So, no one will know that you have taken help for your Academic paper from us.

Online Exam & Assignment Writing Services

50000+ Orders Delivered

4.9/5
5 Star Rating

Confidential & Secure

Group Assignment Help

Online Exam -Test & Quiz

Cheapest Price Quote

Diploma & Certificate Levels

Semester & FYP Papers

Summative & Individual

GBA & Reflective

Last Minute Assistance

Ask Your Homework Today!

We have over 1000 academic writers ready and waiting to help you achieve academic success

Sample Assignment Download

TAX317 TAXATION 2 Assignment Example UiTM, Malaysia 
TAX317 TAXATION 2 at UiTM, Malaysia, delves into comprehensive aspects of company taxation, covering basis period determination, the self-assessment system, tax liability, and incentives under the Promotion of Investments Act…
Finance
BDY521 Natural Resources Economics UITM Assignment Answer Malaysia
The subject category for the course "BDY521 Natural Resources Economics" at UITM in Malaysia would typically fall under the field of economics or environmental studies. It focuses on the economic…
Science

UP TO 15 % DISCOUNT

Instant Paper Writing Services by Native Malaysia Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now