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ASC400 Principles Of Risk Management, Insurance And Takaful UITM Assignment Sample Malaysia

ASC400 Principles of Risk Management, Insurance, and Takaful is a course offered at UITM in Malaysia. This course provides an introduction to the essential principles and concepts related to risk management and insurance. It covers various topics such as the operations of insurance companies, legal principles governing insurance contracts, life insurance, annuities, general insurance, and Takaful.

Students enrolled in this ASC400 course will gain a comprehensive understanding of risk management and its significance in different sectors. We will explore the operations and functions of insurance companies, including underwriting, claims settlement, and reinsurance. The Principles of Risk Management, Insurance, and Takaful course also delves into the legal aspects of insurance contracts, highlighting the rights and obligations of both insurers and policyholders.

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Assessment Solutions UITM ASC400 Principles of Risk Management, Insurance, and Takaful Malaysia 

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Assignment Task 1 : Explain the concept of risk and insurance

Risk refers to the uncertainty or possibility of loss, harm, or negative outcomes that can occur in various aspects of life, such as health, property, or finances. It is an inherent part of everyday life, and individuals and businesses face different types of risks on a regular basis. These risks can arise from natural disasters, accidents, illnesses, theft, liability, and other unforeseen events.

Insurance is a mechanism that helps individuals and businesses manage and mitigate the financial consequences of risks. It involves transferring the potential loss or risk to an insurance company in exchange for a premium payment. The insurance company, also known as the insurer, pools the premiums received from multiple policyholders and uses them to compensate those who experience covered losses.

Insurance operates on the principle of risk-sharing. By spreading the risk among a large group of policyholders, the financial burden of an individual or business facing a loss is reduced. Insurance provides a sense of security and peace of mind by offering protection against unexpected events and providing financial compensation or support to policyholders when they experience covered losses.

Assignment Task 2 : Describe the features and principles of life insurance and annuity contracts.

Life insurance is a type of insurance contract that provides financial protection to the beneficiaries of the policyholder in the event of the policyholder’s death. It offers a death benefit, which is a lump sum payment or a series of payments, to the designated beneficiaries upon the policyholder’s death. Here are some key features and principles of life insurance:

  • Death Benefit: Life insurance policies provide a predetermined amount of money to the beneficiaries upon the death of the insured. This amount is specified in the policy and is usually tax-free.
  • Premiums: Policyholders pay regular premiums, either monthly, quarterly, or annually, to maintain the coverage. The premium amount is determined based on factors such as the policyholder’s age, health, lifestyle, and the desired death benefit.
  • Policy Options: Life insurance policies offer various options such as term life insurance, whole life insurance, universal life insurance, or variable life insurance. Each type has different features and benefits.
  • Cash Value: Some life insurance policies, such as whole life and universal life, accumulate a cash value component over time. This cash value can be accessed or borrowed against by the policyholder during their lifetime.

Annuity contracts, on the other hand, are financial products designed to provide a steady income stream to individuals during their retirement years. Here are some key features and principles of annuity contracts:

  • Income Stream: Annuities are primarily focused on providing a regular income stream to the annuitant (the person who purchases the annuity) during their retirement. The income can be received as a lump sum, a series of payments, or as a lifetime income.
  • Premiums or Contributions: Annuities require the annuitant to make premium payments or contributions to the annuity account. These contributions can be made as a lump sum or through regular payments.
  • Accumulation Phase: During the accumulation phase, the funds in the annuity account grow on a tax-deferred basis. The annuitant can choose from various investment options offered by the annuity provider.
  • Distribution Phase: When the annuitant reaches retirement, they can start receiving regular payments from the annuity account. The amount and duration of payments can be predetermined or flexible, depending on the type of annuity contract.

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Assignment Task 3 : Describe the features and principles of general insurance, Life insurance and Takaful.

General insurance, also known as non-life insurance, is a type of insurance that provides coverage for risks other than life. It includes various types of insurance policies such as property insurance, health insurance, motor insurance, liability insurance, and travel insurance. Here are some features and principles of general insurance:

  • Coverage: General insurance policies offer coverage against specific risks, such as damage to property, loss of belongings, medical expenses, legal liabilities, and more. The coverage is usually for a specified period and requires regular premium payments.
  • Indemnity: General insurance aims to provide indemnity, which means that the policyholder is compensated for the actual financial loss suffered due to a covered event. The compensation is limited to the extent of the loss or the sum insured.
  • Premiums: Policyholders pay premiums based on various factors like the type and level of coverage, the insured’s risk profile, and the duration of the policy. Premiums are typically paid in regular installments.

Life insurance, as explained earlier, provides financial protection to the beneficiaries of the policyholder in the event of the policyholder’s death. It differs from general insurance in that it focuses specifically on providing coverage for the risk of loss of life. The features and principles of life insurance are described in Assignment Task 2 above.

Takaful is a type of Islamic insurance based on the principles of mutual cooperation and shared responsibility. It adheres to the principles of Shariah law, which prohibits certain elements such as interest (riba), uncertainty (gharar), and gambling (maysir). Here are some features and principles of Takaful:

  • Tabarru: Takaful operates on the concept of tabarru, which means voluntary contribution or donation. Policyholders contribute a portion of their premiums to a common pool to support fellow policyholders in times of need.
  • Mutual Cooperation: Takaful emphasizes mutual cooperation and solidarity among policyholders. The aim is to collectively bear and alleviate the financial burden of a loss faced by any member of the Takaful pool.
  • Shariah Compliance: Takaful products and operations are structured to comply with the principles of Shariah law. This includes avoiding interest-based transactions, promoting ethical investments, and ensuring transparency and fairness in dealings.
  • Surplus Distribution: If the Takaful pool generates a surplus after covering claims and expenses, it is shared among the participants based on predetermined ratios. This surplus distribution is considered a form of profit-sharing.

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