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ASC402 Principles Of Risk Management And Insurance UITM Assignment Answer Malaysia 

ASC402 Principles of Risk Management and Insurance is a course offered at UITM in Malaysia. This course provides a comprehensive overview of the essential principles and practices in risk management and insurance. It covers various topics, including the operations of insurance companies, legal aspects of insurance contracts, life insurance and annuities, general insurance, and Takaful (Islamic insurance).

Legal principles pertaining to insurance contracts are another important aspect of the course. Students will examine the key elements of an insurance contract, the legal obligations of both the insurer and the insured, and the principles governing the formation and interpretation of insurance contracts.

General insurance, which includes property and casualty insurance, is another area of focus. Students will learn about the various types of general insurance policies, such as motor insurance, fire insurance, and health insurance. We  will understand the principles behind pricing these policies and assessing claims.

Overall, ASC402 Principles of Risk Management and Insurance provides students with a solid foundation in risk management and insurance principles, equipping them with the knowledge and skills necessary to assess and manage risks effectively and understand the operations of insurance companies in both conventional and Islamic contexts.

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

Risk can be defined as the possibility of an event or situation occurring that may result in a loss or undesirable outcome. It is an inherent part of everyday life and can arise from various sources such as accidents, natural disasters, health issues, and financial uncertainties. Risks can have negative consequences, including financial loss, physical harm, or damage to property.

Insurance, on the other hand, is a mechanism that helps individuals and businesses mitigate or manage the financial impact of risks. It is a contract between the insurer (insurance company) and the insured (policyholder) in which the insurer agrees to provide financial compensation, known as a claim, to the insured in the event of a covered loss or occurrence. The insured pays a premium, which is typically a regular payment, in exchange for this coverage.

The fundamental concept of insurance is based on the principle of risk pooling. Many individuals or businesses facing similar risks contribute their premiums to a common pool. When a loss occurs to any of the policyholders, the funds from this pool are utilized to compensate the affected party. This way, the financial burden of a loss is shared among a larger group, reducing the impact on individual policyholders.

Insurance also involves the principle of indemnity, which means that the insured should be restored to the same financial position they were in before the loss, without making a profit from the insurance claim. It aims to provide financial stability, peace of mind, and protection against unforeseen events.

Assignment Activity 2 :Analyze the features and principles of life insurance and annuity contracts.

Life Insurance:

  • Death Benefit: Life insurance provides a death benefit to the beneficiary upon the death of the insured during the policy term. This benefit is paid out as a lump sum or in periodic installments.
  • Policy Term: Life insurance policies have a specific term, which can be for a fixed number of years (term life insurance) or for the entire lifetime of the insured (permanent life insurance).
  • Premiums: Policyholders pay regular premiums to keep the life insurance policy active. The premium amount is based on factors such as age, health, occupation, and the coverage amount.
  • Cash Value: Permanent life insurance policies often accumulate a cash value over time. Policyholders can access this cash value through loans or withdrawals, providing a savings component in addition to the death benefit.

Annuity Contracts:

  • Income Stream: Annuity contracts provide a regular income stream to the annuitant (the person who purchases the annuity) during retirement or a specified period. The income can be paid out as a lump sum or in periodic installments.
  • Accumulation Phase: Annuities have an accumulation phase where the annuitant contributes funds to the annuity account, which grows tax-deferred. This phase allows for the accumulation of savings over time.
  • Payout Phase: Once the annuity reaches the payout phase, the annuitant starts receiving regular payments. The payout options can be fixed, variable, or indexed, depending on the type of annuity.
  • Surrender Charges: Annuities may have surrender charges if the annuitant withdraws funds before a specified period. These charges aim to discourage early withdrawals and maintain the long-term nature of annuities.

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Assignment Activity 3 : Analyze the features and principles of general insurance contracts, Life insurance and Takaful.

General Insurance Contracts:

  • Property and Casualty Coverage: General insurance contracts provide coverage for various risks related to property, such as damage or loss to homes, automobiles, businesses, and liability for injuries or damages caused to others.
  • Specific Coverage: General insurance policies are typically tailored to specific risks and coverages. Examples include motor insurance, health insurance, homeowners’ insurance, and travel insurance.
  • Premiums: Policyholders pay premiums based on the risk factors associated with the coverage. Premiums may vary depending on factors such as the insured’s age, location, type of property, and past claims history.
  • Policy Limits and Deductibles: General insurance contracts often have policy limits that cap the maximum amount the insurer will pay for a claim. They may also include deductibles, which are the amounts the insured must pay out of pocket before the insurance coverage kicks in.

Life Insurance and Takaful:

  • Protection and Savings: Both life insurance and Takaful provide protection against financial risks and offer a savings or investment component. They aim to provide financial security to the insured and their beneficiaries.
  • Risk Sharing: Takaful, based on Islamic principles, emphasizes the concept of mutual assistance and cooperation among participants. The participants contribute to a common pool, which is used to compensate for losses within the group.
  • Shariah Compliance: Takaful operates in compliance with Shariah principles, ensuring that the contracts and investments are structured according to Islamic guidelines. It prohibits interest (riba) and investments in prohibited activities (haram).
  • Governance and Surplus Distribution: Takaful operations are overseen by a Shariah board, ensuring ethical and transparent practices. Surplus, if any, from the Takaful fund may be distributed among participants based on predetermined ratios, aligning with the principle of equitable sharing.

Assignment Activity 4 :Compare and explain the features and principles of Takaful

Takaful is an Islamic form of insurance that operates on the principles of mutual cooperation, risk sharing, and adherence to Shariah guidelines. Here are its key features and principles:

  • Mutual Cooperation: Takaful involves a group of participants who pool their contributions (premiums) into a common fund. The purpose is to mutually bear the risks faced by any individual within the group. This concept promotes solidarity and collective responsibility.
  • Shariah Compliance: Takaful strictly adheres to Islamic principles. It prohibits the payment or receipt of interest (riba), uncertainty (gharar), gambling (maysir), and investments in prohibited activities (haram). Contracts and investments are structured in accordance with these principles.
  • Tabarru: Participants in a Takaful scheme contribute a portion of their premiums as a donation or charitable contribution known as tabarru. This amount is voluntarily given and used to provide assistance to participants who experience losses.
  • Governance: Takaful operations are governed by a Shariah board that ensures compliance with Islamic principles. The board approves the contracts, monitors investments, and provides guidance on Shariah matters related to Takaful operations.
  • Surplus Distribution: Any surplus funds generated from the Takaful pool, after claims and expenses, may be distributed among the participants based on predetermined ratios. This distribution is considered a form of profit-sharing and aligns with the principle of equitable sharing.
  • Family and General Takaful: Takaful can be classified into two main types: Family Takaful and General Takaful. Family Takaful provides protection and savings products related to individuals and families, including life insurance and education plans. General Takaful covers non-life risks, such as property, motor, and medical insurance.

Overall, Takaful offers an alternative to conventional insurance that aligns with the ethical and religious principles of Islam, emphasizing mutual cooperation, fairness, and social solidarity.

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