Chapter Overview: Motor Takaful

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Questions and Answers

What is the main purpose of Motor Takaful?

  • To make a profit for the participants
  • To provide free insurance to participants
  • To exclude third-party liability coverage
  • To compensate those who suffer losses (correct)

Which type of Motor Takaful covers accidental damage, theft, and third-party legal liability?

  • Third Party Liability Pure Wakalah Model
  • Individual Motor Policy
  • Comprehensive Motor Takaful (correct)
  • Partial Motor Takaful

How do participants contribute in Motor Takaful?

  • By contributing to a common pool of funds (correct)
  • By seeking external funding for compensation
  • By keeping the contributions for themselves
  • By investing individually in the stock market

Which of the following is NOT a type of Motor Takaful mentioned in the text?

<p>Limited Motor Takaful (D)</p>
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What distinguishes Motor Takaful from traditional Motor insurance?

<p>Shariah compliance and common fund for compensation (C)</p>
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What does Comprehensive Motor Takaful cover against?

<p>Theft, accidental damage, and third-party liability (C)</p>
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What are the additional features of Comprehensive Motor Takaful related to Third-Party liability?

<p>Property Damage, Bodily Injury, and Death (C)</p>
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Why is the purchase of third-party insurance mandatory for all vehicle owners in Pakistan?

<p>To cover liabilities incurred to third parties in accidents (D)</p>
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Which of the following types of vehicles is NOT covered in Comprehensive Motor Takaful?

<p>Sports Car (C)</p>
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What types of losses are covered under Comprehensive Motor Takaful?

<p>Fire, burglary, riots, and terrorism (B)</p>
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Which liabilities are covered under Third Party Takaful for vehicle owners?

<p>Property Damage, Bodily Injury, and Death (A)</p>
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