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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?

Limited Motor Takaful Signup and view all the answers

What distinguishes Motor Takaful from traditional Motor insurance?

Shariah compliance and common fund for compensation Signup and view all the answers

What does Comprehensive Motor Takaful cover against?

Theft, accidental damage, and third-party liability Signup and view all the answers

What are the additional features of Comprehensive Motor Takaful related to Third-Party liability?

Property Damage, Bodily Injury, and Death Signup and view all the answers

Why is the purchase of third-party insurance mandatory for all vehicle owners in Pakistan?

To cover liabilities incurred to third parties in accidents Signup and view all the answers

Which of the following types of vehicles is NOT covered in Comprehensive Motor Takaful?

Sports Car Signup and view all the answers

What types of losses are covered under Comprehensive Motor Takaful?

Fire, burglary, riots, and terrorism Signup and view all the answers

Which liabilities are covered under Third Party Takaful for vehicle owners?