Insurance Info - Insurance Made Clear

Insurance Info - Insurance Made Clear

Insurance is the transfer of risk by an individual, such as yourself, or an organisation, such as your business, to the insurance company. You or your organisation will thus be known as the policy owner. The insurance company receives payment in the form of premium and will compensate you in the event of losses or damages sustained by you.

Takaful is a protection plan based on Shariah principles. By contributing a sum of money to a common takaful fund in the form of participative contribution (tabarru’), you undertake a contract (aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a defined loss. Both insurance and takaful have similar basic principles. For instance, the insured, such as yourself, must have a legitimate financial interest in the risk you are insuring, meaning you must suffer a financial loss when the insured event occurs. You can also buy more than one policy or plan to protect a particular risk but in the event of loss or damage, you can only make one claim. The amount payable will then be contributed by the insurance companies involved. As such, you cannot profit from your general insurance policy or takaful plan. If you suffer a loss, you will be compensated accordingly and no more than that. You will be paid or ‘indemnified’ to the position you were in before the loss. However, if you wish to cover your life, you can buy more than one policy. Your insurance or takaful contract is a contract of utmost good faith (trust). Thus, you as the policy owner need to disclose all material information required. If any of the relevant material facts are not disclosed, the policy may be invalid and you will not be protected against any loss or damage. In addition, under the takaful plan, you can enjoy a share of the surplus from the takaful fund, based on a pre-agreed ratio if you have not made any claim during the year.

Things to Note: Motor Takaful

Things to Note: Motor Takaful

	Motor takaful not only protects your motor vehicle from losses or damages such as accidents, but also helps other participants of the plan. This is because as a participant in the plan, you contribute towards a general takaful fund in the form of participative contribution (tabarru'), which will be used to help other participants whose vehicles are involved in an accident. If you have not made a claim during the period of takaful, you are also entitled to a share of the surplus in the general takaful fund. The surplus shared is based on a pre-agreed ratio between you and the takaful operator. Below is an example of how surplus sharing can give you even more savings. Example: The sum covered is RM80,000 while the market value of the vehicle is RM100,000. The loss is RM5,000. The average condition will operate as follows.
	The takaful operator will only pay RM4,000 instead of RM5,000 for the loss. You have to bear the difference of RM1,000.

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