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									insurance information

Insurance is the transfer of risk by an individual, like yourself, or an
organization, like your business, the insurance company. You or your
organization is thus known as the owner of the policy. The insurance
company receives payment in the form of premium and will compensate you
in the event of loss or damage which you hold.

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 (aqad) contract to be one of the
participants by agreeing to mutually help each One, should the
participants suffer a defined loss.

Both insurance and takaful has the same basic principles. For example,
the insured, like yourself, you must have a legitimate interest in
financial risk you are insuring, meaning you have to 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 paid will be contributed by the insurance companies involved.
Consequently, you do not profit from your general insurance policies or
takaful plan. If you suffer a loss, you are paid accordingly and not more
than. You are paid or 'Indemnified' in the position you were before the
loss. However, if you want to cover your life, you can buy more than one

Your insurance or takaful contract is a contract of utmost good faith
(trust). So, as the owner of the policy need to disclose all material
information required. If any of the relevant material facts were not
disclosed, the policy may not be accurate and you are not 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.

You can buy an insurance policy or participate in a takaful plan

Directly from the insurance company or takaful operator

The registered agent or broker licensed

From banking institutions with bancassurance arrangements with insurance
companies or takaful operators, and

With the Internet
Useful tips when buying an insurance policy or participating in a takaful

Understand the policy or plan that includes product features, conditions,
limitations and exclusions benefits

Ensure that the premiums or contributions payable will be affordable

Ensure that the value of the range taken is sufficient and meets your

Make sure that all material facts are fully disclosed

Deal only with the registered agent / licensed broker or directly with an
insurance company or takaful operator

Track the time range and time for payment of premiums or contributions

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