Explain the difference between commutative contract and non-commutative contract. Why Insurance is Non-Sharia compliant?
Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…
A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…
Q: Is self-insurance the same as going without insurance? Why or why not?
A: The advantages of being self-insured area unit value savings and management of the insurance…
Q: one key difference between option contracts aND FUTURE CONTRACTS IS THAT IN AN OPTION CONTRACT, THE…
A: Option Contract-An options contract is a contract between two parties to facilitate a potential…
Q: Is disaster insurance unfair to insurance companies ? Explain your answer and provide an example.
A: Disaster Insurance The meaning of disaster insurance is is different from the life insurance which…
Q: What kind of insurance forms may not be included in the comprehensive forms?
A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…
Q: Determine whether the statement is legally correct (true) or not (false). Even where the contract…
A: The business can be run by the individual in the form of sole proprietorship, or it can be run as a…
Q: Which of the following is NOT true about a temporary insurance agreement? Select one: a. It can only…
A: Insurance agreement:Insurance agreement is when two parties come together and join hands that one…
Q: Does the rule rendering an insurance contract voidable as a result of concealment apply with equal…
A: Property insurance is a type of insurance coverage that protects real or personal property against…
Q: In what circumstance would a property insurance claim be rejected?
A: An insurance claim is a written request for coverage or compensation from an insurance company for a…
Q: Which of the following types of insurance does NOT involve a contract with an external party? a.…
A: Introduction Insurance is a form of risk management that helps to protect individuals and businesses…
Q: Why would the existence of conditions subsequent and precedent affect the discharge of a contract?
A: A contract is an agreement between more than one person to perform the duties mentioned in the…
Q: True or False? 1. An insurance contract is derecognized when it is extinguished and when it is…
A: An insurance contract is a contract between the two parties where one party promises to pay the…
Q: the effect of the doctrine of privity of contract is that
A: The doctrine of privity of contract states that the contract law would not impose any obligation and…
Q: Fair Value (Liabilities) What is Fair Value for a liability? What would be an e.g? Please Explain.
A: The objective of this question is to understand the concept of 'Fair Value' in the context of a…
Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…
A: Insurance management: Insurance Management is the administration of all insurance requirements, both…
Q: risk" factor
A: Risk is a term that shows the possibility of injury or loss to the health, business, vehicle, etc.…
Q: what is the Difference between derivatives and insurance contract
A: Derivatives and insurance contracts are both financial instruments used for managing risk, but they…
Q: The promises of the insurer are found in the insurance policy. True False
A: True. The insurance policy contains the terms, conditions, and promises made by the insurer to the…
Q: Which of the following is a type of captive formed to write most types of liability insurance…
A: A captive insurance firm is a special arrangement for insurance, which is a subsidiary insurer to…
Q: What are the main parts of an insurance contract and what are they designed to accomplish? How are…
A: Insurance is a contract between an individual or entity (the insured) and an insurance company (the…
Q: Factual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both…
A: pleas see the next step for solution
Q: what are the pros and cons of being insured by a mutual insurance company vs a stock insurance…
A: There are two types of insurance companies: mutual insurance company and stock insurance companies.…
Q: What is the consideration for the insurer in an insurance contract?
A: Contract: Contract is an agreement among two parties or more parties which includes enforceable…
Q: An implied condition of pooling risks with insurance is that the event being insured against is…
A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…
Q: Which of the following arises when the seller's right to consideration from a customer is…
A: A receivable is recognized by the entity when the entity's right to consideration is unconditional…
Q: Identify the best and worst types of contract on the basis of payment
A: Contract is referred to as the legal bind of an agreement, which used to define as well as govern…
Q: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: Is there any exception to the rule that the particular motives of the parties in entering into a…
A: A motive is a purely personal or private reason which a party has in entering into a contract. The…
Q: What is an onerous contract? Give two examples of an onerous contract.
A: When the cost of carrying out unavoidable obligations exceeds the benefit expected to be received…
Q: __ is a contract that involves compensation for specific potential future losses in exchange for…
A: Step 1 Currency swap forward contracts are frequently used by companies with international market…
Q: Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation,…
A: Contract of surety relates to the contract of guarantee a contract is to perform the promise or…
Q: Which of the following is not a condition in the determination of when a valid contract exists: O…
A: In accordance with IFRS 15, a contract with a customer is said to exists only if the following…
Explain the difference between commutative contract and non-commutative contract. Why Insurance is Non-Sharia compliant?
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