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CHAPTER ONE (NATURE OF RISK (CONCEPT OF RISK (HAZARD: Conditions that can…
CHAPTER ONE
NATURE OF RISK
CONCEPT OF RISK
LOSS: Financial impact
RISK : Uncertainty conditions associated with loss
PERIL: cause of loss
HAZARD: Conditions that can increase the chance of loss
morale hazard
physical hazard
legal hazard
morale hazard
CHAIN OF DEFINITION
Hazard
Peril
Loss
RISK RELATED TO QADA' & QADAR
State in uncertainty
Tawakkul
BASIC CATEGORIES OF RISK
Pure & Speculative Risk
Pure : Involve only chance of loss
Speculative: result will be either loss or gain
Fundamental & Particular Risk
Fundamental:entire economy/ large group
Particular: individual/ not entire economy
Enterprise Risk
strategic risk
operational risk
financial risk
Method
ERM
TYPE OF PURE RISK
Personal risk
Property Risk
Liability Risk
BASIC METHOD TREATING RISK
Risk avoidance
Risk transfer
Loss control
Risk retention
TAKAFUL PROPERTY & PECUNIARY RISK
SCOPE OF TAKAFUL & PECUNIARY RISK
Definition
Property: every material things/ physical object
types
tangible
intangible
Pecuniary loss
Mal
valuable property
tangible/ intangible properties
movable/immovable
homogeneous/ non- homogeneous
usable, cash, goods
Scope
Property
provide compensation to insured in the event of damage to the property of the insured
Pecuniary
provide insured in the event of monetary losses to the subject matter of insured
Insurance
general business
aviation
fire
marine
accident
Takaful Insurance
general takaful
family takaful