Fiqh MCQs

Insurance in Islamic Law

The following are Insurance in Islamic Law MCQs with answers related to Islamic Studies. We have arranged the most important and repeated MCQs in all the competitive examinations. The students can clear their concepts for Insurance in Islamic Law MCQs online quiz by attempting these.

Insurance in Islamic Law Online MCQs with Answers

What’s the Islamic term for insurance?
A) Takaful
B) Qard
C) Gharar
D) Riba

Answer
A

In Islamic insurance, what’s the concept of “Tabarru'”?
A) Premium
B) Risk-sharing
C) Underwriting
D) Claim settlement

Answer
B

Which principle prohibits uncertainty and ambiguity in insurance contracts?
A) Riba
B) Gharar
C) Qard
D) Mudarabah

Answer
B

What’s the primary purpose of Takaful in Islamic insurance?
A) Profit maximization
B) Risk avoidance
C) Risk-sharing and mutual assistance
D) Interest accumulation

Answer
C

In Islamic insurance, what’s the term for the pool of contributions from participants?
A) Premium
B) Wadi’ah
C) Waqf
D) Tabarru’

Answer
D

What’s the Islamic term for a situation involving excessive uncertainty and ambiguity?
A) Qard
B) Gharar
C) Riba
D) Takaful

Answer
B

Which principle prohibits the charging or paying of interest in insurance contracts?
A) Riba
B) Gharar
C) Qard
D) Takaful

Answer
A

What’s the Islamic term for the insurance policyholder?
A) Takaful operator
B) Tabarru’ contributor
C) Policyholder
D) Participant

Answer
D

What’s the key principle in Islamic insurance contracts?
A) Risk avoidance
B) Profit maximization
C) Risk-sharing and mutual assistance
D) Speculation

Answer
C

In Islamic insurance, what’s the operator’s role in the Takaful contract?
A) Claim settlement
B) Risk-sharing
C) Premium collection
D) Mutual assistance

Answer
A

What’s the Islamic term for the act of entrusting something valuable to another for safekeeping?
A) Tabarru’
B) Gharar
C) Qard
D) Wadi’ah

Answer
D

In Islamic insurance, what’s the term for the financial compensation paid to the policyholder in case of loss?
A) Premium
B) Tabarru’
C) Claim settlement
D) Wadi’ah

Answer
C

What’s the principle of “Mudarabah” in Islamic insurance?
A) Risk-sharing
B) Trustworthiness
C) Profit and loss sharing
D) Interest prohibition

Answer
C

In Islamic insurance, what’s the term for the agreement between the policyholder and the Takaful operator?
A) Wadi’ah
B) Tabarru’
C) Mudarabah
D) Contract of Takaful

Answer
D

What’s the Islamic term for a financial transaction involving the provision of loans without interest?
A) Qard
B) Gharar
C) Riba
D) Tabarru’

Answer
A

In Islamic insurance, what’s the term for the surplus amount remaining after claims and expenses?
A) Premium
B) Qard
C) Riba
D) Surplus

Answer
D

What’s the principle of “Wakalah” in Islamic insurance?
A) Risk-sharing
B) Trust agency
C) Profit and loss sharing
D) Interest prohibition

Answer
B

In Islamic insurance, what’s the term for the contribution paid by the policyholder to the Takaful fund?
A) Premium
B) Wadi’ah
C) Waqf
D) Tabarru’

Answer
A

What’s the Islamic term for the act of lending money without charging interest?
A) Gharar
B) Qard
C) Tabarru’
D) Wadi’ah

Answer
B

In Islamic insurance, what’s the term for the agreement where the Takaful operator acts as an agent on behalf of the participants?
A) Wakalah
B) Mudarabah
C) Qard
D) Gharar

Answer
A

What’s the Islamic term for the act of transferring risk from one party to another?
A) Tabarru’
B) Gharar
C) Waqf
D) Takaful

Answer
D

In Islamic insurance, what’s the term for the fund that holds the contributions and pays claims?
A) Premium pool
B) Tabarru’ fund
C) Mudarabah fund
D) Waqf fund

Answer
B

What’s the principle of “Qimar” in Islamic insurance?
A) Risk-sharing
B) Prohibition of gambling
C) Trust agency
D) Interest prohibition

Answer
B

In Islamic insurance, what’s the term for the policyholder’s contribution to the Takaful fund?
A) Premium
B) Qard
C) Tabarru’
D) Mudarabah

Answer
C

What’s the Islamic term for the act of providing a guarantee or security for a loan?
A) Gharar
B) Tabarru’
C) Riba
D) Kafala

Answer
D

In Islamic insurance, what’s the term for the operator’s fee for managing the Takaful operations?
A) Premium
B) Qard
C) Wakalah fee
D) Tabarru’

Answer
C

What’s the Islamic term for the act of donating or giving away something valuable without expecting anything in return?
A) Tabarru’
B) Gharar
C) Waqf
D) Qard

Answer
A

In Islamic insurance, what’s the term for the contract between the policyholder and the Takaful operator where the operator agrees to manage the risk?
A) Contract of Takaful
B) Contract of Tabarru’
C) Contract of Mudarabah
D) Contract of Wakalah

Answer
D

What’s the principle of “Waqf” in Islamic insurance?
A) Risk-sharing
B) Prohibition of interest
C) Charitable endowment
D) Mutual assistance

Answer
C

In Islamic insurance, what’s the term for the party who manages the Takaful operations?
A) Policyholder
B) Participant
C) Operator
D) Underwriter

Answer
C

What’s the Islamic term for the party who contributes to the Takaful fund?
A) Premium payer
B) Tabarru’ contributor
C) Participant
D) Operator

Answer
C

In Islamic insurance, what’s the term for the written agreement that outlines the terms and conditions of the Takaful contract?
A) Policy
B) Waqf
C) Fatwa
D) Contract of Wakalah

Answer
A

What’s the Islamic term for a situation involving excessive risk and uncertainty?
A) Gharar
B) Tabarru’
C) Qard
D) Riba

Answer
A

In Islamic insurance, what’s the term for the amount paid by the policyholder to the Takaful operator?
A) Premium
B) Tabarru’
C) Qard
D) Mudarabah

Answer
A

What’s the Islamic term for the act of transferring a financial liability from one party to another?
A) Gharar
B) Takaful
C) Qard
D) Assignment

Answer
D

In Islamic insurance, what’s the term for the fund created from surplus contributions?
A) Premium pool
B) Qard fund
C) Surplus fund
D) Tabarru’ fund

Answer
C

What’s the Islamic term for the act of lending money to someone in need without charging any interest?
A) Gharar
B) Qard
C) Tabarru’
D) Riba

Answer
B

In Islamic insurance, what’s the term for the surplus distributed among participants after claims and expenses?
A) Premium
B) Qard
C) Tabarru’
D) Surplus

Answer
D

What’s the Islamic term for a written legal opinion based on Islamic law?
A) Gharar
B) Takaful
C) Fatwa
D) Tabarru’

Answer
C

In Islamic insurance, what’s the term for the party who is responsible for assessing and managing risks?
A) Participant
B) Policyholder
C) Operator
D) Underwriter

Answer
D

What’s the Islamic term for a charitable donation for the welfare of others?
A) Tabarru’
B) Gharar
C) Waqf
D) Qard

Answer
C

In Islamic insurance, what’s the term for the contract that specifies the mutual responsibilities between the Takaful operator and participants?
A) Policy
B) Contract of Takaful
C) Contract of Wakalah
D) Contract of Mudarabah

Answer
B

What’s the Islamic term for the act of donating a portion of one’s wealth to those in need?
A) Tabarru’
B) Gharar
C) Zakat
D) Qard

Answer
C

In Islamic insurance, what’s the term for the party who evaluates and calculates the risks in the Takaful contract?
A) Participant
B) Operator
C) Underwriter
D) Policyholder

Answer
C

What’s the Islamic term for a contract where one party provides a loan without charging interest?
A) Gharar
B) Qard
C) Tabarru’
D) Mudarabah

Answer
B

In Islamic insurance, what’s the term for the agreement where the policyholders are responsible for each other’s losses?
A) Mudarabah
B) Tabarru’
C) Wakalah
D) Amanah

Answer
B

What’s the Islamic term for the act of taking a financial responsibility on behalf of another?
A) Gharar
B) Tabarru’
C) Qard
D) Kafala

Answer
D

In Islamic insurance, what’s the term for the contract that defines the terms and conditions of coverage?
A) Policy
B) Contract of Takaful
C) Fatwa
D) Tabarru’ contract

Answer
A

What’s the Islamic term for the act of providing security or collateral for a loan?
A) Gharar
B) Tabarru’
C) Riba
D) Wakalah

Answer
D

In Islamic insurance, what’s the term for the contract that involves the participants’ mutual assistance in times of need?
A) Mudarabah
B) Tabarru’
C) Qard
D) Waqf

Answer
B

 

 

 

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