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: 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: Briefly explain the difference between an insurance and an assurancepolicy?
A: Insurance policy and Assurance policy are two different policies. Insurance policy provides…
Q: What factors must any company consider before accepting a special-order contract?
A: Company has to consider following points while accepting special order: 1. Potential effect on sale…
Q: Explain the purpose of damages as a remedy for breach of contract in our law. Also explain how…
A: The purpose of contract remedies is, for the most part, to compensate the non-breaching party for…
Q: What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection…
A: All insurance policies favour the insured person if there is any doubt etc benefits of doubt is…
Q: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
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: Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is…
A: IFRS: The full form of IFRS is international financial reporting standards. For the preparation of…
Q: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…
A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…
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: What are the common law rules regarding contracts entered into by infants and when such contracts…
A: An infant or minor is an individual under 18 years and the authoritative limit of infants is limited…
Q: What type of contract has been formed in this case?
A: Contracts are the agreements between two parties. It gives the option to buy,sell, lend etc. It…
Q: Which of the following sections of a commercial general liability policy contains information about…
A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…
Q: Which is not an essential characteristic of an insurance contract? A. transfer of significant risk…
A: Answer is A. transfer of significant risk from the issuer to the policyholder Explanation is given…
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: Explain and illustrate types of Musharakah contracts
A: Musharakah Contracts: In Islamic Accounting it is a type of contract that is formed between two…
Q: Do you agree that contract should be interpreted based on an objective assessment of the parties…
A: In 2014, the Supreme Court of North American nation rendered 2 choices concerning the law of…
Q: Differentiate between the contract and concept of Takaful and Conventional Insurance
A: Insurance refers to the contract in which the insurer provides the risk protection facility to the…
Q: Briefly, explain the difference between the torts of Wrongful Interference with a Contractual…
A: Answer:- Tort meaning:- Tort is a kind of civil wrong that causes the claimant to incur loss or…
Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All…
A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the…
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: Give examples of obligations or contracts which are contrary to law .
A: The contract is an agreement forming a relationship between two parties in such a way that if any of…
Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? A. those…
A: International financial reporting standard 17 or IFRS 17 deals with the standards relating to…
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: 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: __ 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: What are the differences between an insurance agent and an insurance broker? Discuss.
A: Insurance brokers are individuals that sells, buy or negotiate variety of financial products that…
Q: Compare and contrast the istijrar contract with its closest conventional contract. What are the main…
A: Istijrar refers to the purchase of commodities in varying quantities on a regular basis. In Islamic…
Q: What will making a prepayment for insurance have the effect of?
A: The insurance paid in advance means the expense has been paid but it is not due yet.
Q: Indicate whether the statement is true or false, and justify your answer.The main advantage of a…
A: Given: The main advantage of a Cochrane insurance contract over a guaranteed renewable contract is…
Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…
A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…
Q: Which of the following sections of a commercial general liability policy contains information about…
A: Insurance is the process through which an individual or corporation is provided financial coverage…
Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?
A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…
Q: In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the…
A: Life insurance covers the risk of life of insured. Non-life insurance may cover people, property or…
Q: What is the meaning of “counter-offer” in relation to the law of contract?
A: Counter Offer is a type of offer given in response of original offer.
Q: QUESTION 1 Explain the four legal principles associated with insurance contracts in detail,…
A: Insurance: It is a contract between two parties under which one party takes the responsibility to…
Q: Discuss how Unilateral contract suits insurance than commutative contracts
A: An insurance contract is a kind of legal document that lays down the agreement terms between the…
Q: Insurance
A: Insurance is protection against unforeseen risks. It compensates for the losses suffered either by…
Q: Which of the following is not a condition in identifying the contract with the customer as per IFRS…
A: IFRS 15 establishea the principles that an entity applies when reporting information avout the…
Q: Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A…
A: The answer is stated below:
Q: What are the pro and cons of third-party insurance?
A: Third-party insurance is an insurance policy purchased for the protection against the claims of…
Q: In a "mixed contract," one involving both the dale of goods and services, does the UCC apply or does…
A: Contract is referred as the legal enforceable agreement, which defines, creates, and also governs…
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- Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of Conventional Insurance align with Shari’ah? Explain in detail.2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?
- What is the difference between an Offer for a unilateral contract and an Offer for a bilateral contract? Why might that difference be important to understand?Discuss how Unilateral contract suits insurance than commutative contractsAre monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?
- Compare and contrast the istijrar contract with its closest conventional contract. Whatare the main similarities and differences?Discuss the contract according to its enforceability?Which of the following is also called a "liability waiver"? confidentiality clause noncompete agreement nondisclosure agreement exculpatory clause Explain other options also.
- Subject: Islamic banking & applied finance Explain the difference between commutative contract and non-commutative contract. Why Insurance is Non-Sharia compliant?Formalities in a contract can be self-imposed by the parties to a contract. Select one: True FalseHow contract is discharged by subsequent impossibility?