ASC173 Principles Of Risk Management, Insurance, And Takaful Assignment Sample UiTM Malaysia

The ASC173 Principles of Risk Management, Insurance, and Takaful provide a comprehensive guide to the principles of risk management, insurance, and takaful. The module covers topics such as risk identification, assessment, and treatment; insurance products and coverages; risk financing mechanisms; takaful products and coverages; and case studies.

This module is designed for professionals working in the insurance or takaful industry who wish to gain a better understanding of the principles of risk management, insurance, and takaful. It is also suitable for students who are interested in pursuing a career in the insurance or takaful industry.

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This particular assignment sample provides a comprehensive overview of the risk management and insurance process, as well as an introduction to takaful (Islamic) insurance. It’s a great resource for those looking to learn more about the principles behind risk management and insurance, as well as the key differences between traditional and takaful insurance.

We are discussing some assignment briefs, in this module. These are:

Assignment Brief 1: Describe the features and principles of life insurance, general insurance, annuity contract, and Takaful.

Life insurance is a contract between an insured person and an insurer, whereby the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person. 

General insurance, also known as non-life insurance, is a contract whereby an insurer agrees to indemnify the assured in respect of losses, other than losses arising from life, caused by specified risks. 

An annuity contract is a financial product that pays out a fixed stream of payments to an individual for some time or until their death. 

Takaful is Islamic insurance that operates on the principle of mutual aid and brotherhood. It is an alternative to conventional insurance that is based on the concept of riba (usury).

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Assignment Brief 2: Explain the concept of risk and principles of insurance.

The basic principle behind insurance is that by pooling the risk of loss, each individual in the group experiences a lower overall risk. In other words, if everyone in a group insures themselves against a particular loss (e.g., their house catches on fire), then the likelihood that any one person’s house will burn down is reduced because everyone is sharing the risk.

Risk is always relative to an individual. For example, driving in a city has more inherent risk than driving on a country road, but some people are more afraid of driving in the city than others. And for some people, even driving on a country road might be too risky.

Insurance works by assessing an individual’s risk and then charging them a premium that is commensurate with that risk. The higher the risk, the higher the premium. Insurance companies use actuarial tables to calculate premiums based on an individual’s age, gender, lifestyle, and other factors.

Assignment Brief 3: Present with confidence and responsiveness in presenting the types of products in the insurance industry.

There are many types of products that are common in the insurance industry. Some presentations may focus on one specific product, such as an insurance policy. Other presentations may be more general and may cover several different types of products.

Regardless of the specific product or products being presented, it’s important to be confident and responsive when presenting them. This means being able to answer any questions that may arise, and responding promptly. It can also mean being able to adapt quickly to changes in the situation or audience.

It’s also important to be well-prepared for any presentation. This includes knowing the products inside and out, as well as having relevant data and statistics ready to go. Being prepared will help to make the presentation run smoothly and will give the audience the best possible chance of understanding the products being presented.

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