Marine Cargo Insurance
What does it cover?
What types of coverage are available?
All Risks as per the Institute Cargo Clauses (Air & Sea)
What is the basis of valuation of the sum insured under a marine cargo policy?
What is the period of insurance under cargo insurance?
Workmen's Compensation Insurance
What is the coverage provided by a workmen's compensation insurance policy?
What type of property does the policy cover?
Private Property which includes private households and their contents.
Commercial or Business Property which includes buildings, machinery, plants and stock.
What coverages are available for Private Property?
What coverages are available for Commercial or Business Property?
What is Engineering Insurance?
What does it cover?
Contractors All Risks
Erection All Risks
Contractors Plant & Machinery
Fidelity Guarantee Insurance
What does a Fidelity Guarantee Insurance policy cover?
Earlier in the Takaful section it was mentioned that the Aman Investment & Savings Program is an insurance & investment Plan in one. How does this work?
Mohammed wishes to obtain a "Aman Investment & Savings " policy based on the following criteria:
|Sum Insured||QR. 120,000|
|Period of insurance||10 years|
|Age at the time of issue||36 years|
|Commencement date of the policy||1st Januery, 2008|
|Monthly contribution (insurance premium)||QR. 1 000 comprising: QR. 53 being the part of the premium covering death and disability, under the "AMAN" Life policy; QR. 947 being the investment amount.|
- On the policy expiry date (1-1-2018) QIIC pays
|The accumulated investment amount||113,640|
|Expected profit on the investment amount*||43,524|
In addition Mohammed was entitled to annual cash dividends on the AMAN (Life) contribution (18% in 2007).
- In the event of death or permanent total disability
QllC pays to the policyholder (in case of disability) or his/her heirs or beneficiary named in the policy (in case of death) the unpaid contributions (premium) of the Sum Insured plus the amount of contributions (premiums) that were actually made, together with the investment profits on them up to the date of death.
|The unpaid portion of the Sum Insured||96,000|
|The accumulated investment amount actually paid by Mohammed||22,728|
|Expected profit on the investment amount||795|