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College of Administrative and Financial Sciences Assignment 1 Deadline: /27/2/2021@ 23:59 Course Name: Insurance Accounting Student’s Name: Course Code: ACCT 424 Student’s ID Number: Semester: 2 CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. 1 Assignment Question(s): (Marks5) Q1. Review the information about types of insurance and identify that in each of the following cases, which type of insurance will be applicable for insured: (1 Mark) a. Insurance that covers movable property. An example of such kind of property could be a tourist’s personal property. b. Insurance that covers the loss that arises due to sickness and by visiting to a doctor. c. Insurance covers the risk of insured arises because of an accident when he was driving his car and got damage in the vehicle. d. Insurance that covers damage of the house property of policyholder. e. Due to short circuit, building owned by insured got a fire and got loss of significant items. Answer: Q2. Differentiate between conventional insurance and takaful system focusing on the three elements that makes the conventional insurance (haram) prohibited under Islam laws. (2 Marks) Answer: Q3. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles? (2 Marks) Answer: 2
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