Reinsurance is a form of insurance purchased by insurance companies in order to mitigate risk.
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Q1. Reinsurance is a form of insurance purchased by insurance companies in order to mitigate risk. Essentially, reinsurance can limit the amount of loss an insurer can potentially suffer. In other words, it protects insurance companies from financial ruin, thereby protecting the companies’ customers from uncovered losses.
Questions:
a. How do reinsurance companies work?
b. What are the Reinsurance Contracts?
c. Give example of reinsurances companies in KSA and describe their main services
Q2. What is the concept of “Fair Value? Outline the basic difference between fair value and book value of an asset. Explain the key features of fair value defined by FASB ASC.
Q3. XYZ Company has the following financial data:
Particulars Amounts (SAR)
Total Profit for the Year 377,500
General Takaful Assets (Year 2014) 1,390,000
General Takaful Assets (Year 2015) 1,517,500
Cash 11,500
Short-term Investment 23,500
Short term liabilities 85,000
Underwriting Surplus Distributable to Participants/Participants’ Share of Profit 145,500
Gross Contribution 958,000
Net Contribution 662,500
Wakalah Fee 77,500
Commission Paid 28,300
Management Expense 58,000
Net Claim Incurred 287,500
Earned Contribution 632,500
You are required to calculate:
a) Return on Assets
b) Quick Liquidity
c) Surplus Distribution Ratio
d) Expense Ratio
e) Claims Ratio
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