ACCT 424 SEU Insurance Accounting General Takaful Product Worksheet

ACCT 424 SEU Insurance Accounting General Takaful Product Worksheet
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):
(5 Marks)
Q1. The following financial transactions are related with a General Takaful Product:
i.
An amount of SAR 6,200 received as advanced contribution from new participants.
ii.
An amount of SAR 4,500 received as a contribution from new participants.
iii.
Contribution renewal received from participants SAR 5,500.
You are required to prepare necessary journal entries.
(1.5 Marks)
Answer:
Q2. Discuss the three primary methods used by Guaranty Fund to assess property and liability
insurance using your own words.
(2 Marks)
Answer:
Q3. XYZ Company has the following financial data:
Particulars
Total Profit for the Year
General Takaful Assets (Year 2014)
General Takaful Assets (Year 2015)
Cash
Short-term Investment
Short term liabilities
Underwriting Surplus Distributable to Participants/Participants’ Share of Profit
Gross Contribution
Net Contribution
Wakalah Fee
Commission Paid
Management Expense
Net Claim Incurred
Earned Contribution
You are required to calculate:
a) Return on Assets
b) Quick Liquidity
c) Surplus Distribution Ratio
2
(1.5 marks)
Amounts (SAR)
377,500
1,390,000
1,517,500
11,500
23,500
85,000
145,500
958,000
662,500
77,500
28,300
58,000
287,500
632,500
d) Expense Ratio
e) Claims Ratio
Answer:
3

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