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1. On 1stFeb2015, Fatima agrees to contribute AED 4,500 to house owner ‘sand house holder’s Takaful scheme, which is comprehensive coverage for a period of one year. She made a payment on 1st March 2015. The maximum amount of coverage is AED 500,000 for fire; lightning; subterranean fire; exploration; aircraft and other aerial devices; impact with any of the buildings by any road vehicles; animals not belong to or under the control of the participant or his family; bursting or over flowing of domestic water tanks, apparatus or pipes; theft to buy violent and forcible entry into building; hurricane; cyclone; typhoon; windstorm; earthquake; volcanic eruption; floods; and third-party liabilities.
You are required to prepare the accounting entries on the following situations:
Ã¢â‚¬Â¢ No claim until the end of expiry date of 31st January 2016.Assume that modaraba rate on that date is 8%.
Ã¢â‚¬Â¢ Fatima sales her house on 25th September 2015 and,hence, she requests termination of coverage effective from 1stOctober 2015. Refund will be made based on a pro-rated basis.
Ã¢â‚¬Â¢ The house is flooded on 21st June 2015. The loss incurred is AED 95,000, and she has reported and claimed on 23rd June 2015. Assume that amount of coverage is within the capacity of the Takaful operator, and thus, no payment will be received from re-takaful operator. Administration expense such as payment to adjuster fee related to this is AED 1,000.
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