Insurance Glossary

Takaful is an Islamic insurance concept which is grounded in Islamic law. It is similar to mutual insurance and cooperative risk sharing but there are key differences including a clear segregation of funds owned by participants and those owned by the insurance operations entity. This is a growing market in the insurance world, estimated to exceed $10 billion by 2010.

A form of deductible for business interruption coverage expressed in time as opposed to an amount of money. For example, a 72 hour deductible means that the insured must have operations shut down for 3 days before insurance coverage applies. If the loss is longer, the costs incurred for 3 days will be deducted from the final payment.

Third Party, Fire & Theft

Third Party Liability

Third Party Property Damage

Total Sum Insured