| Continental Scale |
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An international unit of measure for payment of benefits used for accident claims. |
| (Insurance) Cover |
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The scope of services that the insurance provider is liable to pay for in case of a valid claim.
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| Direct Billing (Medical) |
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This refers to a medical policy where the hospital or medical facility directly bills the insurance provider (instead of the customer having to pay the hospital and file a claim).
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| Indemnity |
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An indemnity is a sum paid by an insurer to the insured person / entity by way of compensation for a particular loss suffered by the insured person / entity.
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| Takaful |
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A type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage.
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| Third Party Liability |
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Refers to situations where the insurer is supposed to pay for valid claims made by parties other than the insured person / entity.
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| Third Party Administrator (TPA) |
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A TPA is an organization that processes insurance claims for a separate entity.
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| Underwriter |
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A company or other entity that administers the public issuance and distribution of securities from a corporation or other issuing body.
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| Mudaraba |
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A Mudaraba is an investment partnership, whereby the investor provides capital to another part/entrepreneur in order to undertake a business/investment activity. While profits are shared on pre-agreed ratio, loss of investment is born by the investor only. The Mudarib loses its share of the expected income. |
| Aqad |
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Legal relationship created by the conjunction of two declarations, from which flow the legal consequences with regards to the subject matter. |
| Wakala + Mudarabah Model (Hybrid Model) |
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A combination of the principal – agent (Wakala) and principal – manager (mudarabah) arrangement. Wakala is used for underwriting activities and mudarabah is used for investment activities. |
