INSURANCE WAQF PHENOMENCES IN THE INSURABLE INTEREST PERSPECTIVE

Penamas ◽  
2020 ◽  
Vol 33 (2) ◽  
pp. 225
Author(s):  
Diana Mutia Habibaty ◽  
Ah Azharuddin Lathif
Keyword(s):  
Risk Mitigation ◽  
Insurance Contract ◽  
Empirical Approach ◽  
The Other ◽  
Basic Principles ◽  
Insurance Benefits ◽  
Insurable Interest ◽  
Insurance Product

Waqf insurance is a new breakthrough in the field of waqf and sharia insurance. This product collaborates between waqf and insurance products. The insurance waqf product is considered contrary to one of the insurance principles, namely the principle of insurable interest (Insurable Interest Principle). This principle states that the insured party (the insured / insurance participant) must have an interest in the object of insurance (life / object). This principle was born because everyone insures himself / his property because the person / property has the risk of being damaged / lost, whereas if someone chooses to have waqf or not, it does not actually pose any risk. This study uses an empirical approach in which an analysis of the Islamic waqf insurance contract is carried out and compares it with the basic principles of insurance. In addition, interviews were conducted with experts to deepen the study under study. The results of the study state that waqf insurance products in Sharia insurance can be used as part of insurance products by following the provisions of the DSN-MUI fatwa NO.106 / DSN-MUI / X / 2016 concerning Waqf Insurance Benefits and Investment Benefits in Sharia Insurance. By referring to this fatwa, the waqf insurance product has fulfilled the principle of insurable interest by stating that the maximum waqf that can be made on the insurance waqf product is 45%, while the other 55% is returned to the insurance participant or the beneficiary (if the insurance participant dies before the insurance contract is completed. ) as a form of risk mitigation and implementing the principle of insurable interest.

FUNDAMENTAL PRINCIPLES OF MARINE INSURANCE

ANCIENT LAND ◽  
2021 ◽  
Vol 04 (02) ◽  
pp. 46-48
Author(s):  
Tahmina Shahin Alizada ◽  
Keyword(s):  
Key Words ◽  
Insurance Industry ◽  
Good Faith ◽  
Insurance Contract ◽  
Basic Knowledge ◽  
Marine Insurance ◽  
Insurance Law ◽  
Legal Principles ◽  
Insurable Interest ◽  
Utmost Good Faith

The article describes the fundamental principles of marine insurance. It mainly examines the principle of "utmost good faith" which is the cornerstone of insurance law. The main aim of an article is to help the reader to gain basic knowledge and understanding of the legal principles of marine insurance. The fundamental principles governing marine insurance are very helpful in the assessment of loss and the claim in the maritime insurance industry. As in all contracts of insurance on the property, also marine insurance contract is based on the fundamental principles. Key words: marine insurance, Marine Insurance Act 1906, principles of marine insurance, utmost good faith, insurable interest

Empowering as a Missional Concept vs. Empowerment as a Political Ideology

2005 ◽  
Vol 22 (2) ◽  
pp. 267-286 ◽  
Author(s):  
Amon Eddie Kasambala
Keyword(s):  
Holy Spirit ◽  
Political Ideology ◽  
Third World ◽  
Developing Nations ◽  
The Other ◽  
Basic Principles ◽  
Christian Mission ◽  
Triune God ◽  
Ideological Perspective ◽  
Developed World

AbstractThe article contrasts the meaning of empowerment in a political ideological perspective with a Christian mission understanding of empowering as a process of reaching out to the other with the love of the triune God; Father, Son and Holy Spirit. It is argued that as far as the developing world is concerned there are many reasons for an empowering process in Christian mission, and one of them is an existing identity crisis facing churches in the developing countries (sometimes referred to as third world churches). The article also undertakes to work with a proposition that states that the solution to a perceived paternalism from the churches in the developed world over those in developing nations does not necessary lie in a moratorium call, however, it should be found in embracing a notion of empowering that creates an attitude of partnership between both churches. Three basic principles are proposed that should under gird this process; namely, Unconditional acceptance, Unconditional respect, Unconditional dignity. An African tale is given to illustrate the basic working assumptions and presuppositions of this article.

scholarly journals REKONSTRUKSI IJTIHĀD DALAM ILMU UṢŪL AL-FIQH

Al-Ahkam ◽  
2012 ◽  
Vol 22 (2) ◽  
pp. 161
Author(s):  
Rokhmadi Rokhmadi
Keyword(s):  
Islamic Law ◽  
The Other ◽  
Basic Principles ◽  
The Law ◽  
The Way

<p>Al-Qur’an and Sunnah, needs of understanding and extracting optimally, so that the contents of law can be applied for the benefit of people. The way- to understand and to extract the contents in these two sources- called <em>ijtihād</em>. Thus, <em>ijtihād</em> is needed on <em>istinbāṭ</em> of law from many arguments of the texts (<em>naṣ</em>), eventhough it is <em>qaṭ’ī</em> in which the uṣūliyyūn have agreed that it is not the area for re-extracting to the law (<em>ijtihādiyyah</em>). The problem in this case is that even a <em>qaṭ’ī</em> argument according to the most of uṣūliyyūn has not been <em>qaṭ’ī</em> argument in the other <em>uṣūliyyūn</em> opinion. Reconstruction of <em>ijtihād</em> becomes an alternative, with some considerations: <em>First</em>, weight and tightening the requirements to become a mujtahid, which is almost impossible controlled by someone at the present time; <em>Second</em>, the increasing complexity of the problems faced by the ummat which is very urgent to get the solution; <em>Third</em>, let the period without <em>ijtihād</em> (vacuum of mujtahid) is contrary to the basic principles of Islamic law are always <em>sāliḥ li kulli</em> <em>zamān wa makān</em>. This paper present to discuss further about the urgency of the reconstruction of <em>ijtihād</em> in the challenge of modernity.</p><p>***</p><p>Al-Qur<ins cite="mailto:hasan" datetime="2015-02-17T11:11">’</ins>an maupun <ins cite="mailto:hasan" datetime="2015-02-17T11:11">s</ins>unnah sangat membutuhkan pemahaman dan penggalian secara optimal agar isi kandungan hukumnya dapat diterapkan bagi kemaslahatan umat. Cara untuk menggali dan mengeluarkan isi kandungan yang ada dalam kedua sumber tersebut dinamakan <em>ijtihād</em>. <em>Ijtihād</em> sangat dibutuhkan pada setiap <em>isti<ins cite="mailto:muthohar" datetime="2015-01-29T05:30">n</ins><del cite="mailto:muthohar" datetime="2015-01-29T05:30"></del>bāṭ </em>hukum dari dalil <em>naṣ</em>, sekalipun dalil <em>naṣ</em> tersebut bersifat <em>qaṭ'ī</em> yang oleh para <em>uṣūliyyūn</em> sudah di­sepakati tidak menjadi wilayah untuk dijitihadi lagi. Permasalahannya adalah bahwa sesuatu dalil <em>naṣ</em> yang sudah bersifat <em>qaṭ'ī</em> sekalipun oleh sebagian besar <em>uṣūliyyūn</em>, belum tentu dipandang <em>qaṭ'ī</em> oleh sebagian <em>uṣūliyyūn</em> yang lain. Rekonstruksi <em>ijtihād</em> menjadi se­buah alternatif, dengan beberapa pertimbangan: <em>Pertama</em>, berat dan ketatnya persyaratan-persyaratan menjadi seorang mujtahid, yang hampir tidak mungkin di­kuasai oleh seseorang pada masa sekarang; <em>Kedua</em>, semakin kompleksnya per­masalah­an yang dihadapi oleh ummat yang sangat mendesak untuk mendapatkan solusi; <em>Ketiga</em>, membiarkan satu periode tanpa <em>ijtihād</em> (kevakuman mujtahid) adalah bertentangan dengan prinsip dasar hukum Islam yang selalu <em>sāliḥ li kulli zamān wa makān. </em>Tulisan ini hadir untuk mendiskusikan lebih jauh tentang urgensi rekonstruksi <em>ijtihād</em> dalam menghadapi tantangan modernitas.</p><p>***</p><p>Keywords: <em>ijtihād</em><em>, qaṭ'ī, ẓannī</em><em>, uṣūl al-fiqh</em></p>

scholarly journals Suggestions to modify Vietnam’s legal provisions on the insurable interest in life insurance

2019 ◽  
Vol 2 (3) ◽  
pp. 38-49
Author(s):  
Bach Thi Nha Nam
Keyword(s):  
Life Insurance ◽  
Insurance Contract ◽  
Business Law ◽  
Insurable Interest ◽  
Legal Provisions ◽  
Contract Performance ◽  
Insurance Business ◽  
Core Principle

The insurable interest in life insurance is a core principle for the parties to enter into an insurance contract. In case the policyholder does not have insurable interest to the insured, the life insurance contract will become invalid or the life insurance contract will terminate when the policyholder no longer has insurable interest in accordance with Vietnam Insurance Business Law. The practice of life insurance contract performance has raised many issues related to the insurable interest that Vietnam Insurance Business Law has not mentioned or are still lacking. Therefore, the legal provisions on insurable interest are covered with many shortcomings, and inconsistent with the practice of insurance business. On the basis of analysis of caselaw and insurance statutes in US jurisdiction, the author proposes to modify the legal provisions on the insurable interest stipulated in the Vietnam Insurance Business Law..

scholarly journals Lecture I. Conditions in Life Policies

1896 ◽  
Vol 3 ◽  
pp. 267-288
Author(s):  
William Harvey
Keyword(s):  
Cause Of Death ◽  
The Other ◽  
Insurable Interest ◽  
American Law ◽  
The Subject

In the lectures which I delivered last year to the Actuarial Society of Edinburgh, I dealt with the representations in the proposal for insurance which usually form the subject of one of the conditions in the policy. In the present lecture I propose dealing with the other usual conditions in life policies, including the statutory condition as to insurable interest, the conditions relating to the payment of premiums, and lastly, the conditions excepting certain risks from the policy in respect either of locality, occupation, or cause of death. I shall also deal incidentally with the powers of local agents to waive a forfeiture of any of the conditions of the policy. In regard to the references to the American authorities, perhaps I should explain that I have in all cases referred to English or Scottish authorities where there were any, and have only used American cases as ancillary to our own, or where there was no English or Scottish authority. In some cases I have referred to American authorities by way of contrast, but when this is the case, I have always explained the differences between the American law and our own.

27. Insurance

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
Insurance Contract ◽  
Marine Insurance ◽  
Insurance Claims ◽  
Insurance Law ◽  
Insurable Interest ◽  
Insurance Contracts

This chapter deals with insurance and the principles of insurance law. Contracts of insurance may be subdivided into two categories: indemnity insurance and contingency insurance. Under a contract of insurance, the event insured against is interpreted to be uncertain, either in the sense that it may or may not occur, or that the time of the occurrence is uncertain. This chapter first explains how insurance works, with a particular focus on insurable interest, the statutes that govern insurance contracts, and the power of the Financial Conduct Authority to authorise persons wishing to conduct business as insurers. It then considers how an insurance contract is formed and goes on to describe the content and interpretation of the contract. It also discusses the liability and rights of the insurer before concluding with an analysis of marine insurance and insurance claims.

A Concept of Eurasia

2020 ◽  
pp. 1-15
Author(s):  
Maria Lagutina
Keyword(s):  
The Other ◽  
Integration Process ◽  
Basic Principles

This chapter analyzes the process of the Eurasian idea's evolution in historical retrospective, as well as the identification of the general and special in the basics of classical Eurasianism and neo-Eurasianism, on one hand, and modern pragmatic Eurasianism, which underlies the implementation of the Eurasian strategy of Russia and other EAEU countries and the “Greater Eurasia”, on the other. The author identifies the basic principles of the ideology of modern Eurasian integration, explains the motives and reasons for the beginning of the integration process, and defines its features.

scholarly journals Improved Bathymetric Mapping of Coastal and Lake Environments Using Sentinel-2 and Landsat-8 Images

Sensors ◽  
2019 ◽  
Vol 19 (12) ◽  
pp. 2788 ◽  
Author(s):  
Ali P. Yunus ◽  
Jie Dou ◽  
Xuan Song ◽  
Ram Avtar
Keyword(s):  
Empirical Approach ◽  
The Other ◽  
Landsat 8 ◽  
Mobile Bay ◽  
Transport Pathways ◽  
Other Hand ◽  
Crucial Component ◽  
Short Period ◽  
Bathymetric Mapping ◽  
Sentinel 2

The bathymetry of nearshore coastal environments and lakes is constantly reworking because of the change in the patterns of energy dispersal and related sediment transport pathways. Therefore, updated and accurate bathymetric models are a crucial component in providing necessary information for scientific, managerial, and geographical studies. Recent advances in satellite technology revolutionized the acquisition of bathymetric profiles, offering new vistas in mapping. This contribution analyzed the suitability of Sentinel-2 and Landsat-8 images for bathymetric mapping of coastal and lake environments. The bathymetric algorithm was developed using an empirical approach and a random forest (RF) model based on the available high-resolution LiDAR bathymetric data for Mobile Bay, Tampa Bay, and Lake Huron regions obtained from the National Oceanic and Atmospheric Administration (NOAA) National Geophysical Data Center (NGDC). Our results demonstrate that the satellite-derived bathymetry is efficient for retrieving depths up to 10 m for coastal regions and up to 30 m for the lake environment. While using the empirical approach, the root-mean-square error (RMSE) varied between 1.99 m and 4.74 m for the three regions. The RF model, on the other hand, provided an improved bathymetric model with RMSE between 1.13 m and 1.95 m. The comparative assessment suggests that Sentinel-2 has a slight edge over Landsat-8 images while employing the empirical approach. On the other hand, the RF model shows that Landsat-8 retrieves a better bathymetric model than Sentinel-2. Our work demonstrated that the freely available Sentinel-2 and Landsat-8 imageries proved to be reliable data for acquiring updated bathymetric information for large areas in a short period.

Environmental Liability – Tools to Mitigate Financial Consequences of Environmental Liability through Insurance

2020 ◽  
Vol 4 (105) ◽  
pp. 32-56
Author(s):  
Renata Orzechowska
Keyword(s):  
Insurance Contract ◽  
Liability Insurance ◽  
Environmental Damage ◽  
Financial Protection ◽  
Basic Principles ◽  
Optimal Form ◽  
Environmental Liability ◽  
Financial Consequences ◽  
Imminent Threat

This article focuses on environmental liability insurance of entities using environment against damage caused as a result of their activity. An insurance contract may be the most optimal form of securing claims related to an imminent threat of environmental damage. As a rule, entrepreneurs have freedom in choosing the scope of insurance and in deciding whether to conclude an insurance contract or not. However, for certain types of activity, operators are required by the legislator to have financial protection covering possible environmental damage. Moreover, the article discusses the basic principles of environmental liability and the possibility of insuring this liability, including the cases of statutory obligation to be financially protected. Finally, it evaluates the effects of introducing compulsory environmental insurance.

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