Wednesday, July 7, 2010

Knight Rider Provisions

I’ve completed both of my assignments! My second is assignment was about the importance of rider provisions in family and medical takaful.
When I first got the question I was like, “What in the world is a rider provision?” So I asked around some friends to see if they know about rider provisions. Most of them were just like me. They don’t have a clue what a rider provision is.
*Apparently, Knight Rider has nothing to do with a Takaful Rider Provision*

That means I had to start from scratch to understand about rider provisions. This led me to run through my takaful plan thoroughly. As I read and read and read, I finally understood that a rider provision is an additional supplementary benefit to the basic coverage that I get in my insurance plan.
In Islam, we cannot insure life. This means there is no life insurance. Takaful however provides for a family takaful. It covers death benefits to the participant’s family members. That is all that the basic family takaful plan does. Thus if you want to include coverage of hospitalization, weekly indemnity, disability provider etc, then you need to add some supplementary schemes to the basic family takaful plan that you have. These additional supplementary schemes are also known as rider provisions. They are not for free. Comparing the fact that you do not have to take so many basic policy to suit your needs but instead add on some payments for the extra coverage, rider provisions can be relatively economical.
Since there are no text books which explains the importance of rider provisions, students had to think on their own for this paper.
At first, I didn’t quite like the topic. Then after understanding the question and what the lecturer wanted, I thought that this was actually a really interesting assignment.
It really made me think and be very critical in seeing the importance of rider provisions. It also made me scrutinize my takaful policy and now I actually know in detail about my insurance plan.
Although this can be regarded as one of my shortest assignment (I only managed to write up to ten pages) but I think it is quite comprehensive in the sense that I (think) I covered all of its importance.
Now I can focus on the text books for the finals which is coming at the end of this month.
Two subjects!
I hope I can nail it this time!
Insha Allah!
Blog adjourned

2 obiter dictum:

Quiyah said...

short and simple.. but full of information.. u explains it better than i do bro..

two_one said...

hehe. thanks. i'm glad you find the info beneficial. does this make my blog a rider blog? haha.