Which of the Following Characteristics Is NOT True Regarding the Family

question 55

Multiple Choice

Which of the following characteristics is NOT true regarding the family takaful?

• A) it is usually offered as a long-term policy cover that may span between 5 and 10 years depending on the structure of the product
• B) family takaful cover involves life and family issues
• C) collaboration with savings is one of the three types of family takaful
• D) examples of family takaful include retirement plans

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Definitions:

Economic Profit

The difference between total monetary revenue and the total costs of inputs (including opportunity costs), representing the financial gain exceeding the economic opportunity lost.

Normal Rate

The standard or usual rate for a task or service, often related to wages or interest.

Cost Per Bushel

A measure of the expenses incurred to produce a bushel of an agricultural product, such as grains.

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.