As Opposed to Takaful, Conventional Insurance Is Based on Principles

question 40

True/False

As opposed to takaful, conventional insurance is based on principles of mutual cooperation, common welfare and general good of the society.

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Definitions:

Tax System

The structured method by which a government or authority levies taxes on individuals, businesses, and transactions.

U.S. Economy

The economic system of the United States, characterized by a mixture of private and public enterprise and known for being one of the world’s largest and most complex economies.

Income

The financial gain received by an individual or entity, typically through wages, profits, rents, or investments.

Government Revenues

The total money received by the government from various sources, including taxes, fees, and other charges.