Course in Solidarity Insurance and Conclusion of Insurance Contracts

Introduction to Insurance and Solidarity Insurance

• Definition of insurance and its economic and social significance.

• Historical development of solidarity insurance.

• Core principles of solidarity insurance.

Differences Between Solidarity and Conventional Insurance

• Shariah and jurisprudential considerations in insurance.

• Comparison of contractual and regulatory foundations in both systems.

• Provisions related to gharar (uncertainty), riba (interest), and gambling in insurance.

Organizational Structure of Solidarity Companies

• Board of Directors and Shariah Supervisory Board.

• Financial structure and participants’ fund.

• Role of the company in management, whether fee-based or profit-sharing (Mudarabah).

Types of Solidarity Insurance

• Shariah-compliant life insurance.

• Health insurance and accident insurance.

• Marine, aviation, and commercial insurance under the solidarity system.

Components of a SolidarityInsurance Policy

• Key data in the insurance policy.

• General and specific terms, conditions, and exclusions.

• Obligations of the insurer and the insured.

Stages of Preparing and Executing an Insurance Contract

• Submission of insurance application and actuarial assessment.

• Issuance of the policy and determination of coverage.

• Managing the contractual relationship during the insurance period.

Legal Drafting of Insurance Contracts

• Legal characteristics of insurance contracts.

• Contractual liability in case of breach.

• Insurance as a contract of adhesion and its legal interpretation limits.

Risk Management in Solidarity Insurance

• Mechanisms of solidarity reinsurance.

• Risk assessment and collective distribution methods.

• Relationship between risk management and policy pricing.

Claims Settlement Mechanism in Solidarity

• Steps for reporting incidents and evaluation.

• Required documents and regulatory procedures.

• Compensation provisions and recourse in Shariah-compliant insurance.

Challenges and Future Prospects of Solidarity Insurance

• Regulatory and legislative challenges.

• Opportunities in emerging markets and Islamic finance.

• Innovation in Takaful products and expanding coverage scope.