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$1.$ Line of Insurance can further be classified as primary coverage or reinsurance assumed. Primary coverage involves policies written between an insurer and a customer directly. Reinsurance coverage involves the transfer of the insurer's risk to a reinsurer. Explain the various types of reinsurance in detail

$2.$ Define an Insurance Company as per Federal Income Taxation. State the conditions for an Insurance company to be treated as Tax Exempt

$4.$ Pass the Journal Entries of the following transactions for Takaful Products: $(5$ Marks$)$

a$)$ Contribution made by new the participants SAR $10,000,$ Contribution made by renewal participants SAR $5000$

b$)$ Commission given to the agent SAR $2000$

c$)$ Portfolio Investment made by Takaful Operators SAR $12,000$

d$)$ Management Expenses incurred For fund manager SAR $3,000$

e$)$ Selling of Investment Assets of worth SAR $8500$ sold for SAR $9000$