State TRUE and FALSE with REASON

Each question carries two $(2)$ marks

Flood is an example of peril

Takaful participant should be an individual who is legally qualified and free

Takaful operator is allowed to enter into a contract with reinsurance company in order to get higher coverage compared to reTakaful company

Conventional insurance transfers risk from policyholders to insurance operator

In Wakalah$-$Waqf model, return from waqf fund will be distributed back to the takaful participants

Insufficient income during retirement is an example of property risk

In Takaful, shareholders are the owners of the takaful fund

Family Takaful is a short term contract which need to be renewed every year

Wakalah fee will be deducted from PA account

Tabarru', Ta 'awun and Tafahhum are the underlying contracts in takaful

$[$Total $20$ marks$]$