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Accounting

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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

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