مسائل المنتخبه (Articles Of Islamic Acts) - الخوئي، السيد أبوالقاسم - الصفحة ٦٣٥ - INSURANCE

other that the policy holder will pay a specific amount every month or every year and, in case he sustains loss, government or the Insurance company shall compensate him for it, such a transaction is called insurance. Insurance may be for life. property, fire, aeroplane, ship etc. There are other kinds of insurance also but it is not necessary to mention them here because the orders which apply to the aforesaid kinds of insurance also apply to them.
٢٨٨٠. Such a transaction consists of the following components:
(i) Offer by the Company.
(ii) Acceptance by the policy holder.
(iii) The thing insured viz.life etc.(iv) Installments payable by the policy holder every month or every year.
٢٨٨١. It is necessary that the thing insured should be specific and it should also be stated for what kind of loss government or the Insurance company will be underobligation to compensate e.g. sinking, catching fire, theft, falling sick, death etc. The amount of the instalment payable by the policy holder should also be specified andthe period of insurance, i.e.. its commencement and termination should also be fixed.
٢٨٨٢. All kinds of insurance can be treated to be conditional gift i.e. the policy holder is required to pay the Insurance company a fixed amount in installments byway of gift (premium) that if during the currency of the transaction the policy holder sustains the aforesaid losses, the company will compensate him for the fame. In thatevent it if obligatory on the company to honor this condition All sorts of insurance made in this manner are legally valid.
٢٨٨٣. If Government or the Insurance Company does not honor the aforesaid condition the policy holder is entitled to repudiate the transaction and to claim refund ofthe installments paid by him.