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Is it ribaa if I purchase long term care insurance?

According to sharia is it ribaa if I purchase long term care insurance? All things considered.

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    I believe ribaa is when someone borrows money and has to pay back more than the amount he borrowed. That is with some interest. In modern times some Islamic banks have provided call it Islamic loans. In the case of insurance, the perspective of the scholars differ as some scholars approve it on the ground that it is a necessity in modern times and it is a systematic way of cooperating to protect one another, while others say it is only acceptable if it is mandatory by law. Some scholars also argue that a house or car taken on instalments is not exactly transaction of ribaa, because in cases of cash borrowing you spend the money borrowed on your necessity, while in cases of a house or car you have an asset and you use it for your convenience like save on rent. Personally I will advise that you avoid any purchase on loan if you can do so.

    2019.08.01 18:0

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Can people be declined of the personal accident insurance based on his/her occupation?

Sad to say that people with hazardous occupations or people with occupations that are prone to accidents are declined by the insurance companies. Examples of these occupations are construction workers, fire fighters, police, military, divers pilots, aire crews, ship breakers, ship crew, and more alike.

I don’t have immediate cash on me and the month is about to end, can I collect from my insurance?

I just passed by and from my knowing, I don’t think you'd be able to claim the insurance that you have been spending on especially for wants that is most likely out of the question, most insurance companies only release the money that you have been investing on only when you've been injured, deceased or in dire need of help

I want to sell insurance too

Insurance companies are spread through out the world. They almost covered every country in the map. Not all people have insurances but people refer it to them. Some companies use this strategy for them to get more costumers in buying insurances. Most companies allow those people who have bought there insurance to sell and will give them a percentage of the product.

Does my debt in insurance company may lead to me being sued?

Get out of that agreement with your co worker immediately since an insurance company does not possess the power to ever sue you, nor apply any accusation towards you regarding that matter. The insurance company is probably not legitimate. Wishing you the best of luck!

Would there be a possibility that I may be convicted and sentenced to jail if I was to fail paying my Insurance?

No there is no possible outcome that the insurance company will or will be able to give you such a punishment as that that insurance companies are not given that form of power especially in issuing such moves such as sueing an individual for the inability of payment but the insurance agreement that was agreed upon maybe voided if not enough funds are present in the account of the client

The insurance company that I invested is closing.

Insurance companies are well oriented when it comes to businesses. But there are times that we think like, what happens to a bankrupt insurance company. Well most of the insurance company are legal and recognized by the government. If it the company is registered to the country. Your insurance is safe. The company has a back up money to pay those people who bought their insurances.

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