Basics of Insurance Contracts Quiz
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Questions and Answers

Who is the person seeking protection against certain risk in an insurance contract?

  • Insurer
  • Beneficiary
  • Juridical person
  • Assured (correct)

    • What is the main obligation of the insurer in an insurance contract?

  • To define the insurance system
  • To seek protection against certain risks
  • To receive financial compensation from the insured
  • To pay the insured a sum of money in the event of an accident or realized risk (correct)

    • What is the role of the beneficiary in an insurance contract?

  • To receive the sum insured if the risk occurs (correct)
  • To provide insurance
  • To seek protection against certain risks
  • To pay the premium to the insured

    • Which party is responsible for granting the sum insured if the risk occurs in an insurance contract?

    <p>Insurer</p> Signup and view all the answers

    What is the insurance system obligated to do according to Article 747 of Civil code?

    <p>Pay the insured a sum of money in case of an accident or realized risk</p> Signup and view all the answers

    True or false: The insurance system is obligated to pay a sum of money to the insurer in the event of an accident, as stated in Article 747 of the Civil code?

    <p>False</p> Signup and view all the answers

    True or false: The beneficiary in an insurance contract is always a juridical person?

    <p>False</p> Signup and view all the answers

    True or false: The insured in an insurance contract is always a natural person?

    <p>False</p> Signup and view all the answers

    True or false: The insurer is responsible for seeking protection against certain risks in an insurance contract?

    <p>False</p> Signup and view all the answers

    True or false: The sum insured is granted by the insured in case the risk insured against occurs?

    <p>False</p> Signup and view all the answers

    Explain the definition of an insurance contract according to Article 747 of the Civil code.

    <p>An insurance contract is a contract whereby the insurer is obligated to pay a sum of money to the insured or beneficiary in the event of an accident or if the specified risk occurs, in exchange for a premium or financial payment made by the insured to the insurer.</p> Signup and view all the answers

    Who is the insured in an insurance contract and what is their role?

    <p>The insured is the person seeking protection against certain risks by concluding an insurance contract. It can be a juridical person or a natural person.</p> Signup and view all the answers

    What is the role of the insurer in an insurance contract?

    <p>The insurer is the person who provides insurance and grants the sum insured if the risk insured against occurs.</p> Signup and view all the answers

    Explain the role of the beneficiary in an insurance contract.

    <p>The beneficiary is a third party nominated in the insurance contract who receives the sum insured if the risk insured against occurs. The beneficiary can be a juridical person or a natural person.</p> Signup and view all the answers

    Who is responsible for seeking protection against certain risks in an insurance contract?

    <p>The insured or assured is responsible for seeking protection against certain risks in an insurance contract.</p> Signup and view all the answers

    Study Notes

    Insurance Contract

    • The person seeking protection against certain risks in an insurance contract is the insured.

    Roles and Obligations

    • The main obligation of the insurer is to grant the sum insured if the risk occurs.
    • The insurer is responsible for granting the sum insured if the risk occurs.
    • The insured is responsible for seeking protection against certain risks in an insurance contract.
    • The beneficiary receives the sum insured if the risk occurs.

    Article 747 of the Civil Code

    • The insurance system is obligated to grant the sum insured to the beneficiary in the event of an accident, not to the insurer.
    • The insurance system is obligated to grant the sum insured to the beneficiary if the risk occurs.

    True or False Statements

    • False: The insurance system is obligated to pay a sum of money to the insurer in the event of an accident.
    • False: The beneficiary in an insurance contract is always a juridical person.
    • False: The insured in an insurance contract is always a natural person.
    • False: The insurer is responsible for seeking protection against certain risks in an insurance contract.
    • False: The sum insured is granted by the insured in case the risk insured against occurs.

    Definitions and Roles

    • An insurance contract is a contract where one party (the insurer) agrees to compensate the other party (the insured) for a specified loss, and the insured pays a premium in exchange for this protection.
    • The insured is the person seeking protection against certain risks in an insurance contract.
    • The insurer is the party that provides the insurance coverage and grants the sum insured if the risk occurs.
    • The beneficiary is the person who receives the sum insured if the risk occurs.

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    Description

    Test your knowledge on insurance contracts with this quiz that covers the definition and basics of insurance contracts as outlined in Chapter 1, Section 1.

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