Basics of Insurance Contracts Quiz

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.