Podcast
Questions and Answers
Which agency is mandated to ensure enforcement of the provisions of the Insurance Code?
Which agency is mandated to ensure enforcement of the provisions of the Insurance Code?
- Securities and Exchanges Commission
- Insurance Commission (correct)
- Philippine Investment Committee
- Health Maintenance Organization
What is the role of the Securities and Exchanges Commission?
What is the role of the Securities and Exchanges Commission?
- Regulate insurance industry
- Supervise market stability
- Promote investment in the country
- Administer oversight on the corporate sector (correct)
What is an essential element of an insurance contract?
What is an essential element of an insurance contract?
- Assumption of risk by the insured
- Existence of market stability
- Insured possessing insurable interest (correct)
- Involvement of the Investment Committee
What is critical for a firm in the financial market to consider?
What is critical for a firm in the financial market to consider?
What is the main reason an insured cannot assign his rights under a property policy without the insurer's consent?
What is the main reason an insured cannot assign his rights under a property policy without the insurer's consent?
Which of the following is NOT a ground for cancellation of a non-life policy insurance?
Which of the following is NOT a ground for cancellation of a non-life policy insurance?
How do insurance contracts maintain a synallagmatic nature between the insured and the insurer?
How do insurance contracts maintain a synallagmatic nature between the insured and the insurer?
What is the primary role of a financial regulator like MAS in ensuring market stability?
What is the primary role of a financial regulator like MAS in ensuring market stability?
What is the main characteristic of an insurance contract under the Uberrimae Fides Contract?
What is the main characteristic of an insurance contract under the Uberrimae Fides Contract?
What distinguishes an insurance contract as a Contract of Indemnity?
What distinguishes an insurance contract as a Contract of Indemnity?
Why is an insurance contract considered Aleatory according to the information provided?
Why is an insurance contract considered Aleatory according to the information provided?
How does a Contract of Adhesion in an insurance policy differ from other types of contracts?
How does a Contract of Adhesion in an insurance policy differ from other types of contracts?
