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Characteristics of Insurance Contracts Quiz

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Characteristics of Insurance Contracts Quiz

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Questions and Answers

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?

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?

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?

Market stability (D) Signup and view all the answers

What is the main reason an insured cannot assign his rights under a property policy without the insurer's consent?

To ensure that the insurer considers the personal qualification of the insured (A) Signup and view all the answers

Which of the following is NOT a ground for cancellation of a non-life policy insurance?

Failure to comply with regulatory measures (A) Signup and view all the answers

How do insurance contracts maintain a synallagmatic nature between the insured and the insurer?

By ensuring each party has reciprocal obligations of equal value (D) Signup and view all the answers

What is the primary role of a financial regulator like MAS in ensuring market stability?

To prevent firms from failing their objectives, causing systemic risk (A) Signup and view all the answers

What is the main characteristic of an insurance contract under the Uberrimae Fides Contract?

Requirement for both parties to act in good faith (A) Signup and view all the answers

What distinguishes an insurance contract as a Contract of Indemnity?

Entitlement to recover more than the total loss sustained (C) Signup and view all the answers

Why is an insurance contract considered Aleatory according to the information provided?

Guaranteed payout regardless of events (D) Signup and view all the answers

How does a Contract of Adhesion in an insurance policy differ from other types of contracts?

It allows modification by the insured (C) Signup and view all the answers