Insurance and Labor Laws Quiz

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Questions and Answers

What is the maximum pay-out allowed in a microinsurance policy?

1000x the statutory minimum wage

50x the statutory minimum wage

100x the statutory minimum wage

500x the statutory minimum wage (correct)

Which condition must be met for an insurance contract to be canceled due to Breach of Warranty?

All terms must be fully met

The breach must be rectified immediately

Materiality must be demonstrated (correct)

Insurer must be informed prior

How many days does an insurer have to settle a claim under property insurance after loss is ascertained?

15 days

60 days

90 days

30 days (correct)

If an employee works on their rest day which coincides with a special holiday, what percentage of pay are they entitled to?

200% Signup and view all the answers

Which holiday is recognized as a regular holiday under Proclamation No. 368?

Bonifacio Day Signup and view all the answers

What type of leave entitles an employee to 10 days leave with pay?

Service Incentive Leave Signup and view all the answers

How many statements are true regarding the 13th month pay?

All 3 statements are true Signup and view all the answers

What is the regular daily pay received by Sanji?

P800 Signup and view all the answers

What is the minimum percentage of the Net Surplus that the Community Development Fund must comprise?

At least 10% Signup and view all the answers

How much of Juan’s total joint deposit accounts is insured?

P500,000 Signup and view all the answers

What is the total insured deposit amount for account holder A with regards to three accounts listed?

P200,000 Signup and view all the answers

What is a consequence of failing to comply with the Truth in Lending Act?

The sale is considered unenforceable Signup and view all the answers

What is the maximum liability amount under the Truth in Lending Act?

P1,000 Signup and view all the answers

Which action violates the Bank Secrecy Law?

Disclosure to the AMLC of deposits above P500,000 Signup and view all the answers

In what scenario is disclosure of bank account information via subpoena necessary?

Plunder involving a public official with Jueteng money Signup and view all the answers

What percentage of the Net Surplus is allocated to the Optional Fund?

It's at the discretion of the management Signup and view all the answers

Which scenario justifies the annulment of a contract by creditors of an incapacitated party?

The incapacitated party was coerced into the contract. Signup and view all the answers

What is a correct interpretation of the situation where Juan withdraws from the sale to Pedro before the expiration of the option period?

The offer can be legally withdrawn since the option was not paid in full. Signup and view all the answers

Which option is NOT considered a valid remedy for B in the case of receiving an excess quantity of sacks delivered?

Compel S to deliver the correct number of sacks. Signup and view all the answers

Which of the following is associated with the right of resale for an unpaid seller?

Insolvency of the buyer is a necessary condition. Signup and view all the answers

What happens if a buyer opts to reject the excess quantity in a divisible contract?

The buyer can accept the correct quantity and reject the excess. Signup and view all the answers

Which statement about the incapacitated party's rights is incorrect?

Their contracts are automatically void. Signup and view all the answers

In the context of contract law, what represents the greatest reciprocity of interests?

A contract where both parties have equal bargaining power. Signup and view all the answers

What must happen for a contract to undergo reformation to clarify its terms?

There must be mutual mistake regarding its terms. Signup and view all the answers

Which statement about A's heirs regarding the right of redemption is incorrect?

B cannot allow partial redemption of A2 of half only. Signup and view all the answers

In the case of Juan and BDC, which statement is incorrect regarding the cancellation of the contract?

Juan is entitled to P2,800,000 cash surrender value. Signup and view all the answers

Regarding the foreclosure of S's motorcycle sale, which statement is incorrect?

There can be no foreclosure since the non-payment covers only 2 installments. Signup and view all the answers

Which action can B legally refuse according to the situation with A's heirs?

Allow partial redemption by A1. Signup and view all the answers

What implication does the automatic cancellation clause in Juan's contract have on his payments?

Payments are retained by BDC as rent upon cancellation. Signup and view all the answers

What consequence arises from S's foreclosure of the motorcycle?

S can sue for unpaid installments beyond the sale proceeds. Signup and view all the answers

In the event of A's death, which statement about the heirs' redemption rights is true?

Each heir can only claim their respective half of the land. Signup and view all the answers

What does the law say about the forfeiture provision in Juan's contract with BDC?

It is void as a penalty clause, which cannot be enforced. Signup and view all the answers

Which agency is responsible for leading global efforts to combat money laundering and terrorist financing?

Financial Action Task Force Signup and view all the answers

In what scenario does X's employer own the patent of an invention created by X during employment?

Only if X used company materials and facilities Signup and view all the answers

What is the term of protection for a copyright?

Lifetime of the author plus 50 years from death Signup and view all the answers

What classification may a person's photograph, showing their face, fall under?

Personal Information Signup and view all the answers

Which of the following is truly an example of privileged information?

Statements made by a Data Subject to their attorney Signup and view all the answers

Under what conditions is the processing of sensitive personal information allowed?

To protect the life and health of the data subject Signup and view all the answers

Which of the following is NOT considered sensitive personal information?

Marital status Signup and view all the answers

Which of the following statements about patent ownership in employment is correct?

Prior inventions belong to the employer if developed using company resources Signup and view all the answers

Study Notes

Insurance

Maximum payout for microinsurance is 500x the statutory minimum wage.

Contracts

Materiality is required to cancel an insurance contract due to false representation, concealment, or breach of warranty.
A property insurance claim must be settled within 60 days after the loss is determined.
An employee working on their rest day, which is also a special holiday, is entitled to 200% of their regular pay.
Ninoy Aquino Day, Bonifacio Day, All Saints’ Day, and Feast of the Immaculate Conception of Mary are all regular holidays.
The following entitle an employee to 10 days leave with pay: Solo Parent Leave, Paternity Leave, and VAWC Victims’ Leave.
Service Incentive Leave is not entitled to 10 days leave with pay.
The 13th month pay must be equivalent to one month’s salary, it must be paid no later than November 30th, and may be given as a Christmas bonus in the form of goods.
When interpreting a contract, it should be interpreted following the least transmission of rights and the greatest reciprocity of interests.

Contract Annulment

Only the incapacitated or injured party or his guardian can ask for the annulment of a contract.
Creditors of the incapacitated party can also ask for the annulment of the contract.
Those who are capacitated cannot allege the incapacity of the other contracting party.

Contract of Sale

There is an enforceable contract of sale if there is an offer and acceptance of a definite price.
A valid withdrawal of an offer may occur if the other party has not yet accepted the offer.

Remedies of the Unpaid Seller

The right of resale is the right of a seller to sell the goods again if the buyer defaults and the goods are still in the seller’s possession.

Right of Redemption

The right of redemption is the right of the original owner to buy back their property after selling it.
It applies to a contract of sale with a right to repurchase.
Partial redemption can be demanded by an heir of the original owner.

Chattel Mortgage

Chattel mortgage is a mortgage of movable property.

Bank Secrecy Law

The Bank Secrecy Law prohibits the disclosure of bank deposits without authorization from the depositor or the court.
Exceptions to the Bank Secrecy Law include disclosure to the AMLC for accounts with over P500,000 in deposits in one day, disclosures ordered by the court in a case against a public officer related to plunder, disclosures for BSP audits, and disclosures to the Commissioner of Internal Revenue for taxes.

Truth in Lending Act

The Truth in Lending Act requires lenders to disclose all charges and fees associated with a loan.
Not complying with the Truth in Lending Act can result in civil penalties, unenforceability of the sale, and refunds of charges.

Intellectual Property

The employer owns the patent to an invention if it was created during the employee’s employment, regardless of whether it was part of their regularly assigned duties.
The copyright of a work has a term of protection for the lifetime of the author plus 50 years after their death.

Data Privacy

Sensitive Personal Information includes information about an individual’s race, ethnicity, religious beliefs, health, and sexual orientation.
Privileged Information includes confidential information shared between a lawyer and client, doctor and patient, or priest and penitent.

Global Money Laundering and Terrorist Financing Action

The Financial Action Task Force leads the global action to combat money laundering and terrorist financing.

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Description

Test your knowledge on the essentials of insurance contracts and labor laws, including employee entitlements and claims processing. This quiz covers key concepts such as maximum payouts, leave policies, and statutory holidays relevant to insurance and labor regulations.