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Questions and Answers
Which of the following is a key feature of a microinsurance product?
Which of the following is a key feature of a microinsurance product?
- The product is only available to agricultural workers in Metro Manila
- The maximum sum of guaranteed benefits is more than 500 times the daily minimum wage rate
- The amount of premiums does not exceed 5% of the current daily minimum wage rate (correct)
- Premiums are collected after the occurrence of a contingent event
What is the maximum amount of premium and guaranteed benefits that can apply to a bundled product?
What is the maximum amount of premium and guaranteed benefits that can apply to a bundled product?
- There is no maximum amount for a bundled product
- The maximum amount applies to the entire bundled product
- The maximum amount is 500 times the daily minimum wage rate
- The maximum amount applies to each component of the bundled product (correct)
Which of the following is NOT a requirement for a microinsurance product?
Which of the following is NOT a requirement for a microinsurance product?
- The maximum sum of guaranteed benefits is not more than 500 times the daily minimum wage rate
- Premiums are collected/deducted prior to the occurrence of a contingent event (correct)
- The amount of premiums does not exceed 5% of the current daily minimum wage rate
- The product meets the risk protection needs of the poor
What type of activities are included in the definition of microinsurance?
What type of activities are included in the definition of microinsurance?
What is the maximum amount of the daily minimum wage rate that can be used to compute premiums for a microinsurance product?
What is the maximum amount of the daily minimum wage rate that can be used to compute premiums for a microinsurance product?
Which of the following is NOT a characteristic of a microinsurance product?
Which of the following is NOT a characteristic of a microinsurance product?
What is the maximum amount of guaranteed benefits for a microinsurance product?
What is the maximum amount of guaranteed benefits for a microinsurance product?
What is the maximum percentage of the daily minimum wage rate that the amount of premiums can be for a microinsurance product?
What is the maximum percentage of the daily minimum wage rate that the amount of premiums can be for a microinsurance product?
Who is eligible for a microinsurance product?
Who is eligible for a microinsurance product?
What is the maximum amount of guaranteed benefits that can apply on a per product or per policy basis?
What is the maximum amount of guaranteed benefits that can apply on a per product or per policy basis?
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