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Microinsurance Products

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Questions and Answers

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?

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?

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?

All forms of insurance and insurance-like activities Signup and view all the answers

What is the maximum amount of the daily minimum wage rate that can be used to compute premiums for a microinsurance product?

500 times the daily minimum wage rate Signup and view all the answers

Which of the following is NOT a characteristic of a microinsurance product?

Premiums are collected/deducted after the occurrence of a contingent event Signup and view all the answers

What is the maximum amount of guaranteed benefits for a microinsurance product?

500 times the daily minimum wage rate Signup and view all the answers

What is the maximum percentage of the daily minimum wage rate that the amount of premiums can be for a microinsurance product?

5% Signup and view all the answers

Who is eligible for a microinsurance product?

Only poor individuals in Metro Manila Signup and view all the answers

What is the maximum amount of guaranteed benefits that can apply on a per product or per policy basis?

The maximum amount applies to the entire bundled product Signup and view all the answers