10 Questions
Which of the following is a key feature of a microinsurance product?
The amount of premiums does not exceed 5% of the current daily minimum wage rate
What is the maximum amount of premium and guaranteed benefits that can apply to a bundled product?
The maximum amount applies to each component of the bundled product
Which of the following is NOT a requirement for a microinsurance product?
Premiums are collected/deducted prior to the occurrence of a contingent event
What type of activities are included in the definition of microinsurance?
All forms of insurance and insurance-like activities
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
Which of the following is NOT a characteristic of a microinsurance product?
Premiums are collected/deducted after the occurrence of a contingent event
What is the maximum amount of guaranteed benefits for a microinsurance product?
500 times the daily minimum wage rate
What is the maximum percentage of the daily minimum wage rate that the amount of premiums can be for a microinsurance product?
5%
Who is eligible for a microinsurance product?
Only poor individuals in Metro Manila
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
Test your knowledge on microinsurance products and their features. This quiz will cover all forms of insurance, insurance-like activities, and similar financial products. Explore the concept of premiums, contributions, fees, and guaranteed benefits in relation to contingent events.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
