INSURANCE LAW (RA No. 10607) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) INSURANCE LAW - RA No. 10607 is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event. - Correct Answers ✅Contract of insurance
Parties to an insurance contract: - Correct Answers
✅Insurer, Insured or assured, Beneficiary the party who agrees to indemnify another (insured) upon the happening of an unknown or contingent event - Correct Answers ✅Insurer the party to be indemnified in case of loss. The person with capacity to contract and having insurable interest in the life or property of the insured. - Correct Answers ✅• Insured or assured person who is supposed to receive the proceeds of an insurance policy when the risk/peril attaches - Correct Answers ✅Beneficiary Elements of Insurance Contract - Correct Answers ✅The insurer has an insurable interest; The insured is subject to a 1 / 2
INSURANCE LAW (RA No. 10607) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) risk of loss by the happening of the designed peril (i.e., loss of life or property); The insurer assumes the risk; Such assumption of risk is part of a general scheme to distribute actual losses among a large group of persons bearing a small risk (risk distribution principle); in consideration of the insurer's promise, the insured pays the premium Important Nature and Characteristics - Correct Answers ✅Risk-distributing device; Contract of adhesion; Aleatory; Contract of Indemnity; Contract of Utmost Good Faith; Personal Contract amount of money a person pays for an insurance policy in consideration of the risk of loss as a result of the happening of the designated peril. - Correct Answers ✅Insurer's Premium
CLASSES: - Correct Answers ✅LIFE INSURANCE; NON-LIFE
INSURANCE ; Contract of suretyship; MICROINSURANCE;
VARIABLE INSURANCE
LIFE INSURANCE - Correct Answers ✅a. Individual Life b.Group Life c. Industrial Life NON-LIFE INSURANCE - Correct Answers ✅a. Marine insurance b. Fire insurance c. Casualty
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