Chapter 22

Question 1

The General Directorate for Insurance and Pension Funds requires prior notification of the following information for certain transactions concerning insurance companies

Answer 1

D) All of the above.

Question 2

The insurance policy subscribed by a non-approved entity acting as an insurer:

Answer 2

C) Is void. However, if the risk has already occurred, the entity will have to cover damages
according to the terms of the policy subscribed, and other damages arising from the infringement.

Question 3

The policy fixes the duration of the contract that, except for the cases of life insurance

Answer 3

B) Cannot exceed ten years.

Question 4

For damages insurance if the amount insured exceeds the value of the interest insured

Answer 4

A) Any party can seek a reduction of the amount and premium.

Question 5

If a loss occurs and the increased risk was not communicated:

Answer 5

D) Answers b and c are correct.

Question 6

As regards personal insurance, the policyholder, or the insured

Answer 6

B) Is not obliged to inform of any variation in the insured’s health circumstances, since in no
case would it be considered as an increased risk.

Question 7

If the policyholder does not pay the first or single premium agreed in the insurance policy

Answer 7

A) The insurer can terminate the contract or request payment.

Question 8

The policyholder must inform the insurer of the loss

Answer 8

C) Within seven days of being aware of the loss (or later if agreed by the parties)

Question 9

When two or more insurance contracts underwritten by the same policyholder with different insurers cover the same risk and same period

Answer 9

A) The policyholder or the insured party must notify these circumstances to the insurers.

Question 10

10. Under Spanish Law

Answer 10

D) Answers a and b are correct.