Insurance Midterm Exam Flashcards
What is a contract of insurance?
Is a surety agreement signed by a person undertaking to guarantee the performance of another party, called the principal debtor, considered an insurance contract?
Who are the parties to a contract of insurance?
What are the elements of an insurance contract?
What is insurable interest?
What may be insured against?
Cite examples of perils which may result in risk of loss?
What is an actuarial risk?
What is an insurance premium?
What are the characteristics of an insurance contract?
Upon whose life or health does a person have insurable interest in?
If a person procures insurance on his own life, who may be his beneficiary?
Who are the persons specified in Art. 739 and as such, cannot be designated beneficiary of the insured?
What is the rationale for the rule prohibiting the donees specified in Art. 739 of NCC from being designated as beneficiaries in life insurance policy?
Does a person have insurable interest on the life of his parents?
Do the parents have insurable interest on the life and health of their illegitimate children?
