THC 8 Q.7

A contract where both parties are bound to do something.

• Aleatory

• Onerous

• Bilateral

• Formal

An amount to be paid for an insurance policy.

• Payment

• Premium

• Money

• Interest

This is otherwise known as the Insurance Code.

• Republic Act No. 10607

• Republic Act No. 16007

• Republic Act No. 10706

• Republic Act No. 10760

An insurable interest in property may consist of the following, except:

• An existing interest

• Inchoate interest founded on an existing interest

• Aleatory interest

• An expectancy, coupled with an existing interest that out of which the expectancy arises.

A contract where there is an exchange of value for value, particularly in property insurance.

• Aleatory

• Contract of indemnity

• Bilateral

• Formal

A contract where there is a valuable consideration given like the payment of premium.

• Aleatory

• Formal

• Onerous

• Bilateral

It is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.

• Sales

• Partnership

• Insurance

• Corporation

Is that relationship with a person or thing that will support the issuance of an insurance policy.

• Losses

• Premium

• Risk

• Insurable interest

A contract where a a policy is required to be issued, and the premium must be paid.

• Aleatory

• Onerous

• Bilateral

• Formal

Republic Act No. 10607 or the Insurance Code was approved on August 15, 2013 by President______________

• Gloria Macapagal Arroyo

• Benigno S. Aquino III

• Joseph Ejercito Estrada

• Rodrigo Roa Duterte