Insurance Law Quiz

Post updated on: Oct 1, 2022 @ 8:30 am

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Created on October 01, 2022 By

Bryan Villarosa

Insurance Law Quiz

This quiz is related to the laws governing contracts of insurance in the Philippines: (1) R.A. 10607 (July 23, 2012); (2) New Civil Code; (3) Special Laws.

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What is constructive total loss?

When the goods covered of insurance can no longer be found.

When the object suffered actual loss of at least three-fourths of its value

When the charterer's payment has exceeded three-fourths of the prevailing rate

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What is abandonment? Or a notice of abandonment in insurance?

The act of the insured cargo ship owner where his team abandons the ship in the sea.

The act of the insured which, after a constructive loss, declares to the insurer his interest in the thing insured.

The act of the insurer abrogating its obligations to the insured.

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Atty. Bryan Villarosa

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Insurance Law Quiz

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