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.

Your score is

The average score is 43%

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