Insurance Law questions:

Composition:

20 Questions

2 For insurable interest

1 for Fire insurance

1 For suicide

Frequently Asked Questions:

1. Definition of Contract of Insurance

A Contract of Insurance agreement whereby one undertakes for a consideration to indemnify
another against loss, damage or liability arising from an unknown or Bacontingent event. (Sec. 2,
par. 2, IC)
2. Marine: Definition of barratry
A clause which provides that there can be no recovery on the policy in case of any willful
misconduct on the part of the master or crew in pursuance of some unlawful or fraudulent
purpose without consent of owners, and to the prejudice of the owner’s interest

3. Rule on insurance regarding married women

The consent of the spouse is not necessary for the validity of an insurance policy taken out by a
married person on his or her life or that of his or her children.

4. Define Cash and carry Basis

5. Exception to cash and carry

6. Nephew, aged 9 years old took out a life insurance contract, on his uncle, naming himself
Nephew, is the contract valid?

7. Uncle, Aged 25years old took out a life insurance contract on his nephew, naming himself uncle
as the beneficiary is the contract valid?

8. Attorney Ibe, took out a life insurance contract on his student, naming himself Attorney Ibe as
the beneficiary is the contract valid?
9. Jose is married to maria, Jose then took out a life insurance contract on himself, and named
Veronica his paramour as the beneficiary, is this valid?
10. Attorney Ibe, took out a life insurance contract on his student, naming himself Attorney Ibe as
the beneficiary. The insurance company placed a policy that the insurance contract is still valid
even if Attorney Ibe lacks any insurable interest to the insured. Is the contract valid?

11. Does the assured need the consent of the insured for a contract of life insurance to be valid?

12. Is there a limit to the amount of indemnification of life insurance?

13. Should the beneficiary for what ever reason cannot receive the indemnification of the insurance
contract, where does the money go?

14. When is insurable interest needed for a life insurance contract?

15. A owns a motorcycle, he insured it to Insurance company M, A then sell his Motorcycle to B, with
a right to repurchase, then A buys the motorcycle back. The motorcycle gets destroyed by a
contingent event. Can A collect the proceeds of the insurance on the motorcycle?

16. Define Misrepresentation?

17. Define concealment?

18. A owns a motorcycle, he insured it to Insurance company M. Insurance company M stated in the
policy that A has to state if the motorcycle was mortgaged, A states that it is not mortgaged, but
in fact it was. Jan 1 2025 the motorcycle got stolen, Jan 20, 2025 A tries to collect the proceeds.
Jan 21, 2025 Insurance company M denies the payment on grounds of misrepresentation. Is
Insurance company M’s contention correct?

19. Define Incontestable clause

20. Define Rider