Practice question
Aggregate nonlife insurance is P2 million against P1 million insurable value. The case falls within Section 83, and the stated excess ratio is used. What fraction of the premium corresponds to that ratio?
- None in every case
- One-tenth
- Two times the premium
- One-half
- The entire premium regardless of ratio
Legal references
- Insurance Code as amended by RA 10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html; Sections 83,96(a)-(c).
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