Practice question
For an applicable valued policy under Section 96(b), against what figure is another-policy receipt deducted?
- Only the insurer’s annual profit
- Only the lowest premium quote
- The policy’s valuation without regard to actual subject value
- Only a private resale estimate
- No receipt is deducted
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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