Practice question
Under Section 83, what premium consequence is specified for nonlife overinsurance by several insurers?
- Ratable return proportioned to aggregate excess over insurable value
- Automatic doubling of every premium
- A universal criminal conviction
- An automatic full refund regardless of amount at risk
- No possible adjustment
Legal references
- Insurance Code as amended by RA 10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html; Sections 83,96(a)-(c).
Answer this question in flashcards to review your response and continue practicing.