Practice question
An enterprise proposes to make insurance contracts as insurer but argues that it is outside Section2(b) until it actually signs its first policy. Which answer is correct?
- Proposing to make such contracts is included in the statutory insurance-business definition
- Only completed claims count as insurance business
- It must first earn a profit before the definition applies
- It is exempt until its tenth policy
- An unsigned proposal always removes regulatory relevance
Legal references
- Insurance Code as amended RA10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html Sections2(b),3 and5–9.
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