Practice question
Which event characterizes the statutory insurance agreement in section 2(a)?
- An unknown or contingent event giving rise to loss, damage, or liability
- Only an event certain in every detail to both parties
- Only a completed gift
- Only an election result wager
- Only the insurer’s internal meeting
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html — Insurance Code as amended by RA 10607, sections 2–7 and 49
Answer this question in flashcards to review your response and continue practicing.