Practice question
A policy expressly agrees on its face that the insured thing is valued at a specified sum. What classification follows from that feature?
- Open because every value is determined only after loss
- Running solely because it has a date
- Void merely because value is stated
- Valued policy
- A corporation by estoppel
Legal references
- Insurance Code as amended by RA 10607, Section 61: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html
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