Practice question
If the exact premium can be determined only when the contract ends, what does Section 51 require?
- No premium information at all
- An arbitrary later number without any basis
- A statement of the basis and rates for determining the final premium
- Only the insurer’s private wish
- Only the policyholder’s age in every case
Legal references
- Insurance Code as amended by RA 10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html; Section 51.
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