Practice question
What is the effect of an acknowledgment in the policy of receipt of premium under Section 79?
- It always cancels the policy
- It proves every alleged loss
- It is conclusive evidence of payment so far as to make the policy binding
- It transfers all shares to the insured
- It extinguishes every independent contractual obligation
Legal references
- Insurance Code as amended by RA 10607, Section 79: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html
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