BIBF Professional Award For Specialist Insurance Practitioner Practice Questions - BIBF Professional Award For Specialist Insurance Practitioner (PASIP) Exam

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Under the Bahrain Civil Code (Decree Law No. 19 of 2001) and Commercial Companies Law, what are the essential legal elements required to create a legally enforceable insurance contract?

Offer, acceptance, legal consideration (premium), lawful object, insurable interest, and mutual legal capacity of the contracting parties A verbal statement of intent witnessed by any two commercial bank employees A written guarantee issued by the Bahrain Bourse An unconditional government subsidy covering 100% of all future liabilities

Correct Answer:

Offer, acceptance, legal consideration (premium), lawful object, insurable interest, and mutual legal capacity of the contracting parties

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