Insurance Commission Licensure Exam - Non-Life Practice Questions - Insurance Commission Licensure Exam - Non-Life General Insurance Agent (Philippines) Exam

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Which of the following is a fundamental requirement for a property insurance contract to be legally valid under the Philippine Insurance Code?

The contract must be verbal to allow flexibility in premium payments The insured must possess an insurable interest in the subject matter The policy must cover speculative risk for both parties The insurer must guarantee that no losses will occur during the policy period

Correct Answer:

The insured must possess an insurable interest in the subject matter

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