Introduction

Question 1

early forms of insurance used by merchants of babylon as early as 4000-3000 BCE are called

Answer 1

bottomry contracts

Question 2

in bottomry what happens to the loan when the shipment was lost to the sea

Answer 2

does not need to be repaid

Question 3

pooled fund coming from community members to take care of any bereaved family

Answer 3

death fund

Question 4

death fund contains the ff plan:

Answer 4

• definite amount from the fund to be paid to the surviving members of the family
  -regular contributions made to keep and adequate fund

Question 5

early problems of life insurance

Answer 5

no information to enable underwriters to predict probable rate of loss

Question 6

The insurance comapny, The Corporation for Relief of Poor and Distressed Presbyterian Ministers and of the Poor and Distressed Widows and Children of Presbyterian Ministers , defined life insurance as:

Answer 6

• pooling of risks
• cooperative risk-sharing scheme
• group sharing of losses
• a certainty rather than an uncertainty
• family protection

Question 7

Life insurance companies in the PH are regulated by :

Answer 7

Securities and Exchange Commission (SEC) and the Insurance Commission (IC).

Question 8

The Insurance Commission (IC) is tasked with