As defined under Philippine law, a contract of insurance is an agreement whereby one undertakes a consideration to indemnify another against ____, ______, or _________ arising from an unknown or contingent event.

Audit of Insurance company

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Business
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University
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Hard
Christian Miranda
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50 questions
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1.
FLASHCARD QUESTION
Front
Back
loss; damage; or liability
2.
FLASHCARD QUESTION
Front
(Type of Insurance contract) An insurance on human lives and insurance appertaining thereto or connected therewith
Back
Life Insurance
3.
FLASHCARD QUESTION
Front
(Type of Insurance contract) An insurance that does not come under the scope of life insurance.
Back
Non Life Insurance
4.
FLASHCARD QUESTION
Front
(Type of Insurance Contract) A contract by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance.
Back
Re insurance
5.
FLASHCARD QUESTION
Front
(Characteristic of Insurance Industry) Insurance companies rely heavily on complex mathematical models to assess risk, calculate premiums, and determine reserves. These systems analyze vast amounts of data to evaluate the risk associated with individual policyholders. Automated systems are used to process claims efficiently and accurately.
Back
High reliance on complex systems
6.
FLASHCARD QUESTION
Front
(Unique characteristics of Insurance company) Predicting Future Events: Insurers must make educated guesses about the likelihood of future events, such as natural disasters, accidents, and illnesses.
Back
Highly reliant on significant assumptions, estimates, judgments
7.
FLASHCARD QUESTION
Front
(Unique characteristics of insurance company) Insurance companies are subject to strict regulations to protect consumers and ensure financial stability.
Back
Highly regulated industry
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