actreg2 ce [insurance] (b)

An agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.

a. Guaranty.

b. Suretyship.

c. Insurance.

d. Assurance.

c

In a contract of insurance, the risk is spread among a large group of people (the insured) who are similarly situated so that the premiums to be paid will be very much less than the insurance coverage. From the premiums collected, the insurer gets to build a large fund from which he takes the payment to any of those insured who suffers from the loss covered by the contract. The foregoing statement is known as the:

a. Principle of Shared Responsibility.

b. Principle of Pooling of Risk.

c. Principle of Pooling of Interests.

d. Principle of Premiums Accumulation.

b

The following are the parties to an insurance contract, except:

a. Insurer.

b. Insured.

c. Beneficiary.

d. Insurance agent.

d

The party in an insurance contract who makes a promise to pay a sum of money or give something of value to another, for a compensation known as premium, upon the happening of the risk insured against.

a. Insured.

b. Insurer.

c. Beneficiary.

d. Policy holder.

b

Under the Insurance Code, the following may be an insurer, except:

a. Corporation.

b. Partnership.

c. Association.

d. Natural person.

d

These statements are presented to you for evaluation:

Statement I - The persons who contracts with an insurance company and pays the premium is referred to as the policy owner.

Statement II - The person whose life is insured or whose particular risk is being assumed is known as the insured and may also be the owner of the policy.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

The party in an insurance contract whose life is insured or whose particular risk is being assumed.

a. Beneficiary.

b. Insured.

c. Insurer.

d. Risk taker.

b

These statements are presented to you for evaluation:

Statement I - The party whose life is insured or whose particular risk is being assumed may also be the owner of the policy.

Statement II - The party in whose favor the proceeds of the policy shall be paid may be the insured himself or his beneficiary.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

Faustino obtained a life insurance policy from Millennium Insurance Corporation. The face of the policy is P5,000,000.00 which is to be paid to Santino, Faustino's son to whom the proceeds of the policy will be paid upon the latter's death. Based on the foregoing information, which of the following statements is incorrect?

a. Faustino is the owner and insured.

b. Millenium Insurance Corporation is the insurer.

c. Santino is the beneficiary of the policy.

d. Santino is the owner of the policy.

d

Doing an insurance business or transacting an insurance business includes which of the following?

a. Making or proposing to make, as insurer, any insurance contract.

b. Making or proposing to make, as surety, any contract of suretyship as a vocation and not merely incidental to any other legitimate business or activity of the surety.

c. Doing any kind of business, including reinsurance business, specifically recognized as constituting the doing of an insurance business within the meaning of the Insurance Code.

d. All of the foregoing.

d

Which of the following is not a characteristic of an insurance contract?

a. Consensual.

b. Commutative.

c. A contract of adhesion.

d. Personal.

b

These statements are presented to you for evaluation:

Statement I - An insurance contract, to be valid and binding, must be embodied in a written instrument known as insurance policy.

Statement II - As a rule, no policy or contract of insurance issued by an insurance company is valid and binding unless and until the premium thereof has been paid.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

d

These statements are presented to you for evaluation:

Statement I - The cause or consideration in an insurance contract in so far as the insurer is concerned is the promise to pay or the payment of the premium to him by the insured.

Statement II - The cause or consideration in an insurance contract in so far as the insured is concerned is the promise on the part of the insurer to pay the proceeds of the policy to him if the risk insured against occurs.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

The written contract of insurance which shows, among other things, the terms and conditions of the contract, the premium to be paid by the insured, and the statement maximum amount, known as the face value, which is to be paid by the insurer to the beneficiary upon the occurrence of the loss covered by the contract.

a. Insurance agent's binder.

b. Cover note.

c. Insurance policy.

d. Insurance application.

c

(#14 The written contract of insurance which shows, among other things, the terms and conditions of the contract, the premium to be paid by the insured, and the statement maximum amount, known as the face value, which is to be paid by the insurer to the beneficiary upon the occurrence of the loss covered by the contract.)

If the written contract in No. 14 is not executed between the insured and insurer, but the parties have orally agreed upon the essential elements such as the premium to be paid by the insured and the amount to be paid by the insured when the risk insured against occurs, the insurance contract will:

a. be considered void.

b. be unenforceable by either party.

c. be voidable.

d. still be valid.

d

These statements are presented to you for evaluation:

Statement I - The payment of the premium is an indivisible obligation. Nonetheless, the insured and the insurer my validly agree that the premiums may be made in installments.

Statement II - The payment of the premium is essential for the efficacy of the insurance and for the protection for the insured to attach.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

In which of the following instances will the insurance contract be valid and binding notwithstanding that the premium has not been fully paid?

a. Whenever under the broker and agency agreements with duly licensed-intermediaries, a ninety (90)-day credit extension is given.

b. In the case of a life or an industrial life policy whenever the grace period applies.

c. When there is a waiver, express or implied, made by the insurer of the prepayment in full of the premium.

d. All of the foregoing.

d

Aside from the existence of an insurable interest and a risk or contingency insured against, an insurance contract has the following elements, except:

a. The risk or contingency must be assumed by another.

b. Such assumption of risk is part of a general scheme to distribute actual losses among a large group of persons bearing similar risks.

c. The insured makes a ratable contribution known as premium.

d. The insurance agreement must be in the form provided by law.

d

It refers, in general, to some relationship between the insured and a specified contingency (such as death or injury in the case of a person, or loss, destruction or damage in the case of property) the happening of which would cause financial loss or injury to the insured.

a. Vested interest.

b. Protected interest.

c. Insurable interest.

d. Investment interest.

c

Which of the following may be insured?

a. Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create a liability against him.

b. A public enemy.

c. The drawing of any lottery, or for or against any chance or ticket in lottery drawing.

d. The possible losses that may be incurred by a person who operates a gambling joint.

a

These statements are presented to you for evaluation:

Statement I - For purposes of insurance, the term "public enemy" refers to a nation with which the Philippines is at war, as well as any of its citizens.

Statement II - Criminals such as robbers or murderers who may have been declared as public enemies of the State, are covered by the term "public enemy" for purposes of insurance.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

c

These statements are presented to you for evaluation:

Statement I - The consent of the spouse is necessary for the validity of an insurance policy taken out by a married person on his or her life or that of his or her children.

Statement II - All rights, title and interest in the policy of insurance taken out by an original owner on the life or health of the person insured shall automatically vest in the latter upon the death of the original owners, unless otherwise provided for in the policy.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

d

These statements are presented to you for evaluation:

Statement I - Insurable in property means every interest in property, whether real or personal, or any relation thereto, or liability in respect thereof, of such nature that a contemplated peril might directly damnify the insured.

Statement II - Insurable interest in property exists when the insured has legal title to the property insured, whether vested or contingent, defeasible or indefeasible.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

In which of the following cases does insurable interest in property exist?

a. When he has equitable title of whatever character and in whatever manner acquired.

b. When he possesses a qualified property or possessory right in the subject of insurance.

c. When he has mere possession or right of possession.

d. When he has neither possession of the property nor legal interest in it but stands in such relation with respect to it that he may suffer from its destruction, loss of a legal right dependent upon its existence.

e. In all of the foregoing.

e

These statements are presented to you for evaluation:

Statement I - Insurable interest in property exists when the insured derives pecuniary benefit from the preservation and continued existence of the property.

Statement II - A person has an insurable interest in property if he sustains a pecuniary loss from the destruction of the property.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

What may be the insurable interest in property?

a. An existing interest.

b. An inchoate interest.

c. An expectancy, coupled with an existing interest in that out of which the existing interest arises.

d. Any of the foregoing.

d

Which of the following cases is true?

a. Octavio, is the owner of a specific building. As such owner, he has an existing interest in the property to which he has legal title.

b. Cardinal Realty Corporation (Cardinal) owns a specific building that is leased out to third parties. Salviejo. a stockholder has an insurable interest in the building to the extent of the shares that he owns. His interest in the building is inchoate.

c. Olvidares, the owner of a cargo vessel, has an existing interest in the vessel and in the expected revenues from freightage.

d. All of the foregoing are true.

d

Belleza purchased a residential house from Sunrise Realty Company (Sunrise) for P7,000,000.00. The terms of the sale provided for a down payment of P1,000,000.00 with the balance of P6,000,000.00 to be paid in monthly installments of P100,000.00 each over a period of 60 months. To secure the payment of the balance, Sunrise required Belleza to constitute a real mortgage on the house. Who has an insurable interest in the house?

a. Belleza only.

b. Sunrise only.

c. Both Belleza and Sunrise.

d. Neither Belleza nor Sunrise.

c

These statements are presented to you for evaluation:

Statement I - Insurable interest in the property insured must exist when the insurance takes effect, and when the loss occurs, but need not exist in the meantime.

Statement II - Insurable interest in the life or health of a person insured must exist when the insurance takes effect, but need not exist thereafter or when the loss occurs.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

These statements are presented to you for evaluation:

Statement I - A carrier or depositary of any kind has an insurable interest in a thing held by him as such, to the extent of his liability but not to exceed the value thereof.

Statement II - A mere contingent or expectant interest in anything, not founded on an actual right to the thing, nor upon a valid contract for it, is not insurable.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

These cases are presented to you for evaluation:

Case I - Domingo deposited his goods valued at P1,000,000.00 in the warehouse of Wenceslao, warehouseman. Conclusion: Wenceslao, as depositary, has an insurable interest in the goods up to an amount not exceeding P1,000,000.00.

Case II - Simon and Sebastian are the only sons and heirs of Facundo, who is the owner of several buildings. Conclusion: Simon and Sebastian, while their father Facundo is still alive, shall each have an insurable interest equivalent to one-half of the value of the buildings owned by Facundo.

In your evaluation of the foregoing cases:

a. The conclusion in both cases is correct.

b. The conclusion in both cases is incorrect.

c. Only the conclusion in Case I is correct.

d. Only the conclusion in Case II is correct.

c

Orlando, the owner of a building, insured the same against fire with Zenith Insurance Corporation. He indicated in the policy that Francisco, his friend who has no insurable interest in the building, shall be the beneficiary in case of loss by fire of the building. Who shall be entitled to collect the proceeds in case of the loss of the building by reason of fire?

a. Francisco, since he is the designated beneficiary.

b. Orlando, since he is the one has an insurable interest in the building.

c. Both Francisco and Orlando.

d. Neither Francisco (because he had no insurable interest in the building) nor Orlando (because he did not indicate in the policy that he was the beneficiary.)

b

A person has an insurable interest in the life and health of who among the following?

a. Of himself, of his spouse, and of his children.

b. Of any person on whom he depends wholly or in part for education or support, or in whom he has a pecuniary interest.

c. Of any person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness might delay or prevent performance.

d. Of any person upon whose life or estate or interest vested in him depends.

e. All of the foregoing.

e

Marine insurance includes, among other matters, insurance against loss or damage to the following, except:

a. Property and interests therein, in connection with all risks or perils of navigation, transit or transportation.

b. Persons or property appertaining to marine, inland marine, transit or transportation insurance.

c. Buildings, their furniture and furnishings, fixed contents and supplies held in storage.

d. Bridges, tunnels and other instrumentalities of transportation and communication, piers, wharves, docks and slips, and other aids to navigation and transportation.

c

The property which may be the subject matter of marine insurance, shall include, which of the following?

a. Vessels, craft, aircraft, vehicles, goods cargoes, merchandise and effects.

b. Disbursements, profits, moneys, and securities.

c. Choses in action, instruments of debts, and valuable papers.

d. Bottomry and respondentia interests.

e. All of the foregoing.

e

In marine insurance, the shipowner has insurable interest in the following, except:

a. Over the value of the vessel.

b. Over the expected freightage which according to the ordinary and probable cause of things he would have earned but for the intervention of the peril insured against or other peril incident to the voyage.

c. In case the vessel has been hypothecated by way of bottomry, the excess of the value of the vessel over the amount secured by the bottomry.

d. None of the foregoing.

d

These statements are presented to you for evaluation:

Statement I - A cargo owner or shipper has an insurable interest on the cargo and the expected profits therefrom.

Statement II - The charterer of a ship has an insurable interest in it to the extent that he is liable to be damnified by its loss or damage during the voyage.

Statement III - The charterer of a ship has an insurable interest over his own cargo or that of his clients, as well as over his expected profits or freightage should he accept cargo from third persons for a compensation.

In your evaluation of the foregoing statements:

a. Statements I and II are correct.

b. Statements II and III are correct.

c. Statements I and III are correct.

d. All statements are correct.

d

These statements in relation to fire insurance are presented to you for evaluation:

Statement I - Fire insurance includes insurance against loss not only by fire, but also by lightning, windstorm, tornado, earthquake and other allied risks, where such risks are covered by the extension to fire insurance policies or under separate policies.

Statement II - The fire insurance against and which will entitle the insured to recover his loss is "hostile" fire, not "friendly" fire.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

These statements are presented to you for evaluation:

Statement I - A "friendly" fire is one contained in a place where it is intended to burn, such as a stove, fireplace or furnace.

Statement II - A "hostile" fire is one that burns in a place where it is not supposed to be.

Statement III - A fire that originated as "friendly" may become "hostile" if it escapes beyond the place where it is intended to burn and becomes out of control so as to cause damage.

In your evaluation of the foregoing statements:

a. Only Statements I and II are true.

b. Only Statements I and III are true.

c. Only Statements II and III are true.

d. All statements are true.

d

These cases are presented to you for evaluation:

Case I - An insured piece of jewelry was accidentally dropped on a burning stove. Conclusion: The loss of the jewelry is covered by insurance and thus would be recoverable from the insurer.

Case II - An insured piece of jewelry was lost during a fire that razed the house including the treasure chest where the piece of jewelry was kept. The fire originated from a stove and spread through the walls of the house. Conclusion: The loss of the jewelry is not covered by insurance and thus would not be recoverable from the insurer.

In your evaluation of the foregoing cases:

a. Both conclusions are correct.

b. Both conclusions are incorrect.

c. Only the conclusion in Case I is correct.

d. Only the conclusion is Case II is incorrect.

b

These statements are presented to you for evaluation:

Statement I - Casualty insurance is an insurance covering loss or types of loss which by law or custom are considered as falling exclusively within the scope of other types of insurance such as fire or marine.

Statement II - Casualty insurance includes, among other things, employer's liability insurance; motor vehicle liability insurance; plate glass insurance; burglary and theft insurance; and personal accident and health insurance as written by non-life insurance companies.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

An agreement whereby a party guarantees the performance by another party called the principal or obligor of an obligation or undertaking in favor of a third party called the obligee, and includes official recognizances, stipulations, bonds or undertakings.

a. Guaranty.

b. Collateral.

c. Suretyship.

d. Security.

c

These statements are presented to you for evaluation:

Statement I - The liability of the surety shall be solidary with the obligor and shall be limited to the amount of the bond.

Statement II - The liability of the surety is only secondary, as distinguished from that of a guarantor, which is primary.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

c

These statements are presented to you for evaluation:

Statement I - Life insurance is insurance on human lives and insurance appertaining thereto or connected therewith.

Statement II - Under the Insurance Code, life insurance includes every undertaking for the payment of annuities and lump sums under a retirement program where a life insurance company manages or acts as trustee for such retirement program.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

These statements are presented to you for evaluation:

Statement I - The incontestable clause in life insurance provides that after the expiration of a certain period, the insurer can no longer prove that the policy is void ab initio or rescindable by reason of the fraudulent concealment or misrepresentation of the insured or his agent.

Statement II - The incontestable clause does not apply when there is non-payment of premiums or absence of insurable interest or in cases where the risk is excluded by the policy itself.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

The following are the requisites for incontestability, except:

a. The policy must be a life insurance policy.

b. The policy must be payable upon the death of the insured.

c. The cause of death must be the sickness of the insured which was concealed by him.

d. The policy must have been in force for a period of two (2) years from the date of issue of the policy or from the last reinstatement.

c

These statements are presented to you for evaluation:

Statement I - Motor vehicle liability insurance is insurance against passenger and third-party liability for death or bodily injuries and damage to property arising from motor vehicle accidents.

Statement II - Motor vehicle liability insurance is voluntary on the part of any land transportation operator or owner of a motor vehicle.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

c

An insurance contract which provides for contractual payments to the insured by the insurer based on the returns of the latter's equity investments.

a. Endowment contract.

b. Annuity contract.

c. Variable contract.

d. Investment contract.

c

Aside from nonpayment of premium and discovery of fraud or material misrepresentation, which of the following may be a ground for cancellation of an insurance policy other than life?

a. Conviction of a crime arising out of acts increasing the hazard insured against.

b. Discovery of willful or reckless acts or omissions increasing the hazard insured against.

c. Physical changes in the property insured which result in the property becoming uninsurable.

d. Discovery of other insurance coverage that makes the total insurance in excess of the value of the property insured.

e. All of the foregoing.

e

These statements are presented to you for evaluation:

Statement I - The notice of cancellation of an insurance policy other than life must be in writing, mailed or delivered to the name insured at the address shown in the policy or to his authorized broker.

Statement II - The notice of the cancellation of the policy, to be effective, must be actual notice, i.e., must have been received by the insured.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

Aside from the failure to acknowledge with reasonable promptness pertinent communications with respect to claims arising under the policies of an insurance company, and to adopt and implement reasonable standards for the prompt investigations of claims arising under such policies, which of the following acts, if committed by an insurance company without just cause and performed with such frequency as to indicate a general business practice, shall constitute unfair claim settlement practice?

a. Knowingly misrepresenting to claimants pertinent facts or policy provisions relating to coverage at issue.

b. Not attempting in good faith to effectuate prompt, fair and reasonable settlement of claims submitted in which liability has become reasonably clear.

c. Compelling policyholders to institute suits to recover amounts due under its policies by offering without justifiable reason substantially less than the amounts ultimately recovered in suits brought by them.

d. All of the foregoing.

d

These statements are presented to you for evaluation:

Statement I - Each case of refusal, without just cause, by an insurance company to pay or settle claims arising under coverage provided by its policies, or each engagement in unfair claims settlement practices, shall be considered a separate violation.

Statement II - A finding, after notice and opportunity to be heard, that an insurance company has committed any violation as provided in Statement I, shall be considered sufficient cause for the suspension or revocation of the company's certificate of authority.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

When should the payment of the proceeds of life insurance policy be made?

a. Immediately upon maturity of the policy.

b. On the due date of the installments or annuities if the proceeds have been stipulated to be made payable in installments or as an annuity.

c. Within sixty (60) days after the presentation of the claim and filing of the proof of death of the insured in the case of a policy maturing by the death of the insured.

d. On either (a), (b) or (c), whichever is applicable.

d

These statements in relation to a life insurance policy are presented to you for evaluation:

Statement I - The refusal by the insurer to pay the claim within the period prescribed by law will entitle the beneficiary to collect interest on the proceeds of the policy for the duration of the delay at the rate of twice the ceiling prescribed by the Monetary Board, unless the refusal to pay is based on the ground that the claim is fraudulent.

Statement II - The proceeds of the policy maturing by the death of the insured payable to the beneficiary shall include the discounted value of all premiums paid in advance of their due dates, but are not due and payable at maturity.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

When should the amount of loss payable by an insurer on a policy other than life insurance be paid?

a. Within thirty (30) days after proof of loss is received by the insurer and ascertainment of the loss or damage is made either by agreement between the insured and the insurer or by arbitration.

b. Within ninety (90) days after the receipt by the insurer of the proof of loss if such ascertainment is not had or made within sixty (60) days after such receipt by the insurer of the proof of loss.

c. Within either (a) or (b), whichever is applicable.

d. None of the foregoing.

c

Unless the refusal or failure to pay is based on the ground that the claim is fraudulent, which of the following statements is correct?

Statement I - In a life insurance policy, the refusal by the insurer to pay the claim within the period prescribed by law will entitle the beneficiary to collect interest on the proceeds of the policy for the duration of the delay at the rate of thrice the ceiling prescribed by the Monetary Board.

Statement II - In a policy other than life insurance, the refusal or failure to pay the loss or damage within the time prescribed will entitle the assured to collect interest on the proceeds of the policy for the duration of the delay at the rate of twice the ceiling prescribed by the Monetary Board.

In your evaluation of the foregoing statements:

a. Both statements are correct.

b. Both statements are incorrect.

c. Only Statement I is correct.

d. Only Statement II is correct.

d

What shall be the liability of an insurance company if there is a finding by the Insurance Commissioner or the Court that there was unreasonable denial or withholding in the payment of a claim?

a. Damages in the form of attorney's fees.

b. Damages for expenses incurred by the insured person by reason of such denial or withholding of payment.

c. Interest equivalent to twice the ceiling prescribed by the Monetary Board of the amount of the claim due the insured from the time prescribed for payment until the claim is satisfied.

d. All of the foregoing.

d

These statements are presented to you for evaluation:

Statement I - In property insurance, if the insured has received from the insurance company the indemnity for loss or injury arising out of the wrong or breach complained of, the insurance company shall be subrogated to the rights of the insured against the wrongdoer or the person who has violated the contract.

Statement II - The right of subrogation is acquired by an insurance company by operation of law and not upon a written assignment made by the insured in favor of the former.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

a

These statements are presented to you for evaluation:

Statement I - If the amount paid by the insurance company to the insured does not fully cover the injury or loss, the aggrieved party shall be entitled to recover the deficiency from the person causing the or loss or injury.

Statement II - The insurer's right to subrogation accrues upon its the occurrence of the loss or injury.

In your evaluation of the foregoing statements:

a. Both statements are true.

b. Both statements are false.

c. Only Statement I is true.

d. Only Statement II is true.

c

In which of the following cases is the insurer not subrogated to the rights of the insured?

a. If the assured by his own act releases the wrongdoer or third party liable for the loss or damage, from liability.

b. Where the insurer pays the assured the value of the lost goods without notifying the carrier who has in good faith settled the assured's claim for the loss.

c. Where the insurer pays the assured for a loss which is not a risk covered by the policy thereby effecting "voluntary payment."

d. In all of the foregoing.

d