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    Insurrance Law

    Uploaded by

    Aljay Labuga
    This document discusses key concepts in insurance contracts including: - The insurer takes on risk and agrees to indemnify the insured for losses or damages. The insured pays premiums in exchange. - Insurance contracts are consensual, voluntary, and conditional on the occurrence of an unknown event. They also involve insurable interest, consent, consideration, and actual risk. - There are different parties to an insurance contract including the insurer, insured, and beneficiary who receives proceeds. The insured can change beneficiaries. If no beneficiary, laws of succession apply. - For a valid contract, the insured must have an insurable interest, meaning they would financially benefit from preservation or suffer loss from damage or

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    © All Rights Reserved
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    Insurrance Law

    Uploaded by

    Aljay Labuga
    33 views2 pages
    This document discusses key concepts in insurance contracts including: - The insurer takes on risk and agrees to indemnify the insured for losses or damages. The insured pays premiums in exchange. - Insurance contracts are consensual, voluntary, and conditional on the occurrence of an unknown event. They also involve insurable interest, consent, consideration, and actual risk. - There are different parties to an insurance contract including the insurer, insured, and beneficiary who receives proceeds. The insured can change beneficiaries. If no beneficiary, laws of succession apply. - For a valid contract, the insured must have an insurable interest, meaning they would financially benefit from preservation or suffer loss from damage or

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    This document discusses key concepts in insurance contracts including: - The insurer takes on risk and agrees to indemnify the insured for losses or damages. The insured pays premiums in exchange. - Insurance contracts are consensual, voluntary, and conditional on the occurrence of an unknown event. They also involve insurable interest, consent, consideration, and actual risk. - There are different parties to an insurance contract including the insurer, insured, and beneficiary who receives proceeds. The insured can change beneficiaries. If no beneficiary, laws of succession apply. - For a valid contract, the insured must have an insurable interest, meaning they would financially benefit from preservation or suffer loss from damage or

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    33 views2 pages

    Insurrance Law

    Uploaded by

    Aljay Labuga
    This document discusses key concepts in insurance contracts including: - The insurer takes on risk and agrees to indemnify the insured for losses or damages. The insured pays premiums in exchange. - Insurance contracts are consensual, voluntary, and conditional on the occurrence of an unknown event. They also involve insurable interest, consent, consideration, and actual risk. - There are different parties to an insurance contract including the insurer, insured, and beneficiary who receives proceeds. The insured can change beneficiaries. If no beneficiary, laws of succession apply. - For a valid contract, the insured must have an insurable interest, meaning they would financially benefit from preservation or suffer loss from damage or

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Parties- agreement of

    Insurer- one who undertakes to indemnify another arising from loss dameage and liability suffered
    Insured-

    Suretyship-insurance cntract-

    3. Doing or proposing to do any business in substa

    Application: the fact

    One

    Ensured who will be indemnified will have to pay premiums, cosideration for the insurance

    Isurer in exchange to his undertaking, will also earn premiums

    Insured in exchange tot the premium, shall have the security

    As a contract-
    Charactehrei
    Consensual
    Voluntary
    Alletory
    Executed(executory in the part of insurrer, liable only if there is loss, liability
    Conditional--happening of any unkown
    Personal- inview the character and conduct

    Essentail elements
    Insurable interest
    Consent
    Object
    Consideration

    Pure risk
    Speculative risk- example gambling
    Actual risk

    Loss-end result of risk


    Peril- is the specific cause of risk, while risk is the specific uncertainty
    Hazards- circumstances

    Different parties
    Insure
    Insured
    Beneficiary- who will receive the proceeds Sec11: Insured can change at any time the designation
    Sec 53
    Maybe a 3rd person, but it could be the insured himself

    Instances where the beneficiary is insured himself

    If there is no beneficiary the laws of succession shall apply.


    Or the proceeds will form part of the estate

    Capacity of a married woman entering


    Sec 6: definition of insurer
    Sec 7- exemption public enemy(State including the people which is at war with the Philippines) who
    may be insured
    Sec 8-

    Cases
    If the beneficiary if a spouse of the insurer
    If the beneficiary is a stranger can be of a donation

    Minors- 182 in case of life insurance, may be given to the minor


    Minor contract- voidable

    Insurable interest- expect some benefits


    In general, a person is deemed to have insurable interest in the subject matter insured where he ha a
    relation or connection with or concern in it that he will derive pecuniary benefit or advantage from its
    preservation and will suffer pecuniary loss or damage from its destruction, termination or injury

    Lack of

    If the insured doesn’t have insurable interest

    Sec 12:definition of life insurance( a person has insurable interest over himself, also his spouse, and
    children and any person whom he depends wholly or in part for education, support, under legal
    obligation to him in money, any person whose life and estate vested upon him, any life vested in him)

    Classify
    1. Over our self
    2. Blood relation
    3. Or any pecuniary interest

    Mortgage redemption insurance

    Insurable interest- retains so long as he has interest therein or shall suffer from any damages

    Sec8:payable to the mortgagee if to be per


    Sec9:

    Se

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