insurance:
    definition:

        agreement whereby on undertakes to indemnity
        for a compensation (premium)
        against damages, loss, liability
        arising from an unknown or contingent event
        characteristics:

            risk distributing
            adhesion
            aleatory
            
            uberrimae fides
            personal

        elements:

            insurable interest
            risk of loss
            assumption
            scheme to distribute
            premiums

    insurable interest:
    
        life:
            childrenDirection:down
            every person has:
                a. on himself, spouse, children
                b. on whom he depens wholly\n...education\nsupport\npecuniary
                c. legal obligation for payment of money\nor respecting property or service\n~on debtor's life
                d. upon whose life any estate or interest\nvested in him depends
                b,c,d requires pecuniary interest
            general test.. interested in the preservation
            
        distinction:
        
            extent
            time when interest must exist
            beneficiary's interest\nand consent of insurer at assignment
                    
        property:
            matter of public policy\nestoppel not applicable
            
            if he derives pecuniary benefit or advantage from preservation
            and pecuniary loss, damage, prejudice by its destruction
            
            existing interest
            or inchoate interest founded upon existing interest
            or expectancy couple with existing interest
            
            change of interest in thing:
                suspends the insurance until the interest in thing\nand in the insurance\is vested on same person
                
    premium:
        is the consideration paid
        
        section 77:
            no policy issued or renewed is binding until payment of premium
            as amended:
                RA 10607, 90-day credit extension\nunder broker agency agreement
            
        exceptions:
            childrenDirection:down
            (UCPB General vs Masagana, citing Makati Tuscany)
            1. life, grace period
            2. acknowlegement in the policy
            3. installments and partial paymen
            4. credit term agreed
            5. estoppel on both parties
                  
    devises for controlling risk:
    
        concealment:
            neglect to communication that which knows and ought to
            notes:
                entitles insurer to rescind\neven for unrelated cause of injury
                good faith not a defense\nwhether intentional or unintentional
                test of materiality:
                    reasonable influence on forming estimates
        
        misrepresentation:
            factual statements, made prior to issuance
            induce him to enter into insurance contract\n(collateral inducement)
            same test on materiality
            entitles rescission the moment .. becomes false
            
        warranties:
            statements or promises by the insured set forth in the policy
            untruth, regardless of prejudice makes contract voidable        
        
            entitles rescission, exception:
                loss before time of performance of warranty
                performance becomes unlawful or impossible
            
        representation vs warranty:
            collateral, part of contract
            may be oral
            representation must be established vs conclusively presumed
            representation need only be substantially true
            
        incontestibility:
            life insurance payable at death
            in force
            during the lifetime of the insured
            for a period of two years
        
    double insurance:
        same insured
        same subject matter
        same interest
        same risk
        two or more insurers insuring separately

    claim:
    
        settlement:
            60 days from notice, proof of death
            30 days from ascertainment of loss or\nif no ascertainment\n90 from submission of proof of loss
            
        proof of loss:
            without necessary delay
            only substanial complaince of proof is required
            
        prescrition:
            enforcement of contract ~ 10 years from cause accrues
            if there is stipulation, not less than 1 year
            cause of action accrues at final rejection, not from loss