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131 lines
4.5 KiB
YAML
131 lines
4.5 KiB
YAML
insurance:
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definition:
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agreement whereby on undertakes to indemnity
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for a compensation (premium)
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against damages, loss, liability
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arising from an unknown or contingent event
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characteristics:
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risk distributing
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adhesion
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aleatory
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uberrimae fides
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personal
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elements:
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insurable interest
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risk of loss
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assumption
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scheme to distribute
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premiums
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insurable interest:
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life:
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childrenDirection:down
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every person has:
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a. on himself, spouse, children
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b. on whom he depens wholly\n...education\nsupport\npecuniary
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c. legal obligation for payment of money\nor respecting property or service\n~on debtor's life
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d. upon whose life any estate or interest\nvested in him depends
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b,c,d requires pecuniary interest
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general test.. interested in the preservation
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distinction:
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extent
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time when interest must exist
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beneficiary's interest\nand consent of insurer at assignment
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property:
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matter of public policy\nestoppel not applicable
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if he derives pecuniary benefit or advantage from preservation
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and pecuniary loss, damage, prejudice by its destruction
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existing interest
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or inchoate interest founded upon existing interest
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or expectancy couple with existing interest
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change of interest in thing:
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suspends the insurance until the interest in thing\nand in the insurance\is vested on same person
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premium:
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is the consideration paid
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section 77:
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no policy issued or renewed is binding until payment of premium
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as amended:
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RA 10607, 90-day credit extension\nunder broker agency agreement
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exceptions:
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childrenDirection:down
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(UCPB General vs Masagana, citing Makati Tuscany)
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1. life, grace period
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2. acknowlegement in the policy
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3. installments and partial paymen
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4. credit term agreed
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5. estoppel on both parties
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devises for controlling risk:
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concealment:
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neglect to communication that which knows and ought to
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notes:
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entitles insurer to rescind\neven for unrelated cause of injury
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good faith not a defense\nwhether intentional or unintentional
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test of materiality:
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reasonable influence on forming estimates
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misrepresentation:
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factual statements, made prior to issuance
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induce him to enter into insurance contract\n(collateral inducement)
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same test on materiality
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entitles rescission the moment .. becomes false
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warranties:
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statements or promises by the insured set forth in the policy
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untruth, regardless of prejudice makes contract voidable
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entitles rescission, exception:
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loss before time of performance of warranty
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performance becomes unlawful or impossible
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representation vs warranty:
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collateral, part of contract
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may be oral
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representation must be established vs conclusively presumed
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representation need only be substantially true
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incontestibility:
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life insurance payable at death
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in force
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during the lifetime of the insured
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for a period of two years
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double insurance:
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same insured
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same subject matter
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same interest
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same risk
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two or more insurers insuring separately
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claim:
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settlement:
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60 days from notice, proof of death
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30 days from ascertainment of loss or\nif no ascertainment\n90 from submission of proof of loss
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proof of loss:
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without necessary delay
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only substanial complaince of proof is required
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prescrition:
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enforcement of contract ~ 10 years from cause accrues
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if there is stipulation, not less than 1 year
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cause of action accrues at final rejection, not from loss
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