Documente Academic
Documente Profesional
Documente Cultură
INSURANCE LAW
an
Insurance
Contract
deemed
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Case #9
White Gold Marine Services vs. Pioneer Insurance
and Surety Corp.
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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EXCEPTIONS:
1. Unless otherwise is provided in the policy.
2. Where the beneficiary is different from that of the
policy holder
A:
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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CI
May never result in a profit
Invites fortune
Tends to increase
inequality of fortune
Avoids misfortune
Tends to equalize fortune
Case #10:
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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GENL RULE:
1. The mortgagor is still the party in interest to
the insurance contract and he is one with the
right to recover from the insurer in case of
loss.
2. In case of death by the mortgagor, his heirs
assumes right to the CI.
3. BUT the mortgagee has a lien on the amount
to be recovered by virtue of the debt of the
mortgagor.
EXCEPTION:
Case #11
Great Pacific Life Assurance Corp. vs. CA
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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Property Insurance
AND Life Insurance taken
by the creditor on the life
of the debtor
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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Property Insurance
Beneficiary must have
insurable interest in the
property both at the time of
effectivity of the policy
AND the occurrence of the
loss.
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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Property Insurance
Based
on
pecuniary
(monetary) interest
Interest must exist BOTH
at the effectivity of the
policy and the occurrence
of the loss
Insurable interest is limited
to the actual value of the
damage the insured may
suffer
Beneficiary needs to have
insurable interest on the
property insured
Case #13
Cha vs CA
- In property insurance, insurable interest should exist
both at the effectivity of the policy and at the occurrence
of the loss.
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
Page 10 of 12
EXCEPTIONS:
1. Where the policy provides if the application is
approved and policy is issued, it shall be in force
from the date of application;
2. Where
the
change
occurs
after
the
consummation of the insurance orally although
the formal policy has not been issued yet.
Case #14
A: Concealment presupposes knowledge of the fact
concealed on the part of the party charged with
concealment. Such party alleging concealment must
prove that such concealment is done with knowledge or
bad faith.
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not
the
means
of
Reference: The Insurance Code and Financial Rehabilitation and Insolvency Act by Hernando B. Perez
Made by: Juan Paolo R. Datinguinoo, UB College of Law
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