INSURANCE LAW
[P.D. 612]
BASIC CONCEPTS
CONTRACT OF INSURANCE is an agreement whereby one undertakes for a
consideration to indemnify another against loss, damage or liability arising
from an unknown or contingent event. [Sec.2, P.D. 612]
Contract of Suretyship shall be deemed to be an insurance contract only if
made by a surety who or which, as such, is doing an insurance business.
SURETYSHIP
LIFE
MICROINSURANCE
COMPULSORY MOTOR VEHICLE LIABILITY INSURANCE
COMPULSORY INSURANCE COVERAGE FOR AGENCY-HIRED WORKERS
INSURABLE INTEREST
“Doing an insurance business” or “transacting an insurance business” shall
include:
(1) making or proposing to make, as insurer, any insurance contract;
NO FAULT, SUICIDE, AND INCONTESTABILITY CLAUSE
ELEMENTS OF AN INSURANCE CONTRACT
PERFECTION OF THE INSURANCE CONCEPT
N.B. Insurance contracts are governed primarily by the Insurance Code but if it
does not specifically provide for a particular matter in question, the provisions
of the Civil Code on contracts and other special laws shall govern.
RIGHTS AND OBLIGATIONS OF PARTIES
CHARACTERISTICS/NATURE OF INSURANCE CONTRACTS
CLASSES OF INSURANCE
MARINE
FIRE
CASUALTY
DOUBLE INSURANCE AND OVERINSURANCE
INSURER
INSURED
BENEFICIARY
RESCISSION OF INSURANCE CONTRACTS
CONCEALMENT
MISREPRESENTATION OR OMISSIONS
BREACH OF WARRANTIES