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Insurance Code of 1974 (PD 612)

Insurance Code of 1974 (PD 612)

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Published by: Myron Gutierrez on Jun 09, 2009
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11/08/2012

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PRESIDENTIALDECREENO.612December18,1974ORDAININGANDINSTITUTINGANINSURANCECODEOFTHEPHILIPPINESI,FerdinandE.Marcos,PresidentofthePhilippines,byvirtueofthepowersinmevestedbytheConstitution,doherebydecreeandorderthefollowing:GENERALPROVISIONSSec.1.ThisDecreeshallbeknownas"TheInsuranceCode".Sec.2.WheneverusedinthisCode,thefollowingtermsshallhavetherespectivemeaningshereinaftersetforthorindicated,unlessthecontextotherwiserequires:(1)A"contractofinsurance"isanagreementwherebyoneundertakesforaconsiderationtoindemnifyanotheragainstloss,damageorliabilityarisingfromanunknownorcontingentevent.Acontractofsuretyshipshallbedeemedtobeaninsurancecontract,withinthemeaningofthisCode,onlyifmadebyasuretywhoorwhich,assuch,isdoinganinsurancebusinessashereinafterprovided.(2)Theterm"doinganinsurancebusiness"or"transactinganinsurancebusiness",withinthemeaningofthisCode,shallinclude:(a)makingorproposingtomake,asinsurer,anyinsurancecontract;
 
(b)makingorproposingtomake,assurety,anycontractofsuretyshipasavocationandnotasmerelyincidentaltoanyotherlegitimatebusinessoractivityofthesurety;(c)doinganykindofbusiness,includingareinsurancebusiness,specificallyrecognizedasconstitutingthedoingofaninsurancebusinesswithinthemeaningofthisCode;(d)doingorproposingtodoanybusinessinsubstanceequivalenttoanyoftheforegoinginamannerdesignedtoevadetheprovisionsofthisCode.IntheapplicationoftheprovisionsofthisCodethefactthatnoprofitisderivedfromthemakingofinsurancecontracts,agreementsortransactionsorthatnoseparateordirectconsiderationisreceivedtherefor,shallnotbedeemedconclusivetoshowthatthemakingthereofdoesnotconstitutethedoingortransactingofaninsurancebusiness.(3)Asusedinthiscode,theterm"Commissioner"meansthe"InsuranceCommissioner".Chapter1THECONTRACTOFINSURANCETitle1WHATMAYBEINSUREDSec.3.Anycontingentorunknownevent,whetherpastorfuture,whichmaydamnifyapersonhavinganinsurableinterest,orcreatealiabilityagainsthim,maybeinsuredagainst,subjecttotheprovisionsofthischapter.Theconsentofthehusbandisnotnecessaryforthevalidityofaninsurancepolicytakenoutbyamarriedwomanonherlifeorthatofherchildren.
 
Anyminoroftheageofeighteenyearsormore,may,notwithstandingsuchminority,contractforlife,healthandaccidentinsurance,withanyinsurancecompanydulyauthorizedtodobusinessinthePhilippines,providedtheinsuranceistakenonhisownlifeandthebeneficiaryappointedistheminor'sestateortheminor'sfather,mother,husband,wife,child,brotherorsister.Themarriedwomanortheminorhereinallowedtotakeoutaninsurancepolicymayexercisealltherightsandprivilegesofanownerunderapolicy.Allrights,titleandinterestinthepolicyofinsurancetakenoutbyanoriginalowneronthelifeorhealthofaminorshallautomaticallyvestintheminoruponthedeathoftheoriginalowner,unlessotherwiseprovidedforinthepolicy.Sec.4.Theprecedingsectiondoesnotauthorizeaninsurancefororagainstthedrawingofanylottery,orfororagainstanychanceorticketinalotterydrawingaprize.Sec.5.Allkindsofinsurancearesubjecttotheprovisionsofthischaptersofarastheprovisionscanapply.Title2PARTIESTOTHECONTRACTSec.6.Everyperson,partnership,association,orcorporationdulyauthorizedtotransactinsurancebusinessaselsewhereprovidedinthiscode,maybeaninsurer.Sec.7.Anyoneexceptapublicenemymaybeinsured.Sec.8.Unlessthepolicyotherwiseprovides,whereamortgagorofpropertyeffectsinsuranceinhisownnameprovidingthatthelossshallbepayabletothemortgagee,orassignsapolicyofinsurancetoamortgagee,theinsuranceisdeemedtobeupontheinterestofthemortgagor,whodoesnotceasetobeapartytotheoriginal

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