an original owner on the life orhealth of a minor shallautomatically vest in the minorupon the death of the originalowner, unless otherwise providedfor in the policy.
Parents can insure the life of theirminor children
Anyone except apublic enemy may be insured.
Effect of War
– War abrogates theinsurance contract.
Sec. 6. Every person, partnership,association, or corporation dulyauthorized to transact insurancebusiness as elsewhere provided in thiscode, may be an insurer.Sec. 184. For purposes of this Code,the term "insurer" or "insurancecompany" shall include all individuals,partnerships, associations, orcorporations, including government-owned or controlled corporations orentities, engaged as principals in theinsurance business, excepting mutualbenefit associations. Unless thecontext otherwise requires, the termsshall also include professionalreinsurers defined in section twohundred eighty
. "Domesticcompany" shall include companiesformed, organized or existingunder the laws of the Philippines."Foreign company" when usedwithout limitation shall includecompanies formed, organized, orexisting under any laws otherthan those of the Philippines.Sec. 185. Corporations formed ororganized to save any person orpersons or other corporationsharmless from loss, damage, orliability arising from any unknownor future or contingent event, orto indemnify or to compensateany person or persons or othercorporations for any such loss,damage, or liability, or toguarantee the performance of orcompliance with contractualobligations or the payment of debt of others shall be known as"insurance corporations".
The provisions of the Corporation Lawshall apply to all insurancecorporations now or hereafterengaged in business in the Philippinesinsofar as they do not conflict with theprovisions of this chapter.
Mutual benefit association –
Areunder the regulatory powers of theInsurance Commission.Sec. 390. Any society, association orcorporation, without capital stock,formed or organized not for profit butmainly for the purpose of paying sickbenefits to members, or of furnishingfinancial support to members whileout of employment, or of paying torelatives of deceased members of fixed or any sum of money,irrespective of whether such aim orpurpose is carried out by means of fixed dues or assessments collectedregularly from the members, or of providing, by the issuance of 2From Timoteo Aquino’s Insurance Laws
“Amat Victoria Curam”
Notes of: Felipe S.R. RSIPetitor Aequi