Sec.
11 BENEFICIARY DEFINED
Designated in the contract of
life, health, and accident
insurance
One who receives the benefits
when it becomes payable
Receives the proceeds upon the
death of the insured or if the
insured risk occurs
KINDS OF BENEFICIARY
1) The insured himself (assured),
as the creditor insures the life of
his debtor
2) Third person who paid a
consideration where beneficiary
gives consideration to the
insured
3) Third person through mere
bounty of the insured, there is
no consideration.
LIMITATIONS FROM THE
APPOINTMENT OF BENEFICIARY:
[beneficiary regarded as the donee in
contracts of donations]
1. Those made between persons
who are guilty of adultery or
concubinage at the time of the
donation
2. Those made between persons
who are guilty of the same
criminal offense, in
consideration thereof
3. Those made to a public officer,
or his wife, ascendant or
descendant, by reason or his
office
SEC. 25 The following stipulations in
insurance contracts are void:
1. Payment of loss whether the
insured has or has not an
insurable interest in the
property insured
2. The policy shall be received as
proof of such interest
3. Policy executed by way of
gaming or wagering.
TITLE 4
SEC. 26 CONCEALMENT A neglect
to communicate that which a party
knows & ought to communicate
SEC. 28 WHAT NEEDS TO BE
COMMUNICATED TO THE OTHER
PARTY IN GOOD FAITH?
1. All facts within his knowledge
which is material to the contract
2. Facts to which he makes no
warranty
3. Facts to which the other has no
means of ascertaining.