INSURANCE CODE t 7 > PRESIDENTIAL DEGREE NO. 612 Ee CED CONTRACT OF INSURAN3E ‘An agreement whereby :ne underlakes for a consideration to indernnlfy another against toes, damage or fablity: arising from an unknown or contingent event (See.2, par.2, Insurance Code of the Philippines). 3. 2. GOVERNING LAWS 4, Insurance Code; of, ints absence 2 Civil Code; or, in tha absence of both, 3. Genoral principles prevailing on tho subject jn the United Statet, particulary In the State of California where our Insurance Codo was pesed. ELEMENTS OF THE CONTRACT (PARIS) 4; {neurable Intorest ~ The Insured has an insurable intorest in the lite or thing Insure, Le. 9 pecuniary interest; 2. Risk of loss ~ The happening of designated ‘events, either unknown or ccntingent, past or future, will subject such interest to some ‘ind of logs, whether in tho form of Injury, damage vot Habilty; «= mS 5 3." Assumption’of risk = the insurer undertakes fo aseume -the-rak- of auch loss. fora eonsideralonsie ‘ the Ineurer’s promlse'te sso. ye. 54 Meas iaifad chai acad ac /MERDERT CALVIN ABUGAN everal ‘conenttncaa aw Ages es ‘emmeonss (2°35 CambolnSindovt ol Ws Aon; Agnas Pod ness, Annie Dv 40% Payment of Premiuin\-- the consideration for rata) MANOKO ADEL SANTOS ct eel aptaony GRACE SANAN TRA vce Chat for operators, JUAN CAFLDS CJES'RO ve eal ff wade, MAE ANSEL ETANG vie chal forsee for anc, EREENEONA ACOSTA echo fr Ed A JELLO CONCEPCION ven ve forages NATURE. OF INSURANCE CONTRACT (ViC- GROP.CUP) a +. Consensual ~ itis perfectdd by the meeting of the minds af the parties; Voluntary - the parties may incorporate such terms of concilions a they may decm convenient: 3. Aloatory ~ tho ‘ilabilty’ ‘ofthe’ insuer ‘ls Sependent on tive happening of an event Unilateral ~ imposes legal duties only on the insurer who promises to indemnty another in case of loss. executed fs fo the insured after payment of premium, and ‘éxecutory on the part of the fisure* until payment for a foes, 5. Gonditional ~ li is subject to conditions, the principal one of which Is the happenirg of the event insured against * 6. Contractaof-Indemnlty.c-.,Except fe and ideulahdetwieresthe esult Is death, Y% a contradt'"8t “Lsudsce isd) contragh st ijrdamnity .wiiorebY: theSinsurer promgi@nsite he, goed nh jhe lassyetuh 7. euessofal ps care aclereagicita iv itis RISTING AUNARELLEE IPOS | PATRICK SARMIEN (0 subect chair, KAA. KATRINA NICOLE CONT, CTC: distant subjoct chal JAN MANLLLE REYES WP, IAF AASAWGCAY tas cn) “Inteiectual property, INISH TOBIANSS apeelalIsws, JOYFUL KIALASON bea akig laws, XOXENOS SULIT corde of Comnetn, NINA IFURUNG mepotlable Inert ne MAMBUE ere a, Sen OUNSUCEO arpa on lows, ARCO PAO corpo ws ae ae 2 rind Ch Mb Eares, anthony Menon, ite: tall Pande, Monte ut 07 escua anda sheene sero, Apt sure ova asin, Corwin Para, Roda os, Fatty, Sepang Naroer, Ment. Ana . ath158.91 2009 CENTRALIZED BAR OPERATIONS SURETY CONTRAGT AS INSURANCE, A contract of suretyship, shall be deemed to be an insurance contract, within tye !meaning of the Gode, only if made. by a surely wha or which, as such, is doing an insurance business, “Doing an Insurance Business": 4. making er proposing to make, as Insurer, any Insurance contracts... making oF proposing to make, is surety, any ‘contract of surelyship as-a vocation and not is marely Inadental, 10 any” legiomate ‘vupingss of activity of the surety; * 3 doing any kind of business, including reinsurance business, specifically recognized constituting the doing of ‘an Insurance bbusinese within the meaning of the Code; 4. doing of proposing to do any business in substance equivalent to any of the foregoing iva manner designed to evade the provisions ut is Gade (Sn0.2, par, Inpuranoy Code). Hota: ‘Ino fact that NO profit Is derived fron the making ef Insurance contracts, agreements or transactions or that no separate oF direct consideration ts received therelor, shall NOT be deemed conclusive to show that the making thereof does not consitule the doing of transacting of an insurance business. FIVE CARDINAL PRINCIPLES IN INSURANCE (SIGA) 1, |nsurable Interest ~ reiztion between the Ingwed and the event insured against such that occurrence of the event will cause substantial loss or harm of some kind to the insured Principle of utmost Good faith (uberrimae ficios)~ KEnch party {akes Into consideration the character, conduct and/or credit of the ‘other and in'making the contract, each Is enjoined by tavi.to,deal with the other in utmost good faith. A’ violation of this duty ‘ives the aggridved ary te fant e rescind the contract. =." 3. Contract of Incest ~The Insured who tins insurable interest over # property is only entitled to recover the amount of actual loss sustained end’ the burden. ls. upon him to establish the amount of such fos Rules on tndornitys 9, 1. Applies ONLY ‘to’ property insurance except when the:ereditor Insures ihe life of his debtor. A life insuance' la NOT a contract of indemnity, it ds considered un ee wy insured maytadhere" if he chboses but whic 5 3 a ieSubrctai Investment.’’ A’ ife policy. constitutes,’ through the insureds savings; his investment and the eamings ‘thereon, a measure of economic: security" for: the insured during his lifetime and for” his enefictary ‘after. his. ace). Raatlonates h.auirance sentract Is porsonal Exveptions: 2, In edsey of Wo, nceldent, and haat Ingurance (S00, £0, lusurancn Code, Reason: ‘They pte nol roqatind ae contract af Itdamally rv therators, Insurab!t Internst aud sist only at the {inva the insurance Is effered. b. Change et tntorest In the thing Insured after enurrance of a Injury which agulis in a loss (See, 21, Insurance Cede). Reason: Aker the lous hab ‘yapnenre, the ‘iablity of the insurer becomes fixed. Thevstora, the ineures hes the right to sigh hia walm against the Insurer as any ather money ciaim, 6 Change in Intoreut iin ens of mere of several distinct things separat ly insured prove pollzy (Soe. 22, insurance Codey, Reacon: The sonttact is divaih'n, d. Change af Interest, by will or succe: con the donth ot the Insured (See. 23). on, anny Art. “314 of the Cull Code Beatatuty ofentreet) 2 “Ahouver takut the propery of the ftocsdert wil automatically become the owner of tho polcy. natat Of internet by ore of several pariners, Joint ewnera, or owrers In Common, whe ara jointy inrured, to (Soo. 24, Insurunca Cox). Introduced alienation 6 pally, Into the oo-ewne-tt ip itis 1 fo stranger that will suapersit! MEMORY AID.IN COMMERCIAL LAW] MAS 4 Wan A palley Ie 80 framed that tt 4 2 : Meee vel : 3, tanster volves Anoral Noxord vel tin to the bereft af whamsoevar, during the continesn"« of the flak, may Lecome the owner of thw interest Insured (See, $7, tnsurai: Con, Rergonr Ark, $998 of the Git Sede (Avlorumy of Goniracts) Wren there Ina arghibitlon my alest alienation or change of inte rast yeith ut the consent of the insurer, In which cae, the poiizy In aot merely suspancind but avolded. TRANGFRR OF POLICY Ie LICR Inurinee = tho polley nny ba trewvlortnd without. the conennt of the inawwar (See, 181, Ins tranco Code) Roagon: The polley does not repranent a personal agruement between the Insuiad andthe Insurar, Exeoption: When notice fo an ineer of va laneler is axpressly coguited In tho poly (Soe. 182, Insuranco Coda). iy PROPERTY Inaurance = the policy nay NOT bb “transferred witheut the consent of the insurat, Rosaon: The insurer approved tho policy bared on the porsonal quailfcatien and ‘ha Insurable interest ofthe insure, Ethot of Transfer without Consnnt: The Inurance polley will be suspended and al ol uy unl tha lnhotest fn SA a" Insurance 1 CAEUABAIAR GRRE ~ tno pone Sy rain Sell add eRe of 2 jane ‘8. parso-o! falm of right of vis