Professional Documents
Culture Documents
Those Obliged to Render Services The consent of the person whose life is
being insured is not necessary.
Contemplates relationship between
employer and employee ***
Employers may only take out life
insurance policies on the life of key Section 11. The insured shall have the
employees right to change the beneficiary he
Ordinary employees not holding vital designated in the policy, unless he has
positions cannot be insured by expressly waived this right in said policy.
employers
Section 17. The measure of an insurable Where the contract of lease provides
interest in property is the extent to which that any fire insurance policy
the insured might be damnified by loss or obtained by the lessee over his leased
injury thereof. premises without the consent of the
lessor is deemed assigned or
Insurance is a contract of indemnity. transferred to the lessor, such
Any contract that gives to the insured automatic assignment is void for
more than indemnity against his being contrary to law and public
actual loss that may be suffered by policy. Hence, the insurer cannot be
the happening of the event insured compelled to pay the proceeds of the
against is in the nature of a wagering policy to the lessor who has no
policy contrary to public policy and insurable interest in the property
void. insured. (Cha v. Court of Appeals
1997)
Mortgagor has an insurable interest
equal to the value of the mortgaged Where the insurance is invalidated
property on the ground that no insurable
interest exists, the premium is
ordinarily returned to the insured
Mortgagee has an insurable interest unless he is in pari delicto with the
only to the extent of the credit insurer.
secured by the mortgage
*** ***