What is fire insurance?

Q: Car covered by TPL/ can the person injured directly

It is a contract of indemnity by which the insurer, for a
consideration, agrees to indemnify the insured against
loss of or damage by fire, lightning, windstorm, tornado
or earthquake and other allied risks, when such risks are
covered by extension to fire insurance policies or under
separate policies. (Sec. 167)
Fire Insurance policy.
Angela, owner of a condominium unit, insured the
same against fire with the ELM Insurance Co., and
made the loss payable to his sister, Antonette. In case
of loss by fire of the said condominium unit, who may
recover on the fire insurance policy?
Angela can recover on the fire insurance policy for the
loss of said condominium unit. He has the insurable
interest as owner-‐insured. As beneficiary in the fire
insurance policy, Antonette cannot recover on the fire
insurance policy. For the beneficiary to recover on the
fire or property insurance policy, it is required that she
must have insurable interest in the property insured. In
this case, Antonette does not have insurable interest in
the condominium unit. (2001 Bar Question)
What is casualty insurance?
It is that which covers loss or liability arising from
accident or mishap, excluding those falling under types
of insurance as fire or marine. (Sec. 174)
What is an accident?
Event that happens without human agency/ in there is
the human does not expect something to happen.
file in the insurance company
A: Yes, TIU v. Ernasgado, victim my proceed directly.
Purpose of the TPL is to provide damages suffered by
the third party. But it shall not exceed the amount
covered by the insurance.
Insurance code only requires third party liability
insurance before operating a motor vehicle. No need for
comprehensive.
No fault indemnity clause
It allows a passenger to recover up to 15k without
having to prove fault or negligence on the part of the
driver.
Change of ownership
A transfer of the thing insured does not carry the
insurance unless the policy provide otherwise.
Authorized driver clause
Insurer is liable if the driver is insured of the owner of
the vehicle.
Villacorta v. Insurance commission
Theft Clause
You can recover if the vehicle is stolen and it figured in
an accident.
No action clause
Guigon v. delmonte, requirement in LIP , the person
injured cannot acquire policy unless he gets at final
judgment in the court.

Cooperation clause
Employer’s liability insurance
The insured must provide all the information the insurer
Employers may employ insurance to their employees in
may require.
case of event or injury cause by the nature of business.

Third party liability insurance

For motor vehicles/ but not required to get

comprehensive. Kung makapatay or injured ka. Damage
to your own kind.
LIFE INSURANCE

What is life insurance?

It is that which is payable on the death of a person or

on his surviving a specified period, or otherwise
contingently on the continuance of cessation of life
(Sec. 180). It is a mutual agreement by which a party
agrees to pay a given sum on the happening of a
particular event contingent on the duration of human
life, in consideration of the payment of a smaller sum
immediately, or in periodical payments by the other
party.

Not always payable upon the death of the insured.

Q: is the insurer liable if the person insured covered by

life insurance commits insurance

A: It depends on the situation( section 183) Must have

atleast reached 2 yrs. Expn in case suicide in state of
insanity.

Proceeds of life insurance policy are exempted from

execution.