Parties- agreement of

Insurer- one who undertakes to indemnify another arising from loss dameage and liability suffered
Insured-

Suretyship-insurance cntract-

3. Doing or proposing to do any business in substa

Application: the fact

One

Ensured who will be indemnified will have to pay premiums, cosideration for the insurance

Isurer in exchange to his undertaking, will also earn premiums

Insured in exchange tot the premium, shall have the security

As a contract-
Charactehrei
Consensual
Voluntary
Alletory
Executed(executory in the part of insurrer, liable only if there is loss, liability
Conditional--happening of any unkown
Personal- inview the character and conduct

Essentail elements
Insurable interest
Consent
Object
Consideration

Pure risk
Speculative risk- example gambling
Actual risk

Loss-end result of risk

Peril- is the specific cause of risk, while risk is the specific uncertainty
Hazards- circumstances

Different parties
Insure
Insured
Beneficiary- who will receive the proceeds Sec11: Insured can change at any time the designation
Sec 53
Maybe a 3rd person, but it could be the insured himself

Instances where the beneficiary is insured himself

If there is no beneficiary the laws of succession shall apply.

Or the proceeds will form part of the estate

Capacity of a married woman entering

Sec 6: definition of insurer
Sec 7- exemption public enemy(State including the people which is at war with the Philippines) who
may be insured
Sec 8-

Cases
If the beneficiary if a spouse of the insurer
If the beneficiary is a stranger can be of a donation

Minors- 182 in case of life insurance, may be given to the minor

Minor contract- voidable

Insurable interest- expect some benefits

In general, a person is deemed to have insurable interest in the subject matter insured where he ha a
relation or connection with or concern in it that he will derive pecuniary benefit or advantage from its
preservation and will suffer pecuniary loss or damage from its destruction, termination or injury

Lack of

If the insured doesn’t have insurable interest

Sec 12:definition of life insurance( a person has insurable interest over himself, also his spouse, and
children and any person whom he depends wholly or in part for education, support, under legal
obligation to him in money, any person whose life and estate vested upon him, any life vested in him)

Classify
1. Over our self
2. Blood relation
3. Or any pecuniary interest

Mortgage redemption insurance

Insurable interest- retains so long as he has interest therein or shall suffer from any damages

Sec8:payable to the mortgagee if to be per

Sec9:

Se