a.
Right to borrow on policy – 233(g) "(j) A provision that the policy may be reinstated at any time within two (2) years
"(g) A provision that at any time after a cash surrender value is available under the
policy and while the policy is in force, the company will advance, on proper
assignment or pledge of the policy and on sole security thereof, a sum equal to, or
at the option of the owner of the policy, less than the cash surrender value on the
policy, at a specified rate of interest, not more than the maximum allowed by law,
to be determined by the company from time to time, but not more often than once
a year, subject to the approval of the Commissioner; and that the company will
deduct from such loan value any existing indebtedness on the policy and any unpaid
balance of the premium for the current policy year, and may collect interest in
advance on the loan to the end of the current policy year, which provision may
further provide that such loan may be deferred for not exceeding six (6) months
after the application therefor is made;
b. Right to dividends if participating policy – 233(e), 236(e), 201, 233(j),
"Section 233. In the case of individual life or endowment insurance, the policy
shall contain in substance the following conditions:
"(e) If the policy is participating, a provision that the company shall periodically
ascertain and apportion any divisible surplus accruing on the policy under
conditions specified therein;
"(j) A provision that the policyholder shall be entitled to have the policy reinstated
at any time within three (3) years from the date of default of premium payment
unless the cash surrender value has been duly paid, or the extension period has
expired, upon production of evidence of insurability satisfactory to the company
and upon payment of all overdue premiums and any indebtedness to the company
upon said policy, with interest rate not exceeding that which would have been
applicable to said premiums and indebtedness in the policy years prior to
reinstatement.
"Section 236. In the case of industrial life insurance, the policy shall contain in
substance the following provisions:
"(e) A provision that if the policy is a participating policy, the company shall
periodically ascertain and apportion any divisible surplus accruing on the policy
under the conditions specified therein;
from the due date of the premium in default unless the cash surrender value has
been paid or the period of extended term insurance expired, upon production of
evidence of insurability satisfactory to the company and payment of arrears of
premiums with interest at a rate not exceeding six percent (6%) per annum payable
annually;
"Section 201. No domestic insurance corporation shall declare or distribute any
dividend on its outstanding stocks unless it has met the minimum paid-up capital
and net worth requirements under Section 194 and except from profits attested in a
sworn statement to the Commissioner by the president or treasurer of the
corporation to be remaining on hand after retaining unimpaired:
"(a) The entire paid-up capital stock;
"(b) The solvency requirements defined by Section 200;
"(c) In the case of life insurance corporations, the legal reserve fund required by
Section 217;
"(d) In the case of corporations other than life, the legal reserve fund required by
Section 219; and
"(e) A sum sufficient to pay all net losses reported, or in the course of settlement,
and all liabilities for expenses and taxes.
"Any dividend declared or distributed under the preceding paragraph shall be
reported to the Commissioner within thirty (30) days after such declaration or
distribution.
"If the Commissioner finds that any such corporation has declared or distributed
any such dividend in violation of this section, he may order such corporation to
cease and desist from doing business until the amount of such dividend or the
portion thereof in excess of the amount allowed under this section has been
restored to said corporation.
"The Commissioner shall prescribe solvency requirements for branches of foreign
insurance companies operating in the Philippines.
d. Right to transfer/bequeath – 184- 185

"Section 184. A policy of insurance upon life or health may pass by transfer, will or
succession to any person, whether he has an insurable interest or not, and such
person may recover upon it whatever the insured might have recovered.

"Section 185. Notice to an insurer of a transfer or bequest thereof is not necessary

to preserve the validity of a policy of insurance upon life or health, unless thereby
expressly required.

D. Beneficiary – 2012 Civil Code, 11-12

Article 2012. Any person who is forbidden from receiving any donation under article
739 cannot be named beneficiary of a life insurance policy by the person who
cannot make any donation to him, according to said article. (n)