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Overview of Insurance Code RA No. 10607

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8 views1 page

Overview of Insurance Code RA No. 10607

Uploaded by

Angelic Salum
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

INSURANCE CODE (RA No.

10607)

I. General Concepts:
a. Elements
b. Nature and Purpose
c. Characteristics
d. Perfection
e. Kinds of Insurance

II. Parties to Insurance:


a. Insured
b. Insurer
c. Beneficiary
d. Assignee
e. Insurance Agent and Insurance Broker

III. Insurable Interest:


a. Life
b. Property
c. Beneficiary
d. Assignee

IV. Premium:
a. Requirement for policy to be binding
b. Effect of nonpayment
c. When binding even if premium is unpaid
d. How to prevent lapse of life insurance policy
e. Return of premium
f. Advance payment
g. Rebate of premium

V. Policy:
a. Form
b. Basic provisions
c. Riders
d. Contract of adhesion
e. Interpretation
f. Cancellation
g. Renewal

VI. Ascertaining and Controlling Risks:


a. Concealment
b. Representation
c. Warranties
d. Incontestable clause

VII. Defenses of insured against revocation

VIII. Loss and Notice of Loss

IX. Claims Settlement and Subrogation

X. Double Insurance

XI. Reinsurance

XII. Suretyship

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