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REPUBLIC ACT NO. 10607-lawphil

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12 views

C

REPUBLIC ACT NO. 10607-lawphil

Uploaded by

lopezmariachristina017
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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"(c) As used in this Code, the term Commissioner means the Insurance Commissioner.

"CHAPTER I
"THE CONTRACT OF INSURANCE

"TITLE 1
"WHAT MAY BE INSURED

"Section 3. Any contingent or unknown event, whether past or future, which may damnify a person
having an insurable interest, or create a liability against him, may be insured against, subject to the
provisions of this chapter.

"The consent of the spouse is not necessary for the validity of an insurance policy taken out by a
married person on his or her life or that of his or her children.

"All rights, title and interest in the policy of insurance taken out by an original owner on the life or
health of the person insured shall automatically vest in the latter upon the death of the original
owner, unless otherwise provided for in the policy.

"Section 4. The preceding section does not authorize an insurance for or against the drawing of any
lottery, or for or against any chance or ticket in a lottery drawing a prize.

"Section 5. All kinds of insurance are subject to the provisions of this chapter so far as the provisions
can apply.

"TITLE 2
"PARTIES TO THE CONTRACT

"Section 6. Every corporation, partnership, or association, duly authorized to transact insurance


business as elsewhere provided in this Code, may be an insurer.

"Section 7. Anyone except a public enemy may be insured.

"Section 8. Unless the policy otherwise provides, where a mortgagor of property effects insurance in
his own name providing that the loss shall be payable to the mortgagee, or assigns a policy of
insurance to a mortgagee, the insurance is deemed to be upon the interest of the mortgagor, who
does not cease to be a party to the original contract, and any act of his, prior to the loss, which would
otherwise avoid the insurance, will have the same effect, although the property is in the hands of the
mortgagee, but any act which, under the contract of insurance, is to be performed by the mortgagor,
may be performed by the mortgagee therein named, with the same effect as if it had been performed
by the mortgagor.

"Section 9. If an insurer assents to the transfer of an insurance from a mortgagor to a mortgagee,


and, at the time of his assent, imposes further obligations on the assignee, making a new contract
with him, the acts of the mortgagor cannot affect the rights of said assignee.

"TITLE 3
"INSURABLE INTEREST

"Section 10. Every person has an insurable interest in the life and health:
"(a) Of himself, of his spouse and of his children;

"(b) Of any person on whom he depends wholly or in part for education or support, or in
whom he has a pecuniary interest;

"(c) Of any person under a legal obligation to him for the payment of money, or respecting
property or services, of which death or illness might delay or prevent the performance; and

"(d) Of any person upon whose life any estate or interest vested in him depends.

"Section 11. The insured shall have the right to change the beneficiary he designated in the policy,
unless he has expressly waived this right in said policy. Notwithstanding the foregoing, in the event
the insured does not change the beneficiary during his lifetime, the designation shall be deemed
irrevocable.

"Section 12. The interest of a beneficiary in a life insurance policy shall be forfeited when the
beneficiary is the principal, accomplice, or accessory in willfully bringing about the death of the
insured. In such a case, the share forfeited shall pass on to the other beneficiaries, unless otherwise
disqualified. In the absence of other beneficiaries, the proceeds shall be paid in accordance with the
policy contract. If the policy contract is silent, the proceeds shall be paid to the estate of the insured.

"Section 13. Every interest in property, whether real or personal, or any relation thereto, or liability in
respect thereof, of such nature that a contemplated peril might directly damnify the insured, is an
insurable interest.

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