Professional Documents
Culture Documents
3. Life.Insurable Interest
Over the life of a person who is obligated to him for the performance of an
act
(the payment of a monthly support)
4. Insurance is not akin to a wagering contract
So a lottery ticket cannot be insured against theft.
Also, the owner has no insurable interest since the grand prize is not yet his
and he does not have an existing right or interest over such.
If the ticket won the grand prize, the owner already has an insurable interest
since he can validly claim the prize upon presentment of the ticket. There is
an existing interest on which his interest can be founded on
5. Payment of Premiums:
Under the Civil Code, payment by a third person who has an interest in the
contract is a valid payment.
A beneficiary can validly pay the premiums over the policy since this can be
made by a person other than the insured. As such the beneficiary is entitled
to claim indemnity on the policy.
6. Double Insurance:
Insurance over the same thing,
same risk,
of the same person for the same interest,
by two or more insurers
7. Overinsurance
Insurable interest less than the total amount for which he insured the thing
(like when the insurable interest is only P10M but it was insured for a total of
P12M)
8. Partial loss where there was Underinsurance (Thing was insured for less its
value)
Divide the value of the thing by the amount of insurance.
(Value of the building is P10M but it was insured only for P4M)
Insured is deemed to be self-insured as regards the difference between the
value of the thing and the amount of insurance. (P6M)
As co-insurers, the insured may only recover the quotient. (P400T)
9. Constructive Total Loss in Marine Insurance
In computing this the total loss would be of the number covered by the
policy
10.Confusing item about estoppel as to payment of premiums (where UCPB
General vs. Masagana was deemed inapplicable). Premiums were initially
paid on Jan 10, 2009 but the loss occurred on Jan. 11, 2010 without insured
paying the premiums yet, di ko gets.
NIL paki-answer. Haha.
1. Nora Aunor, whose real name was Nora Villamayor, signed a promissory note
using her alias. When the note became due and payee demanded payment,
Nora refused to comply, saying that her real name was Villamayor so she
could not be held liable.
Is the instrument still negotiable despite the irregularity of Noras signature?
2. The payee in a check was a minor, Ana.
a. Is the instrument negotiable?
b. Can Ana endorse the check?
3. A check was drawn for P5T by A for B. The check was then given by B to C as
payment for a debt of P3T.
May B validly indorse the check to C for only P3T?
4. A promissory note stated Pay to the order of Bearer
a. Is this negotiable?
b. How will this be indorsed?
5. A promissory note stated Pay to the order of Cash
a. What kind of instrument is this? Is it to bearer or order?
b. How will this be indorsed?
6.
A promissory note of P10T (in words) and P15T (in figures) was made,
wherein there were two payees
a. Is this negotiable?
b. How will this be indorsed?
c. How much is the instrument?