Lawyer's Oath

I, do solemnly swear that I will maintain allegiance to the Republic of the Philippines, I will support the
Constitution and obey the laws as well as the legal orders of the duly constituted authorities therein;
I will do no falsehood, nor consent to the doing of any in court;
I will not wittingly or willingly promote or sue any groundless, false or unlawful suit, or give aid nor consent
to the same;
I will delay no man for money or malice, and will conduct myself as a lawyer according to the best of my
knowledge and discretion, with all good fidelity as well to the courts as to my clients;
and I impose upon myself these voluntary obligations without any mental reservation or purpose of
evasion. So help me God.
1. Contract of insurance - is an agreement whereby one undertakes for a consideration to
indemnify another against loss, damage or liability arising from an unknown or contingent event.
2. Doing an insurance business or transacting an insurance business
(a) making or proposing to make, as insurer, any insurance contract;
(b) making or proposing to make, as surety, any contract of suretyship as a vocation and not as
merely incidental to any other legitimate business or activity of the surety;
(c) doing any kind of business, including a reinsurance business, specifically recognized as
constituting the doing of an insurance business within the meaning of this Code;
(d) doing or proposing to do any business in substance equivalent to any of the foregoing in a
manner designed to evade the provisions of this Code.
Nature and Characteristics of Insurance Contract
1. Consensual perfected by the meeting of the minds of the parties
2. Voluntary not compulsory
- Liability insurance required by law
- May arise by operation of law (ex: war damage corporation act & social insurance)
3. Aleatory depends upon some contingent event (not a contract of chance), one of the parties or
both reciprocally bind themselves to give or to do something in consideration of what the other
shall give or do upon the happening of an event which is uncertain
4. Unilateral - Executed / Executory executed as to the insured after the payment of premium and
executory on the part of insurer that it is not executed until payment for a loss
5. Conditional subject to conditions the principal one of which is the happening of the event
insured against.
6. Contract of Indemnity (except life and accident insurance where the result is death) promise
of the insurer to make good only the loss of the insured
- No person may secure insurance upon property in which he has no interest
7. Personal each party having in view the character, credit and conduct of another
8. Property in Legal Contemplation life insurance policies are generally assignable like any
chose in action; they are in the nature of property and do not represent a personal agreement
between the insurer and the insured.
Elements of Insurance Contract
1. Insurable interest insured possesses an interest of some kind susceptible of pecuniary
estimation
2. Insured is subject to a risk of loss through the destruction or impairment of that interest by the
happening of designated perils

3. Insurer assumes that risk of loss

4. Such assumption of risk is party of a general scheme to distribute actual losses among a large
group or substantial number of persons bearing a similar risk
5. Premium as consideration for the insurers promise, the insured makes a ratable contribution to
a general insurance fund
1. A subject matter which the insured has an insurable interest.
2. Event or peril insured against which may be any future contingent or unknown event, past or future
and a duration for the risk thereof.
3. A promise to pay or indemnify in a fixed or ascertainable amount.
4. A consideration known as premium.
5. Meeting of the minds of the parties.
Classification of an Insurance Contract
1. General
2. Social / Government Insurance
3. Voluntary / Private Insurance
a. Commercial Insurance
1. Personal Insurance based on the nature of the perils
2. Property Insurance
b. Cooperative Insurance applied to associations usually operating under hospital, medical,
fraternal, employee, or trade-union auspices.
c. Voluntary Government Insurance no element of compulsion
Classification of Insurance under Insurance Code
1. Insurance against loss or impairment of property interest (in existence or merely expected)
- Marine Insurance loss due to marine perils
- Fire Insurance
- Guaranty Insurance
- Credit Insurance
- Fidelity Insurance
- Theft Insurance
- Title Insurance
2. Insurance against loss of earning power due to death (life insurance), accidental injury, ill-health,
sickness, old age or other disability, or even unemployment
3. Insurance against contingent liability to make payment to another
Classification under the Insurance Code
1. Life insurance contracts which may be:
a. Individual life
b. Group life
c. Individual life

2.