Professional Documents
Culture Documents
15. Discuss in details the rule on insurance claims when the insured
commits suicide.
Insurer is liable in the following cases:
1. If committed after two years from the date of the policy issue or
its last reinstatement;
2. If committed in state of insanity regardless of the date of
commission unless suicide is an excepted peril (Sec. 180-A); and
3. If committed after a shorter period provided in the policy.
NOTE: Any stipulation extending the two-year period is null and void.
16. Distinguish Double Insurance from Over Insurance.
17. Discuss in details the rule on insurance claims when the insured
dies at the hands of the law.
*EXAMPLE: legal execution*
It is one of the risks assumed by the insurer under a life insurance
policy in the absence of a valid policy exception.
18. Discuss in details the rule on insurance claims when the insured
is killed by the beneficiary.
General Rule: The interest of the 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 which
event, the nearest relative of the insured shall receive the proceeds of
said insurance if not otherwise disqualified (Section 12).
Exceptions:
1. Accidental killing;
2. Self-defense;
3. Insanity of the beneficiary at the time he killed the insured.
NOTE: if the premiums paid came from conjugal funds, the proceeds
are considered conjugal. If the beneficiary is other than the insureds
estate, the source of premiums would not be relevant.
NOTE: The measure of indemnity on life or health insurance policy is
the sum dixed in the policy except when a creditor insures the life of
his debtor.
24. What are the matters embraced by the term doing an insurance
business?
Doing an insurance business or transacting an insurance business shall
include (RISO)
a) 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;
b) making or proposing to make as an insurer, any Insurance
contract;
c) making or proposing to make as a surety any contract of
Suretyship as a vocation and not as merely incidental to any
other legitimate business of the surety;
d) Others doing or proposing to do any business in substance
equivalent to any of the forgoing in a manner designed to evade
any of the provisions of this code.
25. Distinguish insurable interest in life insurance from insurable
interest in property as to definition, coverage, limitation or extent,
as to the time it must exist and as to rules with regard to
beneficiary.