NOTES

Red notes review for exam

Everything is insurable for the right premium.
In case of loss, Notice of loss must be sent to Insurer immediately (art 88)
Misrepresentation is a ground for rescission of the contract or refusal of the
claim
Sec. 93. A double insurance exists where the same person
is insured by several insurers separately in respect to
the same subject and interest.
Over-insurance
Insurable interest- the extent to which a person may be damnified.
Sec 84- Proximate cause
o Proximate cause is that which, in a natural and continuous sequence,
unbroken by any new independent cause, produces an event and without
which the event would not have occurred
Sec 85- if you profited from something that caused damage to another, you have
to pay a pro rata share on the loss
Sec 86- excepted risks
Insurance can be claimed from a policy other than life even if the insured was
negligent (wag lang nia sasadyain!)
Proof of loss (sec 91)
See page 299 on double insurance
What is pro rata sharing?
o When an insured has multiple insurance, he may claim on one, but the
other insurance companies are to share on his claim pro rata
Reinsurance
o Sec. 95.
A contract of reinsurance is one by which an insurer procures a
third person to insure him against loss or liability by reason of
such* original insurance.
Malanang insured for one billion and insurance company hired y
duterte then reinsures malacanang so he can spread the risk
o Not all insurance companies are reinsurer ( yung mayayaman lang )
Automatic reinsurance treaties
o Hati-hati na sila (insurance companies), automatic..

REVIEW

What is Insurance
o An agreement whereby one person (insurer) agrees to indemnify another
(insured)
Define Agent/ broker
Define an insurance company
o Regulated by department of insurance
Life insurance
o Includes health, Property casualty, Professional liability (doctors)
 Kinds of Non-life insurance
o Home owners
o Aircraft insurance
o Marine insurance
Policy (whats written)
o Name of insured
o Policy number
o Property insured
o Effectivity date to expiry date
o Beneficiary/payee in case of loss
One cannot insure withput insurable interest
Who has insrable interest? The owner; one who intends to be DAMNIFIED
(magic word)
Even though youre not the owner, you may still have insurable interest
Warranty
Condition
Information

Cases:
Proximate cause (bagtas..)
Exempted risk