Insurance Code of the Philippines (various sections)

7/27/2019 Insurance Code of the Philippines (various sections)

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Whenever used in this Code, the followingterms shall have the respective meaningshereinafter set forth or indicated, unless thecontext otherwise requires:


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1) A "contract of insurance" is an agreementWHEREBY one undertakes for a considerationto indemnify another AGAINST loss, damage,or liability ARISING from an unknown orcontingent event


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A contract of suretyship shall be deemed tobe an insurance contract, WITHIN THEMEANING OF THIS CODE, ONLY IF made by asurety who or which, as such, is doing an

insurance business as hereinafter provided


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2) The term "doing an insurance business" or"transacting an insurance business" within themeaning of this code, shall include:

a) Making or proposing to make, as insurer, anyinsurance contract


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b) Making or proposing to make, as surety, anycontract of suretyship as a vocation and notas merely incidental to any other legitimatebusiness or activity of the surety;

c) Doing any kind of business, including aresinsurance business, specifically recognizedas constituting the doing of an insurancebusiness within the meaning of this Code;


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d) Doing or proposing to do any business insubstance equivalent to any of the foregoingin a manner designed to evade the provisionsof this Code.


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In the application of the provision of this Codethe fact that NO PROFIT IS DERIVED FROM

THE MAKING OF INSURANCE CONTRACTS,AGREEMENTS OR TRANSACTIONS, OR THAT

NO SEPARATE OR DIRECT CONSIDERATION ISRECEIVED THEREFOR, shall not be deemedconclusive to show that the making thereofdoes not constitute the doing or transacting of

an insurance business.


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3) as used in this Code, the term"Commissioner" means the "InsuranceCommissioner".


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Any contingent or unknown event,

Whether past or future,

Which may damnify a person having an

insurable interestOr create a liability against him,

May be insured against,

Subject to the provisions of this chapter.


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The consent of the husband is not necessaryfor the validity of an insurance policy takenout by a married woman on her life or that ofher children.


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Any minor of the age of eighteen years ormore, may, notwithstanding such minority,contract for life, health and accidentinsurance, with any insurance company duly

authorized to do business in the Philippines,provided the insurance is taken on his own lifeand the beneficiary appointed is the minor'sestate or the minor's father, mother, husband,

wife, child, brother or sister.


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The married woman or the minor hereinallowed to take out an insurance policy mayexercise all the rights and privileges of anowner under a policy.


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All rights, title, and interest in the policy ofinsurance taken out by an original owner onthe life or health of a minor shallautomatically vest in the minor upon the

death of the original owner, unless otherwiseprovided for in the policy.


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Every person has an insurable interest in the lifeand health:

a) of himself, of his spouse and of his children;

b) of any person on whom he depends wholly orin part for education or support, or in whom hehas a pecuniary interest;

c) of any person under a legal obligation to himfor the payment of money, or respecting propertyor services, of which death or illness might delayor prevent the performance; and

d) of any person upon whose life any estate orinterest vested in him depends.


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An insurable interest in property may consist in:

An existing interest;

An inchoate interest founded on an existing

interest; orAn expectancy, coupled with an existing

interest in that out of which the expectancyarises.

Insurance Code of the Philippines (various sections)

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Transcript of Insurance Code of the Philippines (various sections)