Scribd
Upload
100 views1 page

Commercial Law: Insurance Code FAQs

The document discusses several topics in commercial insurance law. It outlines who may be insured, what constitutes an insurable interest in life insurance and property insurance. For life insurance, anyone with a dependency or pecuniary interest in another person has an insurable interest. The insured has the right to change beneficiaries unless this right is waived, in which case the designation becomes irrevocable. Any interest in property that could be damaged by a peril is considered an insurable interest.

Uploaded by

Vince Llamazares Lupango
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
100 views1 page

Commercial Law: Insurance Code FAQs

The document discusses several topics in commercial insurance law. It outlines who may be insured, what constitutes an insurable interest in life insurance and property insurance. For life insurance, anyone with a dependency or pecuniary interest in another person has an insurable interest. The insured has the right to change beneficiaries unless this right is waived, in which case the designation becomes irrevocable. Any interest in property that could be damaged by a peril is considered an insurable interest.

Uploaded by

Vince Llamazares Lupango
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Commercial Law FATS

Frequently Asked Topics- Bentelog

INSURANCE CODE

Who may be insured. (s7)

Anyone except a public enemy may be insured. Xxxx (s17

Insurable Interest- Life Insurance (s10)

Every person has an insurable interest in the life


and health:

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

(b) Of any person on whom he depends wholly or


in part for education or support, or in whom he has
a pecuniary interest;

(c) Of any person under a legal obligation to him


for the payment of money, or respecting property
or services, of which death or illness might delay
or prevent the performance; and

(d) Of any person upon whose life any estate or


interest vested in him depends.

Designation of beneficiary (s11)

The insured shall have the right to change the


beneficiary he designated in the policy, unless he
has expressly waived this right in said policy.
Notwithstanding the foregoing, in the event the
insured does not change the beneficiary during his
lifetime, the designation shall be deemed
irrevocable.

Insurable Interest in Property (s13)

Every interest in property, whether real or


personal, or any relation thereto, or liability in
respect thereof, of such nature that a contemplated
peril might directly damnify the insured, is an
insurable interest

Xxx (s14)

© Vince Gilo, Vince Lupango

You might also like