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What is Insurance Law? 1.

Subject matter - refers to the thing

A Contract of Insurance is an agreement 2. Consent - meeting of the minds of
whereby one undertakes for a consideration the parties where there is an offer
to indemnify another against loss, damage and acceptance.
or liability arising from an unknown or 3. Object - the principal object and
contingent event. (Section 2 (a), RA No. purpose of insurance is the transfer
10607) and distribution of risk, damage or
What is the principle behind insurance? liability arising from an unknown or
contingent event.
Insurance is based upon the principle of 4. Consideration - refers to the
aiding another from a loss caused by an premium paid by the insured to the
unfortunate event. insurer.
5. Insurable Interest - means that the
What is the principal purpose of insurance insured possesses an interest of some
law? kind susceptible of pecuniary
The principal object and purpose of estimation.
insurance is the transfer and distribution of What are the requisites of contract of
risk, damage or liability arising from an
unknown or contingent event.
In order that there will be a valid will and
What is subrogation? enforceable contract of insurance, it is
It is basically a process of legal necessary that the following be present:
substitution; the insurer, after paying the 1. A subject matter in which the insured
amount covered by the insurance policy, has an insurable interest;
stepping into the shoes of the insured, as it 2. Event or peril insured against which
were, and availing himself of the latters
may be any (future) contingent or
rights that exist against the wrongdoer at the unknown event, past or future and a
time of the loss.
duration for the risk thereof;
Is subrogation applicable to life insurance? 3. A promise to pay or indemnify in a
fixed of ascertainable amount;
No. The right of subrogation under 4. A consideration for the promise,
Article 2207 of the New Civil Code applies known as the premium;
only to property, and not to life insurance. 5. A meeting of minds of the parties
And the risk must be covered by the policy upon all foregoing essentials.
to entitle the insurer to subrogation.
What are the characteristics of insurance
What are the elements of insurance law? law?

In determining the existence of a A contract of insurance has the following

contract on insurance, it is important to characteristics:
consider the following:
1. Consensual perfected by the construed against it and in favor of the
meeting of the minds of the parties insured.
2. Voluntary it is not compulsory and
the parties may incorporate such
terms and conditions as they may What is an authorized driver clause?
deem convenient which will be
binding provided they are not The authorized driver clause of the
against the law or public policy insurance policy states that the insurance
3. Aleatory depends upon some company shall not be liable for damages
contingent event caused to insured vehicle if driven by a
4. Executed as to the insured after the
person not permitted in accordance with
payment of the premium
licensing laws or regulations to drive the
5. Executory as to the insurer as it is
not executed until payment for a loss motor vehicle covered by this policy.
6. Conditional subject to conditions
the principal one of which is the Why insurance contract a matter of public
happening of the event insured policy?
7. Personal each party in the contract What is the effect if the insurance contract is
have in view the character, credit entered into by a minority?
and conduct of the other
What are different kinds of insurance The contract of insurance entered into
contract (by classification)? by a minor (below 18 years) is not entirely
void. It is one which is merely voidable, that
Under the Insurance Code, insurance is, it is valid until annulled in a proper action
contracts are classified according to the in court by the minor or his legal
nature of the risk involved as follows: representative (Article 1390, NCC)

1) Life insurance contracts What are the provisions in the NCC which
a) Individual Life (Sections 181- are applicable to Insurance Law?
186, 233)
b) Group Life (Sections 50, last The provisions of the Civil Code
par., 234) dealing on insurance are found in articles
c) Industrial Life (Sections 235- 739 and 2012 (void donations), Article 2011
237) (applicability of the Civil Code), Articles
2) Non-Life Insurance Contracts 2021-2027 (life annuity contracts), Article
a) Marine (Sections 101-168) 2186 (compulsory motor vehicle liability
b) Fire (Sections 169-175) insurance), and Article 2207 (right of
c) Casualty (Section 176) subrogation).
3) Contracts of Suretyship or
bonding (Sections 177-180).
What is fraud? What are two kinds of fraud?
How are insurance contracts construed?
What is an insurable interest?
Ambiguities or obscurities must be strictly
interpreted against the party that caused Who are to be included as beneficiaries? Are
them. As the insurance policy is prepared there limitations?
solely by the insurer, the ambiguities shall be
What is the essence of rescission? Law of Insurance in the Philippines, 1968
What are the limitations of the
insurer/insured? Whether intentional or intentional, will it be
a ground of concealment?
What if the premium is not yet paid?
Is contract of insurance and policy the same?
What is concealment?
What is variable insurance?
What is the test of materiality?
Does a mortgagor or mortgagee have an
What are the requisites of concealment? insurable interest?
What are the matters to be communicated? Can a convicted person be insured?
May information be waived? What is a wagering contract?
What is representation? Is a contract of insurance a wagering
What is misrepresentation?
As to public or private employment, who
Distinguish misrepresentation from
are considered as beneficiaries?
What are risks to be insured?
What are the kinds of representation?
What are the contents of policy?
Distinguish between affirmative
representation and promissory What are the requisites of risks?
What is open policy?
What is policy?

When is the period to rescind?

What is a contract of adhesion?

What is a rider?

It is a printed stipulation usually

attached to the policy because it
constitutes additional stipulation between
the parties. (Ang Giok Chip vs. Springfield,
56 Phil. 275)

In case of conflict between a rider

and the printed stipulations in the policy,
the rider prevails, as being a more
deliberate expression of the agreement of
the contracting parties. (C. Alvendia, The