Life Insurance
General Rule: Paid immediately
Exceptions:
Life Insurance
If maturity is due to death
Proceeds
are paid within 60 days from presentation of the claim and proof of death
claim
Illustration
A dies on November 1, 2007
The claim is presented and the death certificate is submitted to the insurer on December 1, 2007 Proceeds must be paid within 60 days from December 1, 2007 or until February 1, 2007.
Illustration
A dies on November 1, 2007
rule: beneficiaries
designated
P500.00
the executor or administrator of insured or any of insureds relative by blood or legal adoption or by marriage or any person who incurred expenses for maintenance, medical attention or burial
paid within 30 days after proof of loss is received by insurer and ascertainment of loss is made
Ascertainment of loss made either by
within 60 days from receipt of proof of loss, insurer must pay within 90 days after receipt of proof Refusal to pay within period unless due to a fraudulent claim = interest
ILLUSTRATION
A presents proof of actual loss of
days after March 1, 2007 or until April 1, 2007. Otherwise, interest must be paid.
ILLUSTRATION
March 1, 2007 but parties cannot agree on amount of loss by May 1, 2007 (within 60 days).
from March 1, 2007 or until June 1, 2007. Otherwise, interest will accrue.
Claim is waived
fault or negligence of any kind total indemnity person shall not P5,000. of one exceed
if
oath.
police report of accident ; and Death certificate and evidence to establish payee OR medical report and evidence of medical and hospital disbursement.
occupant of a vehicle, claim against insurance of vehicle otherwise, claim against offending vehicle
truth of reports that insured was not insurable at time of application (Chuy v. Philamlife)
delay caused by determination of actual
not evidence in ordinary courts purpose : Apprise insurer of loss and make proper investigation while evidence is still fresh and to prevent further loss
must
Subrogation
as an equitable assignment to the insurer all remedies which insured may have for the recovery