Insurance ETBeltran Sec49-52

8/17/2019 Insurance ETBeltran Sec49-52

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The Insurance Code of thePhilippines

TITLE 6-THE POLICY

EDEN T. BELT!N!"#L.$%&6


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CONTENTS OF THEPRESENTATION

• Section 49- Policy of Insurance, Dene!

• Section "#-For$ an! contents% Ri!er,re&uire$ents, E'ect

• Section "(- Contents an! )ro*isions of tPolicy

• Section "- Co*er Notes


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#ection '(. The )ritten instru*ent in )hich a contract of insuranset forth+ is called a polic, of insurance.

#ection %. The polic, shall e in printed for* )hich *a, contain spaces0 and an, )ord+ phrase+ clause+ *ar/+ si1n+ s,*ol+ si1natu

nu*er+ or )ord necessar, to co*plete the contract of insurance e )ritten on the lan/ spaces pro2ided therein.

!n, rider+ clause+ )arrant, or endorse*ent purportin1 to e part ocontract of insurance and )hich is pasted or attached to said policnot indin1 on the insured+ unless the descripti2e title or na*e of rider+ clause+ )arrant, or endorse*ent is also *entioned and )rittthe lan/ spaces pro2ided in the polic,.

"nless applied for , the insured or o)ner+ an, rider+ clause+ )arraor endorse*ent issued after the ori1inal polic, shall e countersi1, the insured or o)ner+ )hich countersi1nature shall e ta/en as a1ree*ent to the contents of such rider+ clause+ )arrant, orendorse*ent.

3roup insurance and 1roup annuit, policies+ ho)e2er+ *a, et,pe)ritten and need not e in printed for*.


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• 4hat is a polic, of i#ec. '( denes a polic,as a )ritten instru*encontract of insurance i

4ho si1ns the policinsurance73enerall,+ onl, the insdul, authori8ed a1ent polic,. It need not e sinsured E9CEPT )here )arranties are containseparate instru*ent fothe polic,+ in )hich casre


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4hat is usuall, the est e2idence that a contract has eeentered into et)een the insurer and the insured5

Deli2er, of the polic, , the insurer to the insured.

4hat are the e=ects of the deli2er, of the polic,5

If the deli2er, is conditional+ non-fulll*ent of the condition arcontract fro* ta/in1 e=ect.If the deli2er is unconditional+ the insurance eco*es e=ecti2e ati*e of deli2er,.


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4hat is an endorse*ent5!n endorse*ent is an, pro2ision added to aninsurance contract alterin1 its scope or applicationE:a*ples )ould e those additions to the contract chan1ia*ount+ the rate or the ter* of the sa*e.

4hat does #ec. $$6 sa,5#ection $$6. No polic,+ certicate or contract of insushall e issued or deli2ered )ithin the Philippines unless ifor* pre2iousl, appro2ed , the Co**issioner+ and no

application for* shall e used )ith+ and no rider+ clause+)arrant, or endorse*ent shall e attached to+ printed orsta*ped upon suchpolic,+ certicate or contract unless the for* of such applrider+ clause+ )arrant, or endorse*ent has een appro2edthe Co**issioner.


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4hat is a rider5

It is a printed or t,ped stipulation contained on a slip of pattached to the polic, and for*in1 an inte1ral part of the iders are usuall, attached to the polic, ecause the,

constitute additional stipulations et)een the parties.

4hat happens if there is an inconsistenc, et)ethe polic, and the rider5

IDE pre2ails+ as ein1 a *ore delierate e:pression of ta1ree*ent of the contractin1 parties.


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4hat are the re Descripti2e title or na*e of the rider )hich is pasted oattached to a polic, ?"#T e *entioned and )ritten on thlan/ spaces pro2ided for in the polic,0 and$> "nless applied for , the insured or o)ner+ said insureo)ner ?"#T countersi1n the rider.

Do the precedin1 re


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4hat are clauses5Clauses are a1ree*ents et)een the insurer and the insucertain *atters relatin1 to the laiilit, of the insurer in caloss.

4hat are e:a*ples of clauses7&> @ Clause A )here the insurer is liale for onl, @ of theor da*a1e to the insured$> Loss Pa,ale clause A )here the loss if an, is pa,ale

part, or parties na*ed+ as their interests *a, appear.> Chan1e of O)nership clause )here the insurance )illto the enet of )ho*soe2er+ durin1 the continuance of t*a, eco*e the o)ner of the interest insured.


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#ection &. ! polic, of insurance *ust specif,7a> The parties et)een )ho* the contract is *ade0> The a*ount to e insured e:cept in the cases of open

runnin1 policies0c> The pre*iu*+ or if the insurance is of a ch

)here the e:act pre*iu* is onl, deter*inale upoter*ination of the contract+ a state*ent of the asis and upon )hich thenal pre*iu* is to e deter*ined0d> The propert, or life insured0

e> The interest of the insured in propert, insured+ if he isthe asolute o)ner thereof0f> The ris/s insured a1ainst0 and1> The period durin1 )hich the insurance is to continue.


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4hat *ust a polic, contain and )hat are the reaehind such re


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. Interests of the insured in the propert, In order to deter*ine actual da*a1e. e*e*er+ an

1ets the full 2alue of the loss )hile a *ort1a1ee 1ets onl,2alue of his credit.6. is/s insured a1ainst

In order to /no) )hen the insurer is called to inde*ninsured+ ecause if this is NOT stated+ and ,ou hold the inliale for an, loss due to an, cause )hatsoe2er+ it )ill resi1 loss on the part of the insurer.

;. Duration of the insuranceThis period si1nifies the life of the polic,. If the dura

insurance has alread, ended+ it can no lon1er e re2i2ed.


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What are the kinds of insurable risks?1. Personal risks2. Property risks3. Liability risks


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What are the kinds of insurable risks?1. Personal risks2. Property risks3. Liability risks


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#ection $. Co2er notes *a, e issued to ind insurancete*poraril, pendin1 the issuance of the polic,. 4ithin si:da,s after the issue of the co2er note+ a polic, shall e iss

lieu thereof+ includin1 )ithin its ter*s the identical insuraound under the co2er note and the pre*iu* therefor.

Co2er notes *a, e e:tended or rene)ed e,ond such si:da,s )ith the )ritten appro2al of the Co**issioner if hedeter*ines that such e:tension is not contrar, to and is nthe purpose of 2iolatin1 an, pro2isions of this Code. The

Co**issioner *a, pro*ul1ate rules and re1ulations 1o2esuch e:tensions for the purpose of pre2entin1 such 2iolatand *a, , such rules and re1ulations dispense )ith there


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4hat are t)o t,pes of preli*inar, contracts of

insurance5The preli*inar, contract of present insurance and thepreli*inar, e:ecutor, contract of insurance.

4hat is a preli*inar, contract of present insuranB, a preli*inar, contract of insurance+ the insurer insures

suect *atter usuall, , )hat is /no)n as a indin1 slipinderF or co2er noteF )hich is the contract to e e=ectuntil the for*al polic, is ssued or the ris/ is reected.


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4hat is a co2er note5

The co2er not is *erel, a )ritten *e*orandu* of the *osi*portant ter*s of the preli*inar, contract of insurance+

intended to 1i2e te*porar, protection pendin1 the in2esti1of the ris/ , the insurer+ or until the issuance of a for*al ppro2ided that it is later deter*ined that the applicant )asinsurale at the ti*e it )as 1i2en.

B, its nature+ it is suect to all conditions in the polic, e:pe2en thou1h that polic, *a, ne2er issue. In life insurance

)here an a1ree*ent is *ade et)een an applicant and theinsurersG a1ent+ no liailit, shall attach until the insurerappro2es the ris/. Thus+ in life insurance+ a indin1 slip oindin1receipt DOE# NOT insure itself.


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Cover Note SunLife Insur


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• Acon

notiissu 2 maftetemlife

is isupoappthe by tinsu


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4hat is a preli*inar, e:ecutor, contract of

insurance5

B, a preli*inar, e:ecutor, contract of insurance+ the insu*a/es a contract to insure the suect *atter at so*esuse


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+at are t+e rules .o*ernin. co*er notes/

(0 Insurance co$)anies !oin. 1usiness in t+e P+ili))ineissue co*er notes to 1in! insurance te$)orarily )en!in. t+issuance of t+e )olicy 0 A co*er not s+all e !ee$e! to 1e a contract of insuran

2it+in t+e $eanin. of Sec3 ((0 of IC350 NO co*er note s+all 1e issue! or rene2e! unless in t+e)re*iously a))ro*e! 1y t+e Insurance Co$$ission340 A co*er not s+all 1e *ali! an! 1in!in. for a )erio! NOTe6cee!in. 7# !ays fro$ t+e !ate of its issuance, 2+et+er ot+e )re$iu$ t+erefore +as 1een )ai! or not, 8T suc+ co*$ay 1e cancele! 1y eit+er )arty u)on at least : !ays notic

ot+er )arty3"0 If a co*er not is not so cancele!, a )olicy of insurance

2it+in 7# !ays after t+e issuance of t+e co*er not 1e issuelieu t+ereof3 Suc+ )olicy s+all inclu!e 2it+in its ter$s t+ei!entical insurance 1oun! un!er t+e co*er note an! t+e)re$iu$s t+erefore3


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6> ! co2er note *a, e e:tended or rene)ed e,ond theafore*entioned period of 6% da,s )ith the )ritten appro

the Insurance Co**issioner+ pro2ided that such )appro2al *a, e dispensed )ith upon the certicationPres+ P or 3eneral ?1r of the Insurance co*pan,concerned+ that the ris/s in2ol2ed+ the 2alues of such ris/the pre*iu*s therefore ha2e not as ,et een deter*ined estalished and that such e:tension or rene)al is NOT coto and is not for the purpose of 2iolatin1 an, pro2ision of

;> The insurance co*panies *a, i*pose on co2er notes deposit pre*iu* e


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CASES;Li* 2. #un Life'& PHIL $6

Jacts7 On Kul, 6+ &(&;+ Luis Li* Y 3arcia of

a*oan1a applied for a polic, of lifeinsurance )ith #unlife in the a*ount of T

He desi1nated his )ife Pilar Li* as theneciar,. The rst pre*iu* of P' )paid , Li* and co*pan, issued apro2isional polic,

conr* this a1ree*ent , issuin1 a polic, on said ap::: #hould the co*pan, NOT issue such a polic, then this


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:::. #hould the co*pan, NOT issue such a polic,+ then thisa1ree*ent shall e null and 2oid a initio and the Co*pan, sheld not to ha2e een on the ris/ at all+ ut in such case+ the herein shall e returned.

Li* died on !u1. $+ &(&; after the issuance of the pro2ispolic, ut efore the appro2al of the application , the ho*e

the insurance co*pan,. The instant action is rou1ht , the eneficiar, to reco2e

Life the su* of T.

Issue7 4ON the eneciar, can collect the T.

Held7 NO.The contract of insurance )as not consu**ated , the partie

ao2e


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4hat is a indin1 receipt 5

! indin1 receipt or slip is ordinaril, a docu*ent+ slip or *e*1i2en to the insured+ )hich inds the insurance co*pan, to insurance should a loss occur pendin1 action upon the applicactual issuance of a polic,.

The purpose of a inder is to pro2ide te*porar, insurance pein


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Insurance ETBeltran Sec49-52

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