Insurance Law Review 2016. Day 1

7/25/2019 Insurance Law Review 2016. Day 1

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INSURANCE BAR REVIEW2016

Ateneo de DavaoCollege of Law


2/221

Insuan!e Code of 201"REPUBLIC ACT NO. 10607

AN ACT STRENGTHENING THE INSURANCEINDUSTRY, FURTHER AMENDINGPRESIDENTIAL DECREE NO. 612, OTHERWISEKNOWN AS "THE INSURANCE CODE", AS

AMENDED BY PRESIDENTIAL DECREE NOS.1141, 120, 14!!, 1460, 114 AND 11,AND BATAS PAMBANSA BLG. 74, AND FOROTHER PURPOSES


3/221

S#lla$us fo 201% BaE&a'(nat(on

A. C#$%&'( #) I$*+-$%&

B. E&/&$(* #) -$ I$*+-$%& C#$(-%(

C. C--%(&*(%*N-(+& #) I$*+-$%& C#$(-%(*

D. C-**&*

1. M-$&2. F&

3. C-*+-(4. S+&(*'

!.L)&

6. C#/'+*# M#(# 5&%& L-( I$*+-$%&


4/221

S#lla$us fo 201% BaE&a'(nat(on

E. I$*+-& I$(&&*(1. I$ L)&H&-(2. I$ P#'&(3. D#+& I$*+-$%& -$ O8& I$*+-$%&4. M+('& # S&8&- I$(&&*(* #$ S-/& P#'&(

F. P&)&%(#$ #) (& C#$(-%( #) I$*+-$%&

1. O9& -$ A%%&'(-$%&C#$*&$*+-

-. D&- $ A%%&'(-$%&

. D&8& #) P#%

2. P&/+/ P-/&$(


5/221

S#lla$us fo 201% BaE&a'(nat(on3. N#$:D&)-+( O'(#$* $ L)& I$*+-$%&

4. R&$*(-(&/&$( #) - L-'*& P#% #) L)& I$*+-$%&

!. R&)+$ #) P&/+/*

G. R&*%**#$ #) I$*+-$%& C#$(-%(*

1. C#$%&-/&$(2. M*&'&*&$(-(#$O/**#$*

3. B&-% #) W--$(&*

H. C-/* S&((&/&$( -$

1. N#(%& -$ P##) #) L#**2. G+&$&* #$ C-/* S&((&/&$(

-. U$)- C-/* S&((&/&$(; S-$%(#$*

. P&*%'(#$ #) A%(#$%. S+#


6/221

)a'ewo*

G&$&-C#$%&'(*

L)&I$*+-$%&

N#$:L)&I$*+-$%&

P-/&$( #)P#%&&*

G#+$* )#R&*%**#$

S+//- #)A/&$/&$(*$ I$*+-$%&

C#&

PDIC L-=


7/221

Insuan!e Code

G&$&- '$%'&*

L)& I$*+-$%&

N#$:L)& I$*+-$%&

P-/&$( #) P#%&&*

R&*%**#$ #) $*+-$%& %#$(-%(*


8/221

I+,-R.AN. C-NCE,.S

D9&&$%&* &(=&&$ )& -$ $#$:)&$*+-$%&

W-( * $*+-& $(&&*(

N#:)-+( I$&/$( C-+*&

S'&%- +&* $ I$+*(- L)&

I$%#$(&*(-( C-+*&U$)- S&((&/&$( P-%(%&* A%(

I&


9/221

I+,-R.AN. C-NCE,.S

C#8&-


10/221

,AR. -NE/ENERAL,RINCI,LES


11/221

Con!et

An agee'ent wee$# one undeta*esfo a !ons(deat(on to (nde'n(f#

anote aga(nst loss3 da'age ol(a$(l(t# a(s(ng fo' an un*nown o!ont(ngent event4

A !onta!t of suet#s( (s dee'ed an(nsuan!e !onta!t onl# (f 'ade $# asuet# wo o w(! (s do(ng an

(nsuan!e $us(ness as a vo!at(on4


12/221

Elements

T& $*+& -* (nsua$le(nteest# $(&&*( #) *#/& >$*+*%&'(& #) '&%+$-&*(/-(#$

T& $*+& * *+?&%( (# - (s* ofloss%-+*& (& -''&$$< #)(& &*


13/221

Elements

T& (nsue assu'es te (s* #)#**;

A**+/'(#$ * '-( #) - geneals!e'e to d(st($ute a!tual losses

-/#$< - -


14/221

Philippine HealthCare v.

CIR ISSUE I* - &-(%-& -


15/221

Philippine HealthCare v.CIR

T& DST +$& S&%(#$ 1! #) (& 17 T- C#&* /'#*& #$ (& '8&$< #

&$&=$< -$ '#% #) $*+-$%& &%&'( )&,/-$&, $-$ -$ & $*+-$%&, #$ ##


16/221


17/221

Ba 2011

A. Y&*, *$%& - (& &&/&$(* #) -$$*+-$%& %#$(-%( -& '&*&$(.

B. Y&*, *$%& @ *&8%&* /- &&


18/221

Answe

C. N#, *$%& Y -%(+- /-& -%#$(#$- #$-(#$ $ @*)-8#.


19/221

Principle of Subrogation

,o!ess of legal

su$st(tut(on

.e (nsue3 afte a#(ngte a'ount !oveed $# teol(!#3 stes (nto te soes

of te (nsued


20/221


Insue ava(ls of te (gts

of te (nsued aga(nst tewongdoe

Insued CANN-. e!ovefo' o5ende wat was a(d$# (nsue $ut !an e!ovean de!(en! 4


21/221


A''%-& #$ $ $#$:)&

$*+-$%& Philamgen v. CA


22/221

I$*(-$%&* =&$ *+#


23/221

Ba 2011

W&& (& $*+& =-* /-& (#'- (& $*+& )# - #** %#8&& (& $*+-$%& %#$(-%(, *+%

$*+& %-$ +$ -)(& (& ('&*#$ =# %-+*& (& #**(#+


24/221

Ba 2011

A. T& &'&** *('+-(#$ $ (& %#$(-%( #) $*+-$%&.

B. T& &+(-& -**


25/221

Answe

B. T& &+(-& -**


26/221

Ba 2018

ELP I$*+-$%&, I$%. **+& M-$& P#% N#. $ )-8# #)FCL C#'. (# $*+& (& *'/&$( #) 132 +$&* #) &&%(%%#''& %-(#&* -*. S+*&+&$(, (& %-


27/221

Ba 2018

B&%-+*& #) (* $%&$(, FCL C#'. & =( ELPI$*+-$%&, I$%. - %-/ )# $*+-$%& $&/$( $ (&-/#+$( #) P1,!00,000.00. A)(& (& &+*(& $8&*(


28/221

Suggested Answe

I) I =&& (& ?+


29/221

Nature andCharacteristics

Aleatory

C#$(-%( #) indemnity )# $#$:)&-$ -$ investment )# )&$*+-$%&

Personal

Eecutory and conditional #$(& '-( #) (& $*+&

!berrimae "des

Adhesion


30/221

Ba 2012

A$ $*+-$%& %#$(-%( * -$ -&-(# %#$(-%(,=% /&-$*

A. T& $*+& = '- (& $*+& &+8-&$( (# (&-/#+$( #) '&/+/ '-

B. T& #


31/221

Answe

A&-(#: A %#$(-%( =#*&'&)#/-$%& #$& '-( &'&$*#$ (& #%%+&$%& #) -$ +$%&(-$

%#$($


32/221

Rule of Construction

Dou$ts ae esolved (n favo of te(nsued

Since a contract of insurance is acontract of adhesion# any obscure

$ord or stipulation in the insurancepolicy shall be resolved against theinsurance company $hich drafted theterms thereof %A&ERICAN H'&E (.

)AN)!C'# 'C)'*ER +# ,--/


33/221

F#(+$& C-& 8. A/#$, M-% 12,2014 A/#$ * - #& #) - F#(+$& C-& &-(%-, **+& *&/'#&, (& H#+*& #) R&'&*&$(-(8&*.

W& $ H-=-, A/#$ - (# +$&


34/221

F#(+$& C-& 8. A/#$, M-% 12,2014 SC I$ (& -*&$%& #) -$ +-)$< =# (-( %&- /(&F#(+$& C-&* -( (# %#*(* (-( -& -''%-& $ (&P''$&*, (& -/#+$( '--& F#(+$& C-& *#+ $#( &/(& (# (& %#*( #) (&-(/&$( $ (& P''$&*, -* (# # *#=#+ &*+( $ (& %&- *-8-$(-


35/221

F#(+$& C-& 8. A/#$, M-% 12,2014 H#=&8&, ) (& &/&


36/221

Ba 2012

A$ $*+-$%& %#$(-%( * - %#$(-%( #) -&*#$, =% /&-$*$ &*#8$< -/


37/221

Statute of 0imitations

eneal Rule/ 10 ;EARSfo' te t('e te !ause of

a!t(on a!!ues4

E&!et(on/ ,e(od 'a# $e(n!eased o de!easedBU.


38/221

Statute of 0imitations

In (ndust(al l(fe/ !annot $e

sote tan SI< ;EARS

(n all ote *(nds of(nsuan!e/ !annot $esote tan -NE ;EAR4


39/221


40/221

=Do(ng an Insuan!e

Bus(ness:'a*(ng o oos(ng to 'a*e3 as(nsue3 an# (nsuan!e !onta!t>

'a*(ng o oos(ng to 'a*e3 assuet#3 an# !onta!t of suet#s(

as a vo!at(on and not 'eel#(n!(dental to an# ote leg(t('ate$us(ness o a!t(v(t# of te suet#4

=Do(ng an Insuan!e


41/221

=Do(ng an Insuan!eBus(ness:

do(ng an# *(nd of $us(ness3 (n!lud(ng ae(nsuan!e $us(ness3 se!(!all#e!ogn(?ed as do(ng (nsuan!e $us(ness

do(ng o oos(ng to do an# $us(ness(n su$stan!e e@u(valent to an# of tefoego(ng

An ent(t# !an st(ll $e dee'ed engagedeven (f e does not de(ve an# otfo' te a!t(v(t#


42/221

+ICR-INSURANCE

S&%(#$ 17. M%#$*+-$%& * - $-$%-'#+%( # *&8%& (-( /&&(* (& *>'#(&%(#$ $&&* #) (& '## =&&

- T& -/#+$( #) %#$(+(#$*,'&/+/*, )&&* # %-


43/221

+ICR-INSURANCE

T& /-/+/ *+/ #)


44/221

Regulation of the Insurance*usiness

I$*+-$%& +*$&** * /'&**&=( '+% $(&&*(.

T& '+% /+*( & '#(&%(&-


45/221


I$*+-$%& C#//**#$ * (-*>& (#&


46/221


T& C#//**#$ * -+(#& (# **+& -%&(%-(& #) -+(#( =% *- &'& #$

(& -*( - #) D&%&/&, " #eas )##=$ /&-$* - *&( #)-%%#+$($< -$ &'#($< '$%'&*, *(-$-*,$(&'&(-(#$* -$ '#$#+$%&/&$(* (-( /+*( &-#'(& $ (& '&'--(#$ -$ *+/**#$ #) (&

*(-(+(# $-$%- *(-(&/&$(* -$ &'#(* &+& (& C#//**#$.

N#( (& *-/& -* $-$%- &'#($< )-/&=#> +*&(# '&'-& (& $-$%- *(-(&/&$(* #) SEC.

NEW

NEW


49/221

)INANCIAL RE,-R.IN )RA+EW-R

M-$ '+'#*& #) (& *(-(+(# *(-(&/&$(* (#'&*&$( /'#(-$( $)#/-(#$ -#+( (& &8& #)*> -$ *#8&$% *(+-(#$ #) $*+&*.

I$ '&*%$< (& -''%-& *(-(+(# $-$%-&'#($< )-/&=#>, (& C#//**#$& *- (->&$(# -%%#+$( $(&$-(#$- *(-$-* %#$%&$$ +%&$*& (& B-$# S&$(- $< P'$-* # -$

#) (* -$%&* +$& *+% +&* -$ &


51/221

Regulat(on of Ban!(nsue N# $*+-$%& '#+%( +$& (* *&%(#$, =&(& )& #$#$:)&, *- & **+& # &8&& +$&** $ (& )#/'&8#+* -''#8& (& C#//**#$&.

S&%(#$ 376. P&*#$$& (-*>& (# '&*&$( -$ *&

$*+-$%& '#+%(* =($ (& -$> '&/*&* *- &+ %&$*& (& C#//**#$& -$ *- & *+?&%((# (& +&* -$ &


52/221

Conse@uen!es of Ban!assuan!eov(s(ons

T# &$


53/221

Regulat(on of Insuan!eRelatedEnt(t(es

The Commissioner shall have the power to register as a self-regulatory organization, or otherwise grant licenses, and to

regulate, supervise, examine, suspend or otherwise

discontinue, as a condition for the operation of organizations

whose operations are related to or connected with theinsurance market such as, but not limited to, associations of

insurance companies, whether life or non-life, reinsurers,

actuaries, agents, brokers, dealers, mutual benefit

associations, trusts, rating agencies, and other personsregulated by the Commissioner, which are engaged in the

business regulated by this Code.

NEW

R l t( f I R l t dNEW


54/221

Regulat(on of Insuan!eRelatedEnt(t(es

"T& C#//**#$& /- '&*%& +&* -$&


55/221

Regulat(on of Insuan!eRelatedEnt(t(esS&%(#$ 431. A$ -**#%-(#$ %-$$#( & &


56/221

Regulat(on of Insuan!eRelatedEnt(t(es! T& '&*&$( #) (& -**#%-(#$ -$ -( &-*( (=# 2

$&'&$&$( &%(#* -* /&/&* #) (& #- #) &%(#* #)(& -**#%-(#$;

6 E+(-& -#%-(#$ #) &-*#$-& +&*, )&&*, -$ #(&%-


57/221

Regulat(on of Insuan!eRelatedEnt(t(esS&%(#$ 432. A *&):&


58/221

CAPITALIATIONSECTION 14

,AIDU, CA,I.AL )-R NEW do'est(! l(fe ononl(fe $*+-$%& %#/'-$ *-, $ - *(#%>%#'#-(#$ -ne $(ll(on esos>

,1300030003000400/ Provided,

D#/&*(% $*+-$%& %#/'-$ -&- #$< +*$&**$ (& P''$&*;

$&( =#( +$& 30, 2013: P2!0 M#$

D&%&/& 31, 2016: -$ P300 M#$ =#(

B D&%&/& 31, 201: -$ -(#$- P3!0 M#$=#(

B D&%&/& 31, 2022: -$ -(#$- P400 M#$

NEW

NEW


59/221

CAPITALIATION

P&:%&$*$< &+&/&$( #) - $&= $*+-$%&%#/'-$, $ -(#$ (# (& '-:+' %-'(-*(#%>, &+& (& *(#%>#&* (# '- $ %-* (#(& %#/'-$ $ '#'#(#$ (# (& *+*%'(#$$(&&*(* - %#$(+(& *+'+* )+$ #) $#( &**(-$ P100 M#$

M- -*# &+& *+% %#/'-$ (# *+/( (# /

- +*$&** '-$ *#=$< (& %#/'-$@*&*(/-(& &%&'(* -$ *+*&/&$(*, -* =& -*(& -** (&&)#, )# (& $&( *+%%&&$< 3&-*.

NEW

NEW


60/221

CAPITALIATIONSECTION 17 F#&


61/221

CAPITALIATIONS&%(#$ 2.

A$ '-($&*', -**#%-(#$, # %#'#-(#$-+(#& (# (-$*-%( *#& &$*+-$%& +*$&**/+*( -8& - !a(tal(?at(on #) -( least .ee

$(ll(on esos ,"300030003000400 a(d (n !asof w(! at least ft# e!ent %0 (s a(duand te e'a(n(ng ot(on teeof (s!ont($uted sulus3 w(! (n no !ase sall $e

less tan )ou unded '(ll(on esos3,80030003000400 o su! !a(tal(?at(on as 'a#$e dete'(ned $# te Se!eta# of )(nan!e3uon te e!o''endat(on of te Co''(ss(one/

NEW

NEW


62/221

CAPITALIATION

Provided, That (!"# of the paid-up capitalmust be invested in

securities satisfactory to the Commissioner, consisting of bonds or

other instruments of debt of the $overnment of the %hilippines or

its political subdivisions or instrumentalities, or of government-owned or -controlled corporations& Provided, That aforesaid

capital requirement is without prejudice to other requirements

to be imposed under any risk-based capital method that may

be adopted by the Commissioner: Provided, finally, That theprovisions of this chapter applicable to insurance companies shall

as far as practicable be likewise applicable to professional

reinsurers.

NEW

NEW


63/221

CAPITALIATION

N# /+(+- &$&( -**#%-(#$ *- &**+& - %&$*& (# #'&-(& -* *+%+$&** ( -* %#$*((+(& -$ &*(-*&- G+--$( F+$ &'#*($< =( (&

C#//**#$& -$ $(- /$/+/-/#+$( #) )(ve '(ll(on esos,%30003000400 $ %-*, # $


64/221

Ba 2011

A


65/221

Ba 2011 A. N#, *$%& -$ $*+-$%& %#/'-$ /+*( -8& -( &-*(PP7! M#$ '-:+' %-'(-.

B. Y&*, *$%& (&& * *+*(-$(- %#/'-$%& =( #+$-(#$--(#$ -=* &*'&%($< '-:+' %-'(- -$

F'$# #/$-(& B#- #) D&%(#*. C. Y&*, *$%& FIMA@* '- +' %-'(- /#& (-$ /&&(* (&%#+$(@* $-(#$--(#$ -=*.

D. N#, *$%& -$ $*+-$%& %#/'-$ *#+ & 100J#=$& F'$#*.


66/221

Answe

A. N#, *$%& -$ $*+-$%& %#/'-$/+*( -8& -( &-*( PP7! M#$'-:+' %-'(- -*& #$ DO 27:

06.


67/221

3hat may be insured against

DAMNIFY A PERSON ORCREATE LIABILITY AGAINST

HIM

UNKNOWNE5ENT

CONTINGENT E5ENT


68/221

Cont(ngent Event

A$ &8&$( =% /- # /- $#(-''&$

E-/'& F&, -%%&$(, *$>$< #) -*', (&)(


69/221

Un*nown event

A$ &8&$( =% * %&(-$ (# -''&$

A*'&%( #) &$< +$>$#=$ * WHEN ( = -''&$

E-/'& D&-(


70/221

4amnify v. Create a liability

D-/$) : &%( #** #) - '&*#$

C&-(& - -( : &'#*& (&'&*#$ (# -( (# (

'&*#$*. E.


71/221

Insurance by a marriedperson

M- (->& #+( -$ $*+-$%& #$*& )& # (-( #) & %&$# (-( #) *& souse =(#+((& %#$*&$( #) *& souse

NEW

I$*+-$%& - /$#


72/221

I$*+-$%& - /$#S&%. 3

An# '(no 'a#

!onta!t fo l(fe3 ealt and a!!(dent(nsuan!e3 w(t an# (nsuan!e !o'an#

dul# auto(?ed to do $us(ness (n te,(l((nes

ov(ded te (nsuan!e (s ta*en on (sown l(fe and

te $ene!(a# ao(nted (s te '(noFsestate o te '(noFs fate3 'ote3us$and3 w(fe3 !(ld3 $ote o s(ste4

R


73/221

R


74/221

Insurance by a minor

A '#'&( $*+-$%& (->&$ -/$# * 8#-& # 8- +$(

-$$+& 130

I) %#$(-%( * $#( *-Q/&,$*+& %-$$#( $8#>& /$#( (#&*%-'& -(.


75/221

Ba 2012

, - /$#, %#$(-%(& -$ $*+-$%& #$ * #=$ )&. W%*(-(&/&$( * /#*( -%%+-(&

T& )& $*+-$%& '#% * 8# - $(#.

T& )& $*+-$%& * 8- '#8& ( * =( (& %#$*&$(#) (& &$&%-.

T& )& $*+-$%& '#% * 8- '#8& (& &$&%-

* * &*(-(& # * '-&$(*, # *'#+*& # %.

T& )& $*+-$%& * 8- '#8& (& *'#*(#$ #) (&'#%&&* = & *+?&%( (# (& -''#8- #) (& &


76/221

ANSWER

T& )& $*+-$%& '#% * 8-'#8& (& &$&%- * *

&*(-(& # * '-&$(*, # *'#+*& #%.


77/221

I$*+-$%

&

L)&I$8+

-

ou

I$+*(-

N#$:L)&

M-$&

C-*+-(

F&

S+&(*'

NEW


78/221

L(fe Insuan!e

I$*+-$%& #$ +/-$ 8&* -$ $*+-$%&-''&(-$$< (&&(# # %#$$&%(& (&&=(

Eve# !onta!t o undeta*(ng fo tea#'ent of annu(t(es (n!lud(ng !onta!ts fote a#'ent of lu' su's unde aet(e'ent oga' wee a l(fe (nsuan!e

!o'an# 'anages o a!ts as a tustee fosu! et(e'ent oga' sall $e!ons(deed a l(fe (nsuan!e !onta!t fouoses of t(s Code4

NEW


79/221

Classes

14 Individual G '#(&%(#$ * -*& #$$8+- -''%-(#$.

24 5roupG +$( #) *&&%(#$ * (&


80/221

Non60ife

P#'&( $*+-$%& #

$*+-$%& =#*& #?&%( *#(& (-$ - '&*#$@* )& #=&& (& %#8&& '& *

*#/&($< #(& (-$ &-(


81/221

)ypes7 8ire

I$%+&* $*+-$%& -* -&%#8&& &(&$*#$ (# &$*+-$%& '#%&* # +$&*&'--(& '#%&*


82/221

)ypes7 Casualty

C#8&* #** # -( -*$< )#/-%%&$( # /*-', e&!lud(ng%&(-$ ('&* #) #** =% -=# %+*(#/ -& %#$*&& -* )-$* $*+& -


109/221

Accident

A$ &8&$( =% -''&$* =(#+( -$+/-$ -


110/221

4eath by suicide7 compensable9

G&$&- R+& NO.

BASIS

S&%. =% '#8&* (-( -$ $*+& *$#( -& ) #** * %-+*& =)+ -%( #%#$$8-$%& #) (& $*+&; -$

(& R+&* #) C#+( =% '#8&* (-( -'&*#$ * '&*+/& (# $(&$ (&%#$*&+&$%&* #) * 8#+$(- -%(*


111/221

3hen is suicide compensable9

Section +: I) $*+& =-* $#( $ *


112/221

Ba 2012

, #$ -$+- 30, 200, # (=# &-* &)#& &-%$ * )& 2 -*-)(& & &-%& 6!. T& '#% %#$(-$* $# &%&'(&*>. W% *(-(&/&$( * /#*( -%%+-(&

A. T& $*+& = & -&

B. T& $*+& = $#( & -&

C. T& *(-(& #) *-$( #) (& $*+& * &&8-$( $#& (# # (& $*+& -&

D. T& *(-(& #) *-$( #) (& $*+& * &&8-$( $#& (# # (& $*+& -&

ANSWER


113/221

ANSWER

T& $*+& = & -&. T&*+%& =-* %#//((& -)(& (&(=#:&- ' )#/ (& (/& (&

'#% =-* #(-$&. F+(&, (&&* $# &%&'(& *> '#8*#$ $ (&'#%. H&$%&, (& &$&%-&* -&

&$((& (# (& '#%&&*.

Retirement 4eath


114/221

Retirement 4eath

L)& A$$+( &(# $* /*&) (#'- -$$+- '&$*#$ # $%#/& +$&* L)& I$*+-$%& C#'#-(#$ I#%#* L)& &*


139/221

F# (& -#8& &-*#$* -$ %-/$< )-+,I#%#* L)& &$& A-$@* %-/ #$ A' 16,17, +( &)+$& (& '&/+/ '- #$ (&'#%. 6J

A M- S#( 8- &*


140/221


141/221


142/221

+easue of Re!ove# of

,o!eeds

GENERAL RULE F-%& 8-+& #) (&

'#%

E%&'( '&%+$- &*(/-(#$ *'#**& 10V

Se!(al Rule on Insua$le


143/221


Inteest (n Indust(al L(fe

U*+- +&* & $*+-& $(&&*( -&


144/221


Inteest (n Indust(al L(feI$8&*(


145/221

,AR.IES


146/221

I$*+&

I$*+&

C&*(+ +&5&

B&$&%-

Insue/ Se!t(on 6

NEW


147/221

Insue/ Se!t(on 6

E8& !ooat(on, '-($&*',# -**#%-(#$, + -+(#& (#

(-$*-%( $*+-$%& +*$&** -*&*&=&& '#8& $ (* C#&,/- & -$ $*+&

Insue


148/221

Insuan!e !ooat(ons!ooat(ons fo'ed o ogan(?edto save an# eson o esons o

ote !ooat(ons a'less fo'an# loss3 da'age o l(a$(l(t#a(s(ng fo' an# un*nown o!ont(ngent event3 o to (nde'n(f#

o !o'ensate fo su! loss3da'age o l(a$(l(t# o toguaantee efo'an!e w(t!onta!tual o$l(gat(ons o

a#'ent of de$ts

M+(+--(#$ -$ D&/+(+--(#$


149/221

M+(+--(#$ A - *-&:#=$&%#/'-$ * %#$8&(& $(# - /+(+-#


150/221

S&%(#$ 20. A #/&*(% 'utual l(fe (nsuan!e%#/'-$ #$< +*$&** $ (& P''$&* /-!onvet (*&) $(# -$ (n!ooated sto!* )&$*+-$%& %#/'-$ &/+(+--(#$. T# (-( &$,

( /- '#8& -$ %- #+( - '-$ )# (&%#$8&*#$ %#/'$< =( (& &+&/&$(* #)(* ((&.

"T& %#$8&*#$ #) - #/&*(% /+(+- )& $*+-$%&%#/'-$ (# -$ $%#'#-(& *(#%> )& $*+-$%&%#/'-$ *- & %-& #+( '+*+-$( (# -%#$8&*#$ '-$ + -''#8& (& C#//**#$&.

D&/+(+--(#$

NEW


151/221

"T& C#//**#$& *- '#/+


152/221

A$#$& &%&'( - '+% &$&//- & $*+&.

P+% &$&/ : %(&$ #$-(#$- #) -$ %#+$( =(

=% (& P''$&* * -( =-

Ba 2000


153/221

Ba 2000

M- - /&/& #) (& M##I*-/% L&-(#$ F#$( # (*

&->-=-


154/221

ANSWER

Y&*, - /&/& #) (& MILF # (&A+ S--) /- & $*+&. O$

- '+% &$&/ %-$$#( &$*+&. A '+% &$&/ * -%(&$ # $-(#$- #) - %#+$(

=( =% (& P''$&* * -(=-.

Insued


155/221

T& '&*#$ =# /+*( -8& $*+-&

$(&&*(

T& '&*#$ =# '-* (& '&/+/*

C#//#$ &)&& (# -* (& '#%#&

N#( $&%&**- =#*& )& * +*& (#%#$*((+(& (& $*+-$%& '#%

Insued/ R(gts


156/221

g

R


157/221

R


158/221

R


159/221

P&*#$ #$ =#*& )& (&$*+-$%& %#$(-%( *

%#$*((+(&

C-$ & -$ #) (#*&&$+/&-(& +$& S&%(#$ 10

Bene!(a#NEW


160/221

O$& =# &%&8&* &$&(*GENERAL RULE D&*


161/221

W-( -& (& &9&%(* #) -$ &8#%-&&*


162/221

T& &8#%-& &$&%- -* - 8&*(& $(&&*($ (& '#%, $%+$< (* $%&$(* *+% -* (&'#% #-$ -$ %-* *+&$& 8-+&

-%# %-$$#( $%+& (& (=# )&$* -* -(#$-&$&%-&* -* (* =#+ /$* (& $(&&*(

#) D=-(- =# * &8#%- &*


163/221

(& C8 C#&

(#*& /-& &(=&&$ '&*#$* =# =&&


164/221

Insular 0ife v. Ebrado, 0SCRA 11 : T& &*


165/221

C#//#$:-= *'#+*&* -&, &$(&, -& )#/ &%&8$ #+( - )& $*+-$%& #$ * #=$ )&/->$< -* (& *#& &$&%-. Y (* (# &$*+&(-( = & $-$%- %#/)#(-& =&$ & *


170/221

C#//#$ -= *'#+*&* -& -& )#/

#$-($< (# &-% #(&. T#*& =# -&-& )#/ &$< #$&&* %-$$#( &&$&%-&* $ - )& $*+-$%& '#%.

H&$%&, * - *+-& &$&%--$ (& '#%&&* =


171/221

deat of (nsued

I) &$&%- WILL)ULL; !auses te deat #) (&$*+&%&*(+

.e sae fofe(ted sall ass on to te ote

$ene!(a(es3 unless otew(se d(s@ual(ed4

In te a$sen!e of ote $ene!(a(es3 teo!eeds sall $e a(d (n a!!odan!e w(t teol(!# !onta!t4

If te ol(!# !onta!t (s s(lent3 te o!eedssall $e a(d to te estate of te (nsued4

If $ene!(a# d(es $efoe(nsued


172/221

(nsued

I) &$&%- &* -&- #)(& $*+&%&*(+, (&

&*(-(& #) (& $*+& =


173/221

I) &$&%- * $#(&*


174/221

O$ (& $*+& # '#%#& $ )&$*+-$%& * &+& (# -8& $*+-&$(&&*( #$ (& )& #) (& cestui.

T& &$&%- /- # /- $#( -8&

$*+-& $(&&*( #$ (& )& #) (& cestui.W-( * 8(- * (-( (& &$&%- * $#(*+-& +$& (& -= (#


175/221

A * -$ && -% =# (##> #+(-$ $8+- )& $*+-$%& '#% #$

* )&. T& &*


176/221

T& $*+& * =#$


177/221

LI)E INSURANCE ,-LIC;

8orm

GENERAL RULE '$(& )#/

NEW


178/221

'

E, *


179/221

P-(&*

-/#+$( (# & $*+&

'&/+/

)& $*+&

*>*

Re@u(ed ,ov(s(ons


180/221

a!e e(od ov(s(on '#8*#$=% * # ) '--&

/#$( 30 - * 1 /#$(

Re@u(ed ,ov(s(ons


181/221

Re@u(ed ,ov(s(ons

Ent(e !onta!t ov(s(on T& '#% *- %#$*((+(& (&

&$(& %#$(-%( &(=&&$ (&'-(&*

Re@u(ed ,ov(s(ons


182/221

+(sstate'ent of ageov(s(on ) (& -


183/221

Re(nstate'ent ov(s(on

%-&* (& &+&/&$(* )#&*(#$< - '#% (# '&/+/:'-$< *(-(+* -)(& ( -* -'*&.

I$8+- =($ 3 &-* )#/&)-+(

G#+' $# &$*(-(&/&$(

I$+*(- =($ 2 &-* )#/&)-+(

L-%-$ 8. I$*+- L)&, A+


184/221

E+#


185/221

Loan (v(lege -*& #$ (&%-* *+&$& 8-+&, (& $*+&/- #(-$ - #-$ '&


186/221

E&e't(on fo' !la('s of !ed(tos '#(&%(#$ -


187/221

Suende ot(onsN-NDE)AUL. -,.I-NS ) (&

'#%#& %-$$#( %#$($+&'-$< (& '&/+/*, & -**#/& #'(#$* =% = $#( '+(

(# =-*(& =-( & -* '-.H#=&8&, (&*& #'(#$* -&-8--& #$ +'#$ '-/&$( #)

( ( 3

NonDefaultSuende-t(ons


188/221

Cas Suende Value 22f>2"0f and g

'-/&$( #) -( &-*( 3 -$$+-'&/+/*

$#( &** (-$ (& &*&8& #$ (&'#%

E&tended Insuan!eA( &-*( (&& -$$+- '&/+/*

/(& (/&, *-/& )-%& 8-+&

NonDefaultSuende-t(ons


189/221

,a(dU Insuan!eA( &-*( (&& -$$+- '&/+/*

*-/& ', #=& '#%&&*

Auto'at(! ,e'(u' Loan

P-(&* -


190/221

. 'rdinary 0ife G'-/&$( #) '&/+/* *

-$$+- # -( /#&)&+&$( $(&8-*(#+


191/221

24 0imited Payment 0ife G'&/+/* -& '--& #$

+$< - /(& ' #)&-* 10,1!,20 &-*.A)(& (& ', (&

$*+-$%& * &&/& )+'-. P#%&&* -& '--&+'#$ &-( #) $*+&.


192/221

"4 )erm InsuranceG '#8&*%#8&-


193/221

84 Endo$ment PolicyG$*+&


194/221

%4 0ife Annuity &(# $*/*&) (# '- -$ -$$+-'&$*#$ # $%#/& +$< (&

)& #) #$& # /#&&(&/$-(& '&*#$* $%#$*&-(#$ #) - %-'(-

%#$**($< #) /#$& # #(&'#'&(, =#*& #=$&*' *(-$*)&& (# / -( #$%&


195/221

64 Accident InsuranceG/- & )& # $#$:)&$*+-$%&.

X I) &-( * #$& #) (& *>*$*+& -


196/221

WEN IS ANINSURANCEC-N.RAC.

,ER)EC.EDH

,o!edue


197/221

A


198/221

A( (& (/& (& $*+&:-''%-$(-* >$#=&$#= -#+(-''#8-, (&& * NO '&)&%(&

Wen (s te (nsuan!e !onta!tefe!tedH


199/221

S$%& (& $*+& * (& #$&/->$< (& #9&, (&*+/**#$ #) (& -''%-(#$WITHOUT (& -''#8- #) (&'#% #&* $#( &*+( $ -'&)&%(& %#$(-%( #) $*+-$%&Grepalie v. CA(

Wen (s te (nsuan!e!onta!t efe!tedH


200/221

)e *im v. #un *ie (& -''%-$('- (& '&/+/ +'#$ $< #)-''%-(#$ +( & &* &)#& (&-''#8-

HOLDING NO '&)&%(& %#$(-%(#) $*+-$%&

Ba 2011 O$ +$& 1, 2011, /-& (# Y I$*+-$%&, C#. *


201/221

-''%-(#$ )# )& $*+-$%&, =( '-/&$( )# ! &-*#) '&/+/ &$%#*& $ (. O$ + 21, 2011, (&$*+-$%& %#/'-$ -%%&'(& (& -''%-(#$ -$/-&, #$ (& *-/& -, (* -%%&'(-$%& '+* (&%#8& $#(&. I( &-%& * &*&$%& #$ A+


202/221

%#$(-%( =-* '&)&%(& +'#$ -%%&'(-$%& (& $*+) * -''%-(#$.

B. N#, *$%& (&& * $# '8( #) %#$(-%( &(=&&$ (&$*+& -$ @* &*.

C. N#, *$%& - $# >$#=&$#=&


203/221

C. N#, *$%& - $# >$#=&


204/221

I) $*+& & +$< (& '#) '#8*#$- '#% =% *%#$(#$& +'#$ -''#8- #)-''%-(#$, &$&%- * NOT&$((& (# '#%&&*.

Wen (s te (nsuan!e!onta!t efe!tedH


205/221

E8&$ ) (& $*+& -*-''#8& (& -''%-(#$ 8- -&((&, (&& * $# '&)&%(&%#$(-%( ) (&& * $# &8&$%&(-( (& -''%-$( >$&= #) (&

-''#8- $nri+ue v. #un*ie,- Phil /01

Wen (s te (nsuan!e !onta!tefe!tedH


206/221

T& $*+& * '&*+/& (#-8& +$&*(## (& -''%-(#$-$ (& %#$(-%( #) $*+-$%&&ang v. CA, 12 #C3A 04/

Cove Notes v4 B(nd(ng Re!e(t


207/221

CO5ER NOTE T&/'#- $*+-$%&'#%&* $(&$& (# %#8& (&

$*+& =& -''%-(#$ * &$


208/221

BINDING RECEIPT -%>$#=&


209/221

#) IC

5- -$ $$< )# $#( /#& (-$ 60

-*, +$&** (& $*+-$%& %#//**#$-* -''#8& -$ &(&$*#$ -*& #$8-


210/221

7:- $#(%& (# (& #(& '-( *&+& (# %-$%& (& %#8& $#(&

P#% /+*( & **+& =($ 60-* )#/ **+-$%& #) %#8&$#(&*

Cove note (s a val(d (nsuan!e I)/


211/221

60:- ' /- & &(&$&+'#$ =((&$ -''#8- #) IC

W((&$ -''#8- * *'&$*& =&$'&*&$(, 5P #


212/221

,RE+IU+

Con!et


213/221

A


214/221

(nsolvent (nsued

(nsueQs negl(gen!e o

fault(nsue wa(ves te (gtto a#'ent

Wen (s nona#'ent e&!usedH


215/221

=- #&* $#( *+*'&$ (& '#%-$ #&* $#( &%+*& $#$:

'-/&$( #) '&/+/*Constantino vs. Asia 0ife# +@Phil ,?+

,e'(u'


216/221

I) $*+& )-* (# '- 1*( '&/+/,$*+& %-$$#( -*> )# *'&%%

'&)#/-$%& +( %-$ #$ &*%$(& %#$(-%( *$%& (&& * $#%&(#:&(# &-(#$*'

Se!(al Rule (n Indust(al L(fe(f e'(u's ae not a(d


217/221

I) $*+& )-& (# '- &%-+*&(& $*+-$%& -


218/221

(f e'(u's ae not a(dE%&'( ) 12 =&&>* # 3 /#$(*-8& -'*& )#/ &$ #)


219/221

O$ (& $*+& /+*( -8& $*+-&$(&&*( #$ (& )& ) (& %&*(+

S+%& *


220/221

I) (& &$&%- * *+-& &%-+*& &'-(%'-(& $ (& &-( #) (& %&*(+, ((& &$&%-&* =


221/221

I) (& cestui&* +$< (&

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Insurance Law Review 2016. Day 1

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