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Q: What is a contract of insurance?
A: A contract of insurance is an agreement
whereby one undertakes to indemnify another
against loss, damage or liability arising from an
unknown or contingent event (Sec. 2, par. 2, ICP)
$%& "nsurance as a risk distributing device'
$(& Contract of Adhesion or )ine *rint Rule
$+& Aleatory
$,& Contract of "ndemnity
$-& Uberrimae Fides Contract
$.& *ersonal Contract
!/!0!1# 2) "1#3RA1C!
$%& e4istence of an insurable interest
$(& risk of loss
$+& assum5tion of risk
$,& scheme to distribute losses
$-& 5ayment of 5remiums
*olicy of "nsurance
"t is a written instrument where the terms and
conditions of the contract of insurance are set
forth (Sec. 49, ICP)
What is a rider?
A rider is an attachment to an insurance 5olicy
that modifies the conditions of the 5olicy by
e45anding or restricting its benefits or e4cluding
certain conditions from the coverage'
Who is the insured?
he 5erson with ca5acity to contract and having
an insurable interest in the life or 5ro5erty of the
$%& A 5ublic enemy may not be insured (Sec. 7,
$(& 0inors can no longer enter into insurance
$+& 0arried woman can enter into insurance
contracts without the assistance of their husbands'
Who is a beneficiary?
He is a 5erson designated to receive 5roceeds of
5olicy when risk attaches'
*R"1C"*/! 2) 7!1!)"C"AR8
he beneficiary has an insurable interest over the
life and 5ro5erty of the insurance'
/ife 9 he law mandates that the insurable interest
of the beneficiary must be 5resent when the
insurance contract would be entered into and not
necessarily when the risk insured against'
"t is only the start, as a general 5rinci5le that
one must have insurable interest in life as well as
*ro5erty 9 he insurable interest on 5ro5erty
should be maintained from the time the contract
was entered into and in the moment of loss'
"n the meantime, if the 5ro5erty is under the
deed of sale or right to re5urchase, 5acto de retro,
it is merely sus5ended'
!6C!*"21: 7AR
When it is the insured that would bind this 5erson
to designate his own beneficiary'
When it is now the insured that designates his
own beneficiary, the beneficiary need not be
having insurable interest'
!6C!*"21: When it is the beneficiary who is
Who are those not allowed to receive donation?
*ersons s5ecified in Art' :+; of the Civil Code
cannot be designated:
$a& those made between 5ersons who were guilty
of adultery or concubinage at the time of
$b& those made between 5ersons found guilty of
the same criminal offense, in consideration
$c& those made to a 5ublic officer or his wife,
descendants or ascendants by reason of his office'
"1#3RA7/! "1!R!#
What is insurable interest in life?
!very 5erson has an insurable interest in the life
and health:
%& of himself, of his s5ouse, and of his children<
(& of any 5erson on whom he de5ends or in 5art
for education or su55ort, or in whom he has a
5ecuniary interest<
+& of any 5erson under a legal obligation to him
for the 5ayment of money, or res5ecting 5ro5erty
or services, of which death or illness might delay
or 5revent the 5erformance< and
,& of any 5erson u5on whose life any estate or
interest vested in him de5ends (Sec. 10, ICP).
"n what does insurable interest in 5ro5erty
$%& "nsurable interest in 5ro5erty is any interest
therein, or liability in res5ect thereof, and it may
consist in an e4isting interest, an inchoate interest
founded on an e4isting interest, or any e45ectancy
cou5led with an e4isting interest (Secs. 13 and
14, ICP).
$(& "n general, a 5erson has an insurable interest
in the 5ro5erty, if he derives 5ecuniary or
advantage from its 5reservation or would suffer
5ecuniary loss, damage or 5re=udice by its
destruction whether he has or he has no title in, or
lien u5on, or 5ossession of the 5ro5erty'
$+& !4istence of insurable interest is a matter of
5ublic 5olicy' Hence, the 5rinci5le of esto55el
cannot be involved'
Re>uisites of 1egotiability (Sec. 1, NIL)
$a& 0ust be in writing and signed by the maker or
$b& 0ust contain an unconditional 5romise or
order to 5ay a sum certain in money<
$c& 0ust be 5ayable on demand, or at a fi4ed or
determinable future time<
$d& 0ust be 5ayable to order or bearer< and
$e& When the instrument is addressed to a drawee,
he must be named or otherwise indicated therein
with reasonable certainty'
?"1@# 2) 1!A2"A7/! "1#R30!1#
7ill of !4change
A bill of e4change is an unconditional order
in writing addressed by one 5erson to another,
signed by the 5erson giving it, re>uiring the
5erson to whom it is addressed to 5ay on demand
or at a fi4ed or determinable future time' (Sec.
12, NIL)
*romissory 1ote
A negotiable 5romissory note is an
unconditional 5romise made in writing made by
one 5erson to another, signed by the maker,
engaging to 5ay on demand, or at a fi4ed or
determinable future time, a sum certain in money
to order or to bearer' Where a note is drawn to the
makerBs own order, it is not com5lete untile
indorsed by him' (Sec. 1!4, NIL)
When can a bill of e4change be treated as a
5romissory note?
a& he drawer and the drawee are the same
b& he drawer is a fictitious 5erson<
c& he drawee has no ca5acity to contract<
d& he instrument is so ambiguous that there is
doubt whether it is a bill or a note'
Holder 9 the 5ayee or indorsee of a bill or note
who is in 5ossession of it or the bearer thereof
(Sec. 191, NIL)
R!Q3"#"!# (Sec. "2) MEMORIZE
A holder in due course is a holder who has taken
the instrument under the following conditions:
%& hat it is com5lete and regular u5on its face<
(& hat he became the holder of it before it was
overdue, and without notice that it has been
5reviously dishonored, if such was the fact<
+& hat he took it in good faith and for value<
,& hat at the time it was negotiated to him, he
had no notice of any infirmity in the instrument or
defect in the title of the 5erson negotiating it'
R"AH# 2) A H2/@!R "1 @3! C23R#!
a& A holder in due course holds the instrument
free from any defect of title of 5rior 5arties, and
free from defenses available to 5rior 5arties amon
themselves, and may enforce 5ayment of the
instrument for the full amount thereof against all
5arties liable thereon'
%& A holder in due course is free from
5ersonal defenses'
(& A holder in due course is not free from real
b& A holder not in due course is sub=ect to
5ersonal and real defenses'
#$cep%i&n' A holder who is not a holder in due
course but he derived his title from a holder in
due course' (Sec. "!, NIL)
What is a cor5oration?
A cor5oration is an artificial being created by
o5eration of law, having the right of succession
and the 5owers, attributes and 5ro5erties
e45ressly authoriCed by law or incident to its
0oral @amages
"t cannot be awarded in favor of cor5orations
because they do not have feelings and mental
state' hey may not even claim moral damages
for besmirched re5utation'
A cor5oration may recover moral damages if
it Dhas a good re5utation that is debased, resulting
in social humiliationE'
A cor5oration can recover moral damages
under Article ((%;$:& if it was the victim of
@octrine of 5iercing the veil of cor5orate entity
he doctrine that a cor5oration is a legal entity
distinct from the 5ersons com5osing it' "t is a
theory introduced for the 5ur5ose of convenience
and to serve the ends of =ustice' 7ut when the veil
of cor5orate fiction is used as a s(ie)d %&
perpe%*a%e +ra*d, %& de+ea% p*b)ic c&n,enience,
-*s%i+. /r&n0 &r de+end crime, this fiction shall be
disregarded and the individuals com5osing it will
be treated identically'
A@FA1AA!# A1@ @"#A@FA1AA!#
a& he ca5acity to act as a legal unit<
b& /imitation of, or e4em5tion from, individual
liability of shareholders<
c& Continuity of e4istence<
d& ransferability of shares<
e& CentraliCed management of board of directors<
f& #tandardiCed method of organiCation, and
a& 0ore com5licated in formation and
b& Higher cost of formation and o5eration<
c& /ack of 5ersonal element<
d& Areater governmental control and regulation<
e& 0anagement and control are se5arate from
ownershi5< and
f& #tockholders have little voice in the conduct of
What are the instances when non9voting $either
redeemable or 5referred& shares may vote?
%& amendment of Articles of "ncor5oration<
(& ado5tion and amendment of 7y9laws<
+& increase or decrease of ca5ital stock<
,& sale or dis5osition of all or substantially all of
cor5orate 5ro5erty<
-& merger or consolidation of cor5oration<
.& "nvestment of funds in another cor5oration or
another business 5ur5ose< and
:& cor5orate dissolution'