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Title 3

CASUALTY INSURANCE

Sec. 174. Casualty insurance is insurance covering loss or liability arising from accident or mishap,
excluding certain types of loss which by law or custom are considered as falling exclusively within the
scope of other types of insurance such as fire or marine. It includes, but is not limited to, employer's
liability insurance, motor vehicle liability insurance, plate glass insurance, burglary and theft insurance,
personal accident and health insurance as written by non-life insurance companies, and other
substantially similar kinds of insurance.

Title 4

SURETYSHIP

Sec. 175. A contract of suretyship is an agreement whereby a party called the surety guarantees the
performance by another party called the principal or obligor of an obligation or undertaking in favor of a
third party called the obligee. It includes official recognizances, stipulations, bonds or undertakings issued
by any company by virtue of and under the provisions of Act No. 536, as amended by Act No. 2206.

Sec. 176. The liability of the surety or sureties shall be joint and several with the obligor and shall be
limited to the amount of the bond. It is determined strictly by the terms of the contract of suretyship in
relation to the principal contract between the obligor and the obligee. (As amended by Presidential
Decree No. 1455).

Sec. 177. The surety is entitled to payment of the premium as soon as the contract of suretyship or bond
is perfected and delivered to the obligor. No contract of suretyship or bonding shall be valid and binding
unless and until the premium therefor has been paid, except where the obligee has accepted the bond,
in which case the bond becomes valid and enforceable irrespective of whether or not the premium has
been paid by the obligor to the surety: Provided, That if the contract of suretyship or bond is not accepted
by, or filed with the obligee, the surety shall collect only reasonable amount, not exceeding fifty per
centum of the premium due thereon as service fee plus the cost of stamps or other taxes imposed for the
issuance of the contract or bond: Provided, however, That if the non-acceptance of the bond be due to
the fault or negligence of the surety, no such service fee, stamps or taxes shall be collected.

In the case of a continuing bond, the obligor shall pay the subsequent annual premium as it falls due until
the contract of suretyship is cancelled by the obligee or by the Commissioner or by a court of competent
jurisdiction, as the case may be.

Sec. 178. Pertinent provisions of the Civil Code of the Philippines shall be applied in a suppletory character
whenever necessary in interpreting the provisions of a contract of suretyship.
Title 5

LIFE INSURANCE

Sec. 179. Life insurance is insurance on human lives and insurance appertaining thereto or connected
therewith.

Sec. 180. An insurance upon life may be made payable on the death of the person, or on his surviving a
specified period, or otherwise contingently on the continuance or cessation of life.

Every contract or pledge for the payment of endowments or annuities shall be considered a life insurance
contract for purpose of this Code.

In the absence of a judicial guardian, the father, or in the latter's absence or incapacity, the mother, or
any minor, who is an insured or a beneficiary under a contract of life, health or accident insurance, may
exercise, in behalf of said minor, any right under the policy, without necessity of court authority or the
giving of a bond, where the interest of the minor in the particular act involved does not exceed twenty
thousand pesos. Such right may include, but shall not be limited to, obtaining a policy loan, surrendering
the policy, receiving the proceeds of the policy, and giving the minor's consent to any transaction on the
policy.

Sec. 180-A. The insurer in a life insurance contract shall be liable in case of suicides only when it is
committed after the policy has been in force for a period of two years from the date of its issue or of its
last reinstatement, unless the policy provides a shorter period: Provided, however, That suicide
committed in the state of insanity shall be compensable regardless of the date of commission. (As
amended by Batasang Pambansa Blg. 874).

Sec. 181. A policy of insurance upon life or health may pass by transfer, will or succession to any person,
whether he has an insurable interest or not, and such person may recover upon it whatever the insured
might have recovered.

Sec. 182. Notice to an insurer of a transfer or bequest thereof is not necessary to preserve the validity of
a policy of insurance upon life or health, unless thereby expressly required.

Sec. 183. Unless the interest of a person insured is susceptible of exact pecuniary measurement, the
measure of indemnity under a policy of insurance upon life or health is the sum fixed in the policy.

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