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1. Define Insurance.
The fact that no profit is derived from making of insurance contracts, agreements
or transactions or that no separate or direct consideration is received shall not be
deemed conclusive to show that the making thereof does not constitute the doing
or transacting of an insurance business.
4. What is the test in order to determine whether one is engaged in insurance
business?
In Paz Lopez De Constantino vs. Asia Life Insurance Company, G.R. No.
L-1669, August 31, 1950, the laws governing insurance in the order of priority
are:
Yes, the insurers refusal is justified because the Insurance Code and the
Civil Code is silent as to the given situation. As held by New York Rule which
declares that the contract is not merely suspended, but instead is revoked by
reason of non-payment of the payment, since the payment of the same is
peculiarly of the essence of the contract. (Constantino vs. Asia Life Insurance
Company, G.R. No. L-1669, August 31, 1950)