Section 3, Insurance Code of the Philippines

RA 106107, paragraph 1

S.3 A c o u e, w p o f, w m d a p h a i i, o c a l a h, m
b i a, s t t p o t c.

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SEC.3 Any contingent or unknown event, whether
past or future, which may damnify a person having
an insurable interest, or create a liability against
him, may be insured against, subject to the
provisions of this chapter.

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Section 3, Insurance Code of the Philippines
RA 106107, paragraph 2

T c o t s i n n f t v o a i p t o b a m p o h/h l o t o h/h
c.

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The consent of the spouse is not necessary for the
validity of an insurance policy taken out by a
married person on his/her life or that of his/her
children.

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Section 3, Insurance Code of the Philippines
RA 106107, paragraph 3

A r, t t a i i t p o i t o b a o o o t l o h o t p i s
a v i t l u t d o t o o, u o p f i h p. (a)

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 All rights, the title and interest in the policy
of insurance taken out by an original owner on the
life or health of the person insured shall
automatically vest in the latter upon the death of
the original owner, unless otherwise provided for
int he policy. (a)

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 Requisites of a contract of insurance

1. A s m i w t i h a i i;
2. E o p i a w m b a c o u e, p o f, a a d f t r t;
3. A p t p o i i a f o a;
4. A c f t p, k a t "p"; a
5. A m o m o t p u a t f e.

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1. A subject matter in which the insured has an insurable
interest;
2. Event or peril insured against which may be any
contingent or unknown event, past or future, and a
duration for the risk thereof;
3. A promise to pay or indemnify in a fixed or
ascertainable;

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4. A consideration for the promise, known as the
"premium"; and
5. A meeting of minds of the parties upon all the
foregoing essentials.

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 Section 10, Insurable Interest
S. 1. E p h a i i i t l a h:
(a) O h, o h s a o h c;
(b) O a p o w h d w o i p f e o s, o i w h h p i;
(c) O a p u a l o t h f t p o m, o r p o s o w d o i m
d o p t p; a
(d) O a p u w l a e o i v i h d.

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SEC. 10. Every person has an insurable interest in the life and
health:
(a) Of himself, of his spouse and of his children;
(b) Of any person on whom he depends wholly or in
part for education or support, or in whom he has pecuniary
interest;
(c) Of any person under a legal obligation to him for
the payment of money, or respecting property or services of

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which death or illness might delay or prevent the performance;
and
(d) Of any person upon whose life any estate or
interest vested in him depends.

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