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INSURABLE INTEREST – interest which the law requires the insurance owner of the policy to have in the person or thing
 Pecuniary in nature – he has a relation or connection in it that he will derive financial benefit or advantage from
its preservation and will suffer financial loss or damage from its destruction, termination or injury
o Exception: expectation of benefit from the continued life of that person need not necessarily be of
pecuniary nature
 Necessity of insurable interest
o Legal right to insure – gives a person the legal right to insure the subject if the policy of the insurance
(kung walang insurable interest it is like gambling)
 Why is it required?
 A matter of public policy – kapag wala, it allows the insured to have an interest in the
destruction of the subject matter than its preservation
 A measure of limit of recovery – insurance should not provide the insured with the
means of making profit
o Validity of the contract
o Exception: insurable interest does not apply to industrial life insurance (tailored to suit the needs of the
class that still accounts for the majority if its purchasers
2 General classes of life policy
 Insurance upon one’s own life
o Matures only at his death
o Benefit of a third person who may be designated as a beneficiary
o It is not necessary that the beneficiary has an insurable interest in the life of the insured
 Why? Because a man will not be tempted to take his own life in order to secure payment to
another or to a designated beneficiary
o When the insurance regarded a wagering policy – court will void the policy entirely
 Requirement:
 Original proposal to take out the insurance was that of the beneficiary (idea ng
beneficiary na magavail ng insurance yung insured)
 Premiums are paid by beneficiary (beneficiary ang nagbabayad ng premium)
 Beneficiary has no interest, economic or emotional in the continued life of the insured
(wala siyang pake sa kanya)
o What is the similarity between a life insurance and a civil donation?
 Donation – an act of liberality whereby a person disposes gratuitously a thing or right in favor of
another who accepts it.
 A life insurance policy is no different from a civil donation insofar as the beneficiary is
 Both are founded upon liberality.

 Insurance upon the life of another

o Insures life of another for the for his benefit
 Ex. Ininsure mo yung tao kasi may utang siya sayo
o Insurable interest on the life of another must be a pecuniary one (related to money)
o If the beneficiary is a 3rd party both the owner of the policy and the beneficiary must have an insurable
interest in the life of the insured.
o Other reasons of insurable interest other than pecuniary
 Mere blood relationship is sufficient
 Why? To protect the life of the insured than any other consideration
 Persons obliged to support each other

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 Spouses
 Legitimate ascendants and descendants
 Parents & their legitimate children and the legitimate or illegitimate children of the
 Parents & their illegitimate children and the legitimate or illegitimate children of the
 Legitimate brothers or sisters whether full or half blood
 General rule: brothers & sisters whether full or half-blood are bound to support each
 Exception: when the need for support of the brother /sister being of age is due to a
cause imputable to the claimant’s fault or negligence
 Note that lesser degree of blood relationship or mere relationship does not create an
insurable interest
o Others. Ex. Corporation to an officer, business partner, employees
o Insurable interest of a person in life of another under legal obligation to former
 Related by contract or commercial relation
 Any person who is related to another by contract or commercial relation that a right
possessed by him will be extinguished or impaired by the death or illness of the other
may lawfully procure insurance on the other’s life
o Ex. Employer may insure life of employee
 Risk that the performance or obligation might be delayed or prevented
 It must appear that the death or illness of the insured person who is under a legal
obligation might delay or prevent its performance
 When does a partner have no insurable interest? – if both have no capital invested and
neither is indebted to the other
o Insurable interest of creditor in life of his debtor
 What is the extent of the interest?
 Only to the extent of the amount of the debt and cost of carrying the insurance on the
debtor’s life
o Ex. 50K lang yung debt, unit 50K lang plus cost ng insurance yung coverage
 What is the right of the debtor in insurance taken by the creditor?
 Insurance is not for the benefit of the debtor UNLESS stipulated
 What is the extent of the amount that may be recovered by insuring creditor?
 Purely a contract of life insurance
 Creditor could only recover amount as remains unpaid at the time of the death of the
debtor (yung natitirang utang lang, if nabayaran na yung whole amount of debt,
recovery on the policy is no longer permissible)
 What if the insurance is taken the debtor for the benefit of the creditor?
 Ito yung kapag si debtor (may utang) ininsure niya yung life niya for the benefit of the
 If the whole amount is already paid, the insurance policy is not invalidated anf the
proceeds will go to the estate of the debtor
 What if the debt becomes legallt unenforceable?
 Happens when it is barred by the statute of limitation or when debtor is discharged in
o Insurable interest in the of person upon which an estate of interest depends
 ? d ko gets
o Consent of the person whose life is insured
 Is the consent of the person whose life insured essential to validate the contract?

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 It is not needed as long as it can be proved that the assured has legal interest at the
time the insurance policy has been constituted
Sec 11 – The insured shall have the right to change the beneficiary he designates in the policy, unless he has expressly
waived this right. In the event that the insured does not change the beneficiary during his lifetime, the designation shall
be deemed irrevocable
 What is a beneficiary?
o A beneficiary is a person who is named r designated in a contract of life, health or accident
o One who will receive the benefits which become payable according to the terms of the contract upon
the death of the insured
o Recipients of the proceeds or benefits of the insurance policy in case then insured risk occurs
 What are the kinds of beneficiary?
o The insured himself
o Third person who paid a consideration (not a party to the contract)
o Third person through mere bounty of insured (also not a party to the contract)
*** Note that if the insured before dying was judicially declared as insolvent, the proceeds will be paid
to the beneficiary and not to the assignee in the insolvency
 What are the limitations in the appointment of the beneficiary?
o Art 2102 – any person who is forbidden from receiving any donation under Art 739 cannot be named
o Art 739
 Those who are guilty of concubinage at the time of donation ( 1. Keeping mistress in conjugal
dwelling, 2. Sexual intercourse under scandalous circumstance w/ a woman not his wife 3.
Cohabitating with another in any other place)
 Those made between a person found guilty of the same criminal offense
 Those made to a public officer or his wife, descendants and ascendant by reason of his office
 What are the rights of the insured to change beneficiary in the LIFE INSURANCE
o GR: he has the power to chanfe the beneficiary without the consent of the latter who acquired no
vested right only an expectancy of receiving the proceeds
o Insured’s power to change beneficiary ceases at his death and cannot be changed by his representative
o What if the right to change is waived?
 Is right to change is expressly waived, INSURED HAS NO POWER TO MAKE SUCH CHANGE
WITHOUT THE CONSENT OF THE BENEFICIARY – beneficiary acquired absolute and vested
interest to all benefits of the policy
 A new beneficiary is also prohibited to be added because this would reduce the 1st beneficiary’s
vested right
 Insured also has no power to destroy the contract by not paying the premium
 Measurement of vested interest if beneficiary in policy
o Should be measured on its full face value and not on its cash surrendered value
 What do you mean by ‘cash surrendered value’?
 Sum of money an insurance company pays to the policy holder in the event of voluntary
termination of contract before its maturity or before the insured event occurs
 What if the beneficiary dies before the insured?
o If the right to change beneficiary is waived
 His rights should pass to his representatives
o If there is note that says “surviving beneficiary”
 Meaning the insured must die first before the beneficiary
 In this case the proceed will be given to the estate of the insured
 Designation of beneficiary
o Words in the designatioin swill be construed broadly
o Insured may designate the following:
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 His children
 Adopted child
 adult child not forming part of the household
 after-born children even of a marriage subsequently contracted
 husband; wife or widow
 husband and children, wife and children
 wife and their children – includes kids of wife from another man
 my wife and children – includes children of insured common or not
 family – court will ascertain whether that person is a family of the insured
 heirs or legal heirs – class of persons who would take the property of the insured in case he dies
 estate or legal representative - will be construed in their strict technical sense
 means executors or administrators UNLESS insured that this means his heirs or next of
Sec 12 – interest of the beneficiary in a life insurance policy shall be forfeited when the beneficiary is the principal,
accomplice or accessory willfully bringing about the death of the insured. In such case, the share shall be forfeited and
will pass on to other beneficiaries unless otherwise disqualified. In the absence of other beneficiaries, the proceeds shall
be paid in accordance with the insurance policy contract, if the contract is silent, proceeds will be paid it the estate of
the deceased or insured.
 What is an interest?
o Interest – right of the beneficiary to receive the proceeds of the insurance policy
 When does forfeiture of interest in the insurance policy happens?
o If beneficiary is the principal, accomplice or accessory that caused the death of the insured
 Who are the other qualified beneficiaries of the insured?
o Nearest relatives that are not disqualified
o What is the order of enumeration of the ‘nearest relatives’
 Legitimate children
 Father and mother (if still living)
 Grandfather, mother, ascendants nearest in degree
 Illegitimate children
 Surviving spouse
 Collateral relatives
 brother & sisters of full blood,
 brother & sisters of half blood
 nephews and nieces
 the State
 What are the liabilities of the insurer on the death of the insured
o Death at the hands of law (covered)
 Court’s ruling: insurer is not liable
 This is the risk assumed by the insurer in absence of a valid policy exception
o Death by self-destruction(not covered)
 Committing suicide is fraudulent
 Death is caused by a voluntary act of the insured
 If death is purely accidental due to the carelessness / negligence of the insured it is not
o Death by suicide while insane (covered)
 Insanity is one of the disease of the insured that the insurer must have known
o Death caused by beneficiary (not covered)
 Law prohibits anyone from benefiting from his own doing
 GR: If beneficiary is the principal, accomplice or accessory that caused the death if the insured
he cannot receive benefit from the contract of insurance
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 XPN: if the killing was accidental or in self-defense or the beneficiary is insane, his
rights in the policy is not affected
 XPN XPN: if the beneficiary killed the insured and the purpose of killing is not to gain
but some other purpose (ex. Nagaway sila or something) the beneficiary will still not
get the proceeds of the insurance
 Death caused by violation of law (covered)
 GR: if insured died because he violated the law the insurer cannot deny liability
 XPN: to avoid liability the insurer must establish that the commission of the felony was
the cause of death
Sec 13 (insurable interest in property) – Every interest in property whether real or personal or any relation thereto or
liability in respect thereof, of such nature that a contemplated peril might directly damnify the insured, is an insurable
 Principle: anyone has an insurable interest in property who derives a benefit from its existence or would suffer
loss from its destruction
 Occurrence of loss may be uncertain
 Is title or right to possession essential?
o No. if the person has neither title, nor the right to possess the property but has an insurable interest
with respect to the property that he will suffer loss as a result of its damage or destruction.
 Ex. Mortgagor & mortgagee – mortgagor has an insurable interest in the property because of
his personal liability for the debt and his right to be subrogated to the mortgage security
 Legal expectation of loss / benefit – means a concern in the preservation of the property that it entail a
pecuniary loss in case of injury or destruction
 Mere factual expectation of loss – expectation not arising from any legal duty on connection with the property
does not constitute an insurable interest
o Ex. Owner of a gas station insured a hotel beside it because according to him the destruction of the
hotel will lessen income from the guest of the hotel – no insurable interest in this case.
o This is called “factual expectation”
Sec 14 – An insurable interest in property may consist in: (1) an existing interest, (2) an inchoate interest founded on an
existing interest, (3) an expectancy coupled with an existing interest
 First: an existing interest
o The existing interest in a property may be a legal title or equitable title
o Examples of person who have legal inters arising from legal title:
 Trustee – in the case of the seller of property not yet delivered (ex. An agent na pinabeneta sa
kanya yung car, but hindi pa niya nadedeliver yung car sa buyer, may insurable interest siya sa
car na yun)
 Mortgagor of the property mortgaged
 Lessor of the property leased
 Lessee & sublessee
 Assignee of the property for the benefit of the creditors
 Representative - in the purpose of taking out insurance on the property under his control (note
that the benefit from the insurance are for the listed beneficiaries only)
o Examples of person who have legal interest arising from equitable title
 Purchaser – buyer of a property before delivery or before he has performed the conditions of
the sale
 Mortagee of property mortgaged (sa kanya nakasangla yung property)
 Mortgagor (may ari ng property na nakasangla) after foreclosure but before expiration of the
period within which redemption is allowed
 Beneficiary – under a deed of trust
 Creditor – under a deed of assignment (ex. Inassign sa kanya yung proceeds)

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 Judgement debtor – whose property has been seized under executing until the right to redeem
or right to have sale set aside has been lost
 Builder and constructors of the veiling pending the payment of the construction price
 Purchaser of an option to buy real estate up to the extent of the payment of option money
 Second: An inchoate interest – inchoate interest must be founded on an existing interest
o Inchoate means immature, underdeveloped or developing
o Examples of person or entity with an inchoate interest
 Stockholder – he has existing interest arising from his ownership of shares in the corporation
 A stockholder has no legal nor equitable title to the assets of the corporation
 A partner - has an insurable interest in the firm property
 Third: An expectancy- the expectancy must be coupled with an existing interest in that out which expectancy
o Examples:
 A farmer may insure future crops on the land owned by him at the time of the issuance of the
 An owner of a business may insure a contingency which may cause loss of profit as a result of
interruption of business
 A binding contract giving rights to the other party which will be affected by the destruction of
any designated property
Sec 15(Insurable interest of carrier or depository) – A carrier or depository of any kind has an insurable interest in a
thing held by him as such, to the extent of his liability but not to exceed the value thereof.
 Rationale: the loss of the thing may cause liability to the carrier or deposit only to the extent of its value
 What do you mean by ‘qualified property’?
o A person having a qualified property in chattels entitling him to possession and the right of using oor
dealing with them in accordance with the terms of the bailment, has such interest in the chattels as may
be the subject of a valid contract of insurance.
o Bailee may insure interest in the chattel OR insure himself against the liability which he may incur incase
the chattel is loss or destructed (Bailee - a person or party to whom goods are delivered for a purpose,
such as custody or repair, without transfer of ownership)
o According to the General Bonded Warehouse Act, a licensed warehouseman that is in the business of
receiving goods for storage is required to insure the same against fire.
Sec 16 – A mere contingent expectancy or expectant interest in anything, not founded on an actual right to the thing,
nor upon any valid contract for it is not insurable.
 When a mere contingent or expectant interest is not insurable?
o Property of a father/son/spouse (not insurable) – a father cant insure the property of his son, or a son
cannot insure the property he expects to inherit from of his father, a spouse has no insurable interest in
the property of his husband
o Life of parents/children/spouses(insurable) – immediate family can insure each other (Art 195 of NCC)
they are under obligation to support each other and to save a family member from being a subject of
public charity
o Property of debtor–
 Unsecured creditor cannot insure property of a debtor who is alive (not insurable)
 Unsecured creditor may insure property of deceased debtor (insurable)
 Unsecured creditor who obtains a judgment in his favor becomes a judgement creditor who
has an insurable interest in the debtor’s property because of the right to levy granted to him to
satisfy the judgement (insurable)
 Unsecured creditor has insurable interest on the life of the debtor up to the extent of the
amount of debt (insurable)

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Sec 17 – The measure of an insurable interest in property is the extent to which the insured might be damnified by loss
or injury thereof. (yung measure daw kung magkano lang yung insurable interest sa property na yun is hanggang dun
lang sa damage na mararamdaman mo kapag nawala or nasira yung property na yun, gets? )
 Remember that contracts of insurance is a contract of indemnity
 Contracts of insurance that gives more than what should be indemnified from the actual loss is a wagering
policy thus void.
 What is the rationale of sec 17?
o The contract of insurance is to indemnify a person against actual loss and not wager on the happening
of the event.
 Example:

Sec 18- No contract of policy of insurance on property shall be enforceable except for the benefit of some person having
an insurable interest in the property insured.
• Principle of indemnity – basis of all contracts of property insurance
o Examples
 Insurance taken out by a person on property in which he has no insurable interest is VOID.
 Insurance contract obtained by a lessee over his merchandise in a leased premise without the
consent of the lessor is deemed assigned or transferred to lessor is VOID. Automatic assignment
is void for being contrary to public policy thus the insurer cannot be compelled to pay the
proceeds to the lessor who has no interest on the property insured.
 Effect of invalidation of insurance – premiums is returned to the insured because there was no
insurable interest UNLESS he is in pari delicto with the insurer
• Doctrine of waiver or estoppel not applicable
o Example
 X insured goods for 15,000, insurer mistakenly issued a policy covering the building where the
goods are. Court held that incase of loss of the goods the insured can recover
• Measure of indemnity in insurance contracts
o Contracts of marine or fire insurance (fixed amount)
 Value is limited by the value of interest to be protected
 To place the insured in the same situation in which he was before the loss
 Amount may be determined after the loss BUT
 In a marine insurance policy, amount is fixed and is not the exact measure of indemnity but
the maximum indemnity he might obtain
 Insured cannot recover in excess of his actual loss
 VALUED POLICY – valuation of the thing is final between the parties
 Principle of indemnity cannot be invoked by the insurer who agreed to repair or replace
the thing with a new one even if that would exceed the original amount of insurance
o Liability insurance contracts (not fixed)– considered contracts of indemnity against liability and not
against loss
 Insurer promises to pay proceeds of policy on behalf of the insured

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 Example nakabanga ka, yung insurance yung magbabayad sa nabanga mo
o Life insurance contracts (fixed amount)
 Not a contracts of indemnity because a person’s life is priceless. It is more of an investment
 Amount fixed is not the true value but only the measure of indemnity
 Amount is based on the premium that he contracted
o Personal accident insurance contract (not fixed)
 Not a contract of indemnity
 Life & limb not subject to exact valuation
 What if a person effects a personal accident insurance on the life of another?
 Amount recoverable is the loss sustained by the person who effected the policy
 This becomes a contract of indemnity
o Health insurance contracts
 Not a contract of indemnity
 Covers the medical expenses incurred by the insured
o Health care agreement
 What is an HMO?
 means Health Maintenance Organization
 a contract of indemnity
 if a member is hospitalized or has incurred any medical expense arising out of a
sickness, the healthcare provider must pay up to the agreed amount under the contract
 payment is made to the party who incurred the expenses
 CASE: PHILAMCARE VS CA – the non-legal wife incurred expenses of a deceased
member thus she is entitled to reimbursement
Sec 19 (Time when insurable interest must exist) – An interest in the property insured must exist when the insurance
takes effect, and when the loss occurs, but need not to exist in the meantime; and interest in the life or health of a
person insured must exist when the insurance takes effect, but need not exist thereafter or when the loss occurs.

• When insurance takes effect and loss occurs

o On property
 Interest must exist on the date of execution of the contract
 Interest must exist on the date of the occurrence of the risk insured
 Why? Because if the insured has no more interest in the property at the time of loss
therefore he has no loss.
 Example. Nasunog yung bahay after niya ibenta, he cannot recover anymore from the
policy kasi wala naman na nawala sa kanya kasi nabenta na niya yung house
• When insurance takes effect
o On life insurance
 Interest must exist the time the policy took effect
 Interest not needed to exist at the time of the insured’s death
 Example
 X Corporation insures life of Y, their President, with X as beneficiary. Later on Y sells his
stockholding and resigns from the company but X Corp. continues to pay the annual
premium, then Y dies. Is X entitled to recover? YES, interest is not needed to exist at the
time of the insured’s death.
• When liability attaches
o Questions of insurable interest are not important
• Need not exist during intervening period
o To prevent the issue of wavering policy
o Example:

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 D insured his house on January 2017, the sold to B on February 2017, then the house got burned
on April 2017, he can no longer claim because he not the owner anymore
 HOWEVER, If D reacquired the house on March 2017, he can still recover the interest need not
exist during the intervening period
Existence of insurable interest when risk attaches
• Existence of an insurable interest at the inception of the contract, unless made so by statute is not at all
necessary to its validity. It is sufficient that insurable interest exist at the time the risk attaches
What is the difference between insurable interest in life & insurable interest in property
As to the extent of insurable Limited to the actual value of the
interest interest
Need to exist both when it took effect
As to the time when insurable At the time the policy takes effect, no need & at the time of loss.
interest must exist to exist at the time of loss Need not to exist in the meantime
(time between)
As to expectation of benefit to Does not need legal basis. Reasonable
Expectation must have legal basis
be derived probability is sufficient

Sec 20 – Except in the cases specified in the next four sections and in the case of life, accident and health insurance, a
change of interest in any part of a thing insured unaccompanied by a corresponding change of interest in the insurance,
suspends the insurance to an equivalent extent, until the interest in the thing and the interest in the insurance are
vested in the same person.
GR: mere transfer of the thing insured does not transfer the policy but suspends it until the same person becomes the
owner of both the policy and the thing insured.
*meaning an insured must have an insurable interest the property

Ex. Binenta mo yung car tapos may insurance yun, yung bumili ng car hindi siya pwede maka avail ng ebnefits ng
insurance kasi hindi pa naman natatransfer sa kanya yung policy
Change of interest meant by Sec 20-24 – absolute transfer of property insured such as the conveyance of the property
by means of an absolute deed of sale

Are there exceptions to the GR?

 YES! XPN are as follows:
o In life, health & accident
o Change of interest in the thing insured after the occurrence of an injury which results to a loss
o Change of interest in one or more several things separately insured by one policy
o Change of interest by will or succession on the death of the insured
o Transfer of interest by one of several partners, joint owners in common who are jointly insured to the
o When a policy is so framed that it will inure to the benefit of whomsoever during the continuance of the
risk may become the owner of the interest insured
o When there is an express prohibition against alienation , the contract of insurance is not merely
suspended but avoided
Sec 21 – A change of interest in a thing insured AFTER the occurrence of an injury which results in a loss does not affect
the right of the insured to indemnity for the loss.
Ex. Naka insured yung car, tapos naaksidente yung car, tapos binenta ito ng sira? So yung dating may ari, pwede niya i-
assign yung right to claim dun sa bumili ng sira niyang car? Something like that, di ako sure.

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Sec 22 – A change of interest in one or more of several distinct, separatelt insured by one policy does not avoid the
insurance as to the others.
Things are separately insured in one policy Things are insured under one policy for a gross sum and
for an entire premium
Change of interest in one or more things DOES NOT Change of interest in one or more things will avoid the
AFFECT THE OTHER insurance as to the others
Only one premium is paid

Sec 23 – A change of interest, by will or succession on the death of the insurance does not avoid an insurance; and his
interest in the insurance passes to the person taking his interest in the thing insured.
 Insurance on property passes automatically upon the death of the insured to the heir, legatee or devisee (kung
kanino man pinamana yung property na insured.

Sec 24 – A transfer of interest by one of several partners, joint owner or owners in common who are jointly insured to
the others do not avoid insurance even though it has been agreed that the insurance shall cease upon alienation of the
thing insured.
 Transfer of interest in the insured property to a co-owner is ok. Insurance will not be void, new owner (the
partner) will be entitled to claims
 Why is insurance not void in this kind of transfer of ownership?
o Because transfer does not affect the risk because no new party is brought in to contractual relationship
with the insurer
 XPN:
o Sale of interest in a partnership property without the consent of the insurer and before the loss occurs
 What if the partner sold his interest to a stranger?
o Policy becomes void – kasi you brought in a new party to the contractual relationship with the insurer

Sec 25 – Every stipulation in a policy of insurance for the payment of loss whether the person insured has or has not any
interest in the property insured or that the policy shall be received as proof of such interest, and every policy executed
by way of gaming or wagering is void.
 What are the prohibited stipulations in an insurance policy?
o A stipulation for the payment of loss whether the person insured has or has not any interest in the
subject matter of the insurance
 This is VOID
 Wager policy – a pretended insurance where the insured has no interest in the thing insured
and can sustain no loss by the happening of the misfortunes insured against
o A stipulation that the policy shall be received as proof of insurable interest.
 Insurance policy cannot be a proof of insurable interest
 Defense of absence of insurable interest is available only to the insurer
 Wagering or gambling policies void
o Bet on a future event
 Void on the ground of public policy and are regarded as detrimental to society
 This kind of policy has a tendency to create a desire for the event
o Non existence of loss from occurrence of event
 Wagers suffer no loss but profit from it

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Sec 26 –A neglect to communicate that which a party knows and ought to communicate, is called concealment.
 4 primary concerns to an insurable contract
o Correct estimation of risk - this will make insurer decided whether he is willing to assume risk & know
what rete of premium
o Precise delimitation of the risk – to determine the extent of the contingent duty to pay undertaken by
the insurer
o To control the risk after it is assumed - to guard against increase of risk
o Determining whether a loss occurred and if so, the amount of such loss
 Devices for ascertaining and controlling risk & loss (CONCEALMENT, REPRESENTATON, WARRANTIES,
o Concealment & Representation
 Developed for the purpose of enabling the insurer to secure the same information with respect
to the risk that was possessed by the applicant
o Warranties & Conditions
 Conditions existing at the inception of the contract
 Involves facts
 Ex. Insured may be required to warrant that he had not been subject of a major operation
o Exceptions
 Making more definite the coverage indicated by general description of the risk

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