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Marcos, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order the following: This Decree shall be known as "The Insurance Code". Whenever used in this Code, the following terms shall have the respective meanings hereinafter set forth or indicated, unless the context otherwise requires: A contract of suretyship shall be deemed to be an insurance contract, within the meaning of this Code, only if made by a surety who or which, as such, is doing an insurance business as hereinafter provided.
In the application of the provisions of this Code the fact that no profit is derived from the making of insurance contracts, agreements or transactions or that no separate or direct consideration is received therefor, shall not be deemed conclusive to show that the making thereof does not constitute the doing or transacting of an insurance business.
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. The consent of the husband is not necessary for the validity of an insurance policy taken out by a married woman on her life or that of her children.
Any minor of the age of eighteen years or more, may, notwithstanding such minority, contract for life, health and accident insurance, with any insurance company duly authorized to do business in the Philippines, provided the insurance is taken on his own life and the beneficiary appointed is the minor's estate or the minor's father, mother, husband, wife, child, brother or sister.
The married woman or the minor herein allowed to take out an insurance policy may exercise all the rights and privileges of an owner under a policy. The preceding section does not authorize an insurance for or against the drawing of any lottery, or for or against any chance or ticket in a lottery drawing a prize.
All kinds of insurance are subject to the provisions of this chapter so far as the provisions can apply. Every person, partnership, association, or corporation duly authorized to transact insurance business as elsewhere provided in this code, may be an insurer.
Anyone except a public enemy may be insured. Unless the policy otherwise provides, where a mortgagor of property effects insurance in his own name providing that the loss shall be payable to the mortgagee, or assigns a policy of insurance to a mortgagee, the insurance is deemed to be upon the interest of the mortgagor, who does not cease to be a party to the original contract, and any act of his, prior to the loss, which would otherwise avoid the insurance, will have the same effect, although the property is in the hands of the mortgagee, but any act which, under the contract of insurance, is to be performed by the mortgagor, may be performed by the mortgagee therein named, with the same effect as if it had been performed by the mortgagor.
If an insurer assents to the transfer of an insurance from a mortgagor to a mortgagee, and, at the time of his assent, imposes further obligation on the assignee, making a new contract with him, the act of the mortgagor cannot affect the rights of said assignee.
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Every person has an insurable interest in the life and health: The insured shall have the right to change the beneficiary he designated in the policy, unless he has expressly waived this right in said policy.
The interest of a beneficiary in a life insurance policy shall be forfeited when the beneficiary is the principal, accomplice, or accessory in willfully bringing about the death of the insured; in which event, the nearest relative of the insured shall receive the proceeds of said insurance if not otherwise disqualified.
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 interest. An insurable interest in property may consist in: A mere contingent or expectant interest in anything, not founded on an actual right to the thing, nor upon any valid contract for it, is not insurable.
The measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof.
No contract or policy of insurance on property shall be enforceable except for the benefit of some person having an insurable interest in the property insured. An interest in property insured must exist when the insurance takes effect, and when the loss occurs, but not 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.
Except in the cases specified in the next four sections, and in the cases of life, accident, and health insurance, a change of interest in any part of a thing insured unaccompanied by a corresponding change in 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.
A change in 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. A change of interest in one or more several distinct things, separately insured by one policy, does not avoid the insurance as to the others.
A change on interest, by will or succession, on the death of the insured, does not avoid an insurance; and his interest in the insurance passes to the person taking his interest in the thing insured. A transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to the others, does not avoid an insurance even though it has been agreed that the insurance shall cease upon an alienation of the thing insured.
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.
A neglect to communicate that which a party knows and ought to communicate, is called a concealment. A concealment whether intentional or unintentional entitles the injured party to rescind a contract of insurance. As amended by Batasang Pambansa Blg. Each party to a contract of insurance must communicated to the other, in good faith, all facts within his knowledge which are material to the contract and as to which he makes no warranty, and which the other has not the means of ascertaining.
An intentional and fraudulent omission, on the part of one insured, to communicate information of matters proving or tending to prove the falsity of a warranty, entitles the insurer to rescind. Neither party to a contract of insurance is bound to communicate information of the matters following, except in answer to the inquiries of the other: Materiality is to be determined not by the event, but solely by the probable and reasonable influence of the facts upon the party to whom the communication is due, in forming his estimate of the disadvantages of the proposed contract, or in making his inquiries.
Each party to a contract of insurance is bound to know all the general causes which are open to his inquiry, equally with that of the other, and which may affect the political or material perils contemplated; and all general usages of trade.
The right to information of material facts may be waived, either by the terms of the insurance or by neglect to make inquiry as to such facts, where they are distinctly implied in other facts of which information is communicated.
Information of the nature or amount of the interest of one insured need not be communicated unless in answer to an inquiry, except as prescribed by section fifty-one. Neither party to a contract of insurance is bound to communicate, even upon inquiry, information of his own judgment upon the matters in question.
A representation may be oral or written. A representation may be made at the time of, or before, issuance of the policy. The language of a representation is to be interpreted by the same rules as the language of contracts in general.26 Businesses Available For Sale in the Philippines Today on metin2sell.com, The World's Largest Marketplace for Buying and Selling Businesses.
A business plan is also used by entrepreneurs in securing funding from banks, venture capitalists, and investors to capitalize the business. Pages: 1 2 3 Tags: How to Start a Small Business how to start a small business in the philippines How to Start a Small Business Philippines.
Dec 03, · If you’re looking for funding for a new or existing business, you need a business plan. Your business plan gives lenders and investors the information they need to .
Feb 28, · Writing a business plan can help you determine if your idea is feasible and provide direction. Business plans should avoid fluff, be realistic, and include visuals.
Commercial Buildings Strip Mall Plans Miscellaneous Commercial Plans PLEASE NOTE: The Commercial Buildings found on metin2sell.com website were designed to meet or exceed the requirements of a nationally recognized building code in effect at the time and place the plan was drawn.
How to Start a Business in the Philippines. Starting a business can be daunting. Not all of us can afford to go to a prestigious business school to learn everything we need to know, but we’re all willing to share practical and useful tips to help you jump-start your business.