INSURANCE Flashcards
contract of suretyship as insurance
when surety is an insurance business
industrial life insurance
not more than 500 times of current statutory minimum wage law
arises from accident or mishap
casualty
against fire, lightning, windstorm or earthquake
fire insurance
microinsurance contributions
max 7.5% of current daily mw for NONagri workers
max benefit of microinsurance
1000 times
investment and others
not a security
variable insurance
perfection of contract of insurance
consensual
rule as to payment of premium
GR: required
EXC:
grace period
estoppel
rescission of contract
nonlife
1. nonpayment of premium
2. crime
fraud
concealment
Claims and settlement and subrogation
Life
maturity: upon maturity
upon death: 60 days after presentation of the claim
Claims and settlement and subrogation
property insurance
no ascertainment: 90 days after such receipt
prescription
10 years
agreement: 1 year
insurable interest
