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Flashcards in PARTIES Deck (9)
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1

PARTIES TO INSURANCE CONTRACT

1. Insurer

2. Insured

3. Beneficiary

2

DEFINE Insurer

Person who undertakes to
indemnify another.


 For a person to be called an
insurance agent, it is necessary
that he should perform the
function for compensation.

3

Beneficiary

A person designated to
receive proceeds of policy when risk
attaches.

4
REVERSE

Person who undertakes to
indemnify another.


 For a person to be called an
insurance agent, it is necessary
that he should perform the
function for compensation.

DEFINE Insurer

5

Insured

The party to be indemnified
upon the occurrence of the loss. He must
have capacity to contract, must possess
an insurable interest in the subject of
the insurance and must not be a public
enemy.

6
REVERSE

A person designated to
receive proceeds of policy when risk
attaches.

Beneficiary

7

REQUISITES OF INSURED (NATURAL PERSON)

 

  1. capacity to contract,
  2. must possess an insurable interest in the subject of the insurance
  3. must not be a public enemy

8

a nation with
whom the Philippines is at war
and it includes every citizen or
subject of such nation

public enemy

9

Effects of Irrevocable Designation Of
Beneficiary


 Insured cannot:

1. Assign the policy
2. Take the cash surrender value of
the policy
3. Allow his creditors to attach or
execute on the policy;
4. Add new beneficiary; or
5. Change the irrevocable
designation to revocable, even
though the change is just and
reasonable.