July 3, 2015 reading assignment

1. Insurable interest, definition- Section 10,Revisit the definition of an insurance contract

Read Lalican vs. Insular Life Insurance Co. Ltd, 597 SCRA 159(2009)

2. Insurable interest in life/health

-Upon one’s life –unlimited, presumption of good faith, generally a donation to the beneficiary(beneficiary need not have interest in the life of the beneficiary)

-upon the life of another-interest must be pecuniary in nature-“risk of actual monetary loss from death”

. for benefit of insured

. for benefit of another person ( 3 parties: the policy holder, the cestui que vie (the insured), the beneficiary; important that the policy owner and the beneficiary have an insurable interest on the insured

-there must be pecuniary interest-reasonable expectation of benefit

-blood relationship

-under a legal obligation-essentially commercial or debtor/creditor relationship (also essentially a form of property insurance since it is only based on the amount of obligation) Revisit Eternal Gardens vs, Philhealth Insurance for better understanding

3. Insurable interest in propertya. Definition- Section 13-anyone has an insurable interest in property from where he/she derives a

benefit from its existence or would suffer loss from its destructionb. In what it may consist of- Section 14, Section 16

Read Filipino Merchants ins. Co., vs. Court of Appeals, 179 SCRA 638(1989), Gaisano Cagayan vs. Insurance Co. of North America, 490 SCRA 286 (2006)

c. Measure of insurable interest in property –Section 17d. When should insurable interest exist- Sections 19,25e. Enforceability- Section 18f. Change of interest- Sections 20 to 24, Sections 53 and 57,Double insurance/Co-insurance vs.

Over insurance- Sections 95 to 96

Read Pioneer Insurance and Surety Company vs. Yap, 61 SCRA 426(1974)

g. Multiple or several interests on property; special provisions on mortgagor and mortgagee- Sections 8 and 9

Read Geagonia vs. Court of Appeals, 241 SCRA 152(1995), Tai Tong Chuache vs. Insurance Commission, 158 SCRA 366(1988)

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