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  • Insurance Law Syllabus

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    Łu ArtVill
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    This document outlines key concepts in insurance code, including the concept of insurance, elements of an insurance contract, characteristics of insurance contracts, classes of insurance like marine, fire, casualty, and life, the concept of insurable interest, perfection of the insurance contract through offer/acceptance and premium payment, rescission of contracts for concealment/misrepresentation, and claims settlement procedures involving notice, proof of loss, and subrogation.

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    This document outlines key concepts in insurance code, including the concept of insurance, elements of an insurance contract, characteristics of insurance contracts, classes of insurance like marine, fire, casualty, and life, the concept of insurable interest, perfection of the insurance contract through offer/acceptance and premium payment, rescission of contracts for concealment/misrepresentation, and claims settlement procedures involving notice, proof of loss, and subrogation.

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    © All Rights Reserved
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    21 views1 page

    Insurance Law Syllabus

    Uploaded by

    Łu ArtVill
    This document outlines key concepts in insurance code, including the concept of insurance, elements of an insurance contract, characteristics of insurance contracts, classes of insurance like marine, fire, casualty, and life, the concept of insurable interest, perfection of the insurance contract through offer/acceptance and premium payment, rescission of contracts for concealment/misrepresentation, and claims settlement procedures involving notice, proof of loss, and subrogation.

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    © All Rights Reserved
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    of 1

    INSURANCE CODE

    A. Concept of Insurance
    B. Elements of an Insurance Contract
    C. Characteristics/Nature of Insurance Contracts
    D. Classes
    1. Marine
    2. Fire
    3. Casualty
    4. Suretyship
    5. Life
    6. Compulsory Motor Vehicle Liability Insurance
    E. Insurable Interest
    1. In Life/Health
    2. In Property
    3. Double Insurance and Over Insurance
    4. Multiple or Several Interests on Same Property
    F. Perfection of the Contract of Insurance
    1. Offer and Acceptance/Consensual
    a. Delay in Acceptance
    b. Delay in issuance of Policy
    2. Premium Payment
    3. Non-Default Options in Life Insurance
    4. Reinstatement of a Lapsed Policy of Life Insurance
    5. Refund of Premiums
    G. Rescission of Insurance Contracts
    1. Concealment
    2. Misrepresentation/Omissions
    3. Breach of Warranties
    H. Claims Settlement and Subrogation
    1. Notice and Proof of Loss
    2. Guidelines on Claims Settlement
    a. Unfair Claims Settlement; Sanctions
    b. Prescription of Actions
    c. Subrogation

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