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Insurance Code Provisions
Insurance Code Provisions
Neither shall rescission take place when the NOTE: Insurance is not a contract of chance. However,
things which are the object of the contract are legally each party must take a risk.
in the possession of third persons who did not act in
bad faith.
Executory and Unilateral Characteristics of
In this case, indemnity for damages may be Insurance
demanded from one person causing the loss.
Conditional Characteristic of Insurance
---------- Insurance is subject to conditions the principal one of
which is the happening of the event insured against.
The conditions therein must be complied with.
CHARACTERISTICS OF INSURANCE: