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    Notes - Perfection of Contract

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    erwin_cula
    This document outlines the key elements required for the perfection of an insurance contract, including consent between the parties, approval by regulators, inclusion of standard policy details like parties, amounts, premiums, property/life insured, risks covered, and period of coverage. It also prohibits certain stipulations and identifies types of policies as open, valued or running. Delivery confirms acceptance, with cover notes and binding receipts providing interim coverage. Insurable interest and construction of ambiguities favor the insured.

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    Notes - Perfection of Contract

    Uploaded by

    erwin_cula
    7 views1 page
    This document outlines the key elements required for the perfection of an insurance contract, including consent between the parties, approval by regulators, inclusion of standard policy details like parties, amounts, premiums, property/life insured, risks covered, and period of coverage. It also prohibits certain stipulations and identifies types of policies as open, valued or running. Delivery confirms acceptance, with cover notes and binding receipts providing interim coverage. Insurable interest and construction of ambiguities favor the insured.

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    The Perfection of Contract of Insurance

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    This document outlines the key elements required for the perfection of an insurance contract, including consent between the parties, approval by regulators, inclusion of standard policy details like parties, amounts, premiums, property/life insured, risks covered, and period of coverage. It also prohibits certain stipulations and identifies types of policies as open, valued or running. Delivery confirms acceptance, with cover notes and binding receipts providing interim coverage. Insurable interest and construction of ambiguities favor the insured.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    7 views1 page

    Notes - Perfection of Contract

    Uploaded by

    erwin_cula
    This document outlines the key elements required for the perfection of an insurance contract, including consent between the parties, approval by regulators, inclusion of standard policy details like parties, amounts, premiums, property/life insured, risks covered, and period of coverage. It also prohibits certain stipulations and identifies types of policies as open, valued or running. Delivery confirms acceptance, with cover notes and binding receipts providing interim coverage. Insurable interest and construction of ambiguities favor the insured.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    of 1

    2- PERFECTION OF CONTRACT

    -Consent: concurrence of offer and acceptance


    -Insurance Policy: approved by insurance commission
    -formal written instrument
    -Contents (PAPII-RP)
    -Parties
    -Amount of insurance
    -Premium
    -Insured property or life
    -Interest of insured if not the owner
    -Risk insured against
    -Period
    -Prohibited
    -Stipulation for payment of loss
    -Stipulation as proof of insurable interest
    -Limiting time of commencing action
    -Kinds
    -Open: ascertained at time of loss
    -Valued: ascertained on its face agreement
    -Running: ascertained by additional statements
    -Delivery: conclusive evidence of acceptance
    -Cover note= Ad Interim
    -Binding Receipt= unconditional and temporary insurance
    -Insurable interest= financial loss
    -Fine Print Rule: ambiguity in policy be in favor of insured
    -Expresso Unius exclusio alterius: mention of one thing implies exlusion of another

    -Forfeiture Clauses: construed strongly against those beneficials

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