I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
Life insurance, generally, isn't a contract of indemnity; it's more of an investment. The amount to be paid has already been predetermined, not like property insurance where the amount payable is contingent to the extent of the loss. Also, there is no limit as to the amount that may be taken on one's life; it all depends on the insured's capacity and willingness to pay the premiums.
Health, disability and accident insurance, on the other hand, is considered a contract of indemnity insofar as hospital and medical expenses are concerned. A health insurance can also be viewed as a casualty insurance, which is why it can be issued by both life and non-life insurance companies.
A life or health insurance policy may be assigned by succession or will to a person without insurable interest and he can recover whatever the insured might have recovered. The transfer doesn't require a notice to the insurer unless the policy expressly requires -but even if the notice isn't made, the assignee is still entitled to receive the proceeds. Once the beneficiary is paid, the insurer is relieved of his obligation.
Suicide
Suicide will not make the insurer liable except in the following instances:
1.) It is committed after the 2-year incontestable period from date of issue or last reinstatement of the policy (the period may be shortened by stipulation but not extended)
2.) It is committed in a state of insanity (time doesn't matter) and it isn't an excepted risk
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