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!
Grounds for
Recission of the Insurance Contract:
1.)
Concealment
2.)
Misrepresentation
3.) Breach
or warranty
The right to
rescind can be waived if the insurer continues to accept premium
payments even if he knew any of the grounds to rescind the contract
were present.
Limitations
on the Insurer's Right to Rescind:
1.) Non-life
insurance
The right
must be exercised before an action (in court) on the contract begins.
2.) Life
insurance
The right
must be exercised during the first 2 years from the policy's date of
issue or its last reinstatement. There must be no court action yet.
After 2 years and the insurer can't prove that is was void ab
initio or there was fraudulent
concealment or misrepresentation it becomes incontestable.
Life insurance policies become incontestable if they've been in force
for at least 2 years from the date of issue or last reinstatement
Theories of
Incontestability
For the
insurer- the insurer is supposed to have a reasonable opportunity to
investigate the statements and claims of the applicant. After the
required period to investigate, the insurer can't question the
policy's validity by an affirmative action or by defense to a suit
brought by the beneficiary of a life policy.
For the
insured- the greatest possible assurance as to the policy's validity
must be given to the policyholder that his beneficiaries will
unquestioningly receive payment or the existence of the coverage once
the period of contestability expires.
The
following defenses aren't barred by incontestability:
1.) The
person taking the insurance lacks insurable interest
2.) The
cause of the death of the insured is an excepted risk
3.) The
premiums weren't paid
4.)
Conditions of the policy relating to military or naval service were
violated
5.) The
fraud is of a particularly vicious type
6.) Failure
of the beneficiaries to produce proof of death or comply with any
conditions imposed by the policy after th loss happened
7.) The
action wasn't brought during the specified time
1 comments:
is the 5th defense accepted in Philippine Jurisprudence? alam ko US jurisprudence lang ang vicious fraud exception. can you point me to a philippine case that has accepted the vicious fraud exception. thank you sir! currently working on my thesis for juris doctor
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