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!
1.) An existing insurable interest
2.) Insured is subject to a risk of loss
3.) Insurer assumes the risk of loss
4.) The assumption of risk is part of a general scheme to distribute actual (economic) losses
5.) Payment of the premiums
If the first 3 elements are the only ones present, the contract is a risk-shifting device.
An insurance contract insures against economic loss by distributing it among all those who are subject to the same risk. This is done through the payment of a premium to a general fund specified for the loss in question. Therefore, each member contributes in a small way to the compensation of losses another member suffers. By entering into a contract of insurance, the member who suffers loss is protected from absorbing his losses alone.
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