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!
The insurance policy is the formal written evidence of the contract's existence. As such, it has to be in the form approved (not prescribed) by the Insurance Commission. Though the Insurance Code doesn't prescribe the form, it does require certain provisions that must be inserted into the policy. The policy is not, however, necessary for the insurance contract's perfection.
Contents
1.) Parties
2.) Amount of insurance (except in open or running policies)
3.) Rate of premium
4.) Property/life insured
5.) Interest of the insured in the property (if he's not the absolute owner)
6.) Risk insured against
7.) Lifetime of the insurance contract
Riders
A rider is an attachment to the policy that contains additional stipulations between the parties. It is issued after the policy is delivered and can modify the policy's conditions by either expanding/restricting its benefits or excluding certain conditions from the coverage. It isn't binding on the insured unless its descriptive title/name is written in the blank spaces provided for in the policy itself. If properly attached to the policy, it forms part of the contract with the effect that it has been embodied in the policy (Ang Giok Chip vs. Springfield, 56 Phil 275.)
Riders are necessary because they save the parties the trouble of drawing up a new contract by simply attaching later provisions that were agreed on. Consequently, in case of a conflict between a rider and the policy, the rider prevails.
A rider has to be countersigned by the insured/owner if he didn't apply for it.
Kinds of Policies:
1.) Open
The value of the thing insured isn't agreed on but left to be determined at the time of loss.
2.) Valued
The value is agreed on and written in the policy. All life insurance policies are valued.
3.) Running
Contemplates successive insurances and provides that the object of the policy can be defined by additional statements and indorsements from time to time. You can find this in insurance on goods/merchandise that constantly change in quantity so that changing their values from time to time is necessary.
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