Topics Covered:
Topics Covered:
PARTIES TO AN INSURANCE
Person who undertakes to indemnify another
Insurer
Limited to Corporations, Partnerships, or Associations duly authorized to transact insurance business
Person with capacity to contract and having an insurable interest in the subject matter of the insurance
Insured
Public enemy may not be insured
A nation and its citizens with whom the Philippines is at war
Person or entity designated by the policy owner to receive the proceeds of a life insurance policy upon the death of the insured
Beneficiary
ELEMENTS OF AN INSURANCE CONTRACT "SPEAR"
ELEMENTS OF AN INSURANCE CONTRACT "SPEAR"
General Scheme to distribute actual losses among a large group of persons bearing a similar risk
The INSURED pays a Premium
Existence of an insurable interest by the INSURED
The INSURER Assumes risk
The INSURED is subject to the Risk of loss