ELEMENTS OF AN INSURANCE CONTRACT "SPEAR"
GENERAL CHARACTERISTICS OF AN INSURANCE CONTRACT
CONTINGENT VERSUS UNKNOWN EVENT
Classes of Insurance Contracts
As to Property (Non-Life) Insurance
As to Mortgaged Property (Extent of Insurable Interest)
Change of Interest in Insured Party
XPNs (Not suspended nor void):
Designation of Beneficiary
Life Insurance of One's Self
Rescission of Insurance Contracts
XPNs (There is no duty to disclose):
Three. Breach of Warranty
Applying to Property Insurance only
Claims Settlement and Subrogation
Suicide Clause and Willful Act or Connivance
Subrogation Applies only to property insurance
Instances where there is No Subrogation of Rights: