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Insurance Representation And Claims
Summary
A statement about the future is considered a promise unless its clearly an opinion. Ms. Aquinos survey sets the seaworthiness standard for insurance. If a defect causes sinking, the insurer may claim a breach of warranty. External factors like storms make the survey less relevant. Mr. Dela Cruzs sprinkler claim doesnt alter fire exclusion for electrical faults. Representations can be changed before the policy is finalized. Once the policy is in effect, changes arent allowed as the insurer relies on initial statements.Full Conversation
simplify
Sure! Here is a simplified interpretation of Section *:
A statement about the future is considered a promise, unless it is clear that it was just an opinion or expectation.
A statement about the future is considered a promise, unless it is clear that it was just an opinion or expectation.
Ms. Aquino's representation about the recent survey and certification can be seen as defining the standard of seaworthiness that the insurer relied upon at the time of the policy's inception. If, shortly after the policy starts, the boat sinks due to a pre-existing structural defect that the survey should have reasonably identified, the insurer might argue a breach of the implied warranty of seaworthiness. Ms. Aquino's representation about the survey becomes relevant in determining whether the boat met the expected standard of being "seaworthy" as represented. Conversely, if the boat sinks due to a peril unrelated to its condition at the start of the voyage (e.g., a storm), the prior representation about seaworthiness might be less relevant. SIMPLIFY
Sure! Here's a simplified version:
Ms. Aquino's survey defines the boat's seaworthiness standard for the insurance policy. If the boat sinks soon after due to a defect the survey should have found, the insurer might claim the boat wasn't seaworthy as promised. If the sinking is due to an external factor like a storm, the survey's relevance is less important.
Ms. Aquino's survey defines the boat's seaworthiness standard for the insurance policy. If the boat sinks soon after due to a defect the survey should have found, the insurer might claim the boat wasn't seaworthy as promised. If the sinking is due to an external factor like a storm, the survey's relevance is less important.
WHAT DO YOU MEAN BY LESS IMPORTANT
Case Rating: *
In this context, "less important" means that if the boat sinks due to an external factor like a storm, the initial survey's findings about the boat's condition are not as critical in determining the cause of the sinking. The focus would shift away from whether the boat was seaworthy at the start and more towards the external event that caused the sinking.
Do you have further questions about this topic?
In this context, "less important" means that if the boat sinks due to an external factor like a storm, the initial survey's findings about the boat's condition are not as critical in determining the cause of the sinking. The focus would shift away from whether the boat was seaworthy at the start and more towards the external event that caused the sinking.
Do you have further questions about this topic?
SO WHAT IS THE RELEVANT OF THIS TWO FACTOR IN APPROVING OR DENIYING THE CLAIM
Case Rating: *
The relevance of these two factors in approving or denying the claim depends on:
- Condition of the Boat (Seaworthiness): If the boat had a pre-existing defect that the survey should have identified, the insurer might deny the claim based on a breach of the implied warranty of seaworthiness.
- Cause of Sinking: If the sinking is due to an external factor like a storm, the boat's condition at the start is less relevant, and the insurer might approve the claim.
Do you have any specific questions regarding your situation?
The relevance of these two factors in approving or denying the claim depends on:
- Condition of the Boat (Seaworthiness): If the boat had a pre-existing defect that the survey should have identified, the insurer might deny the claim based on a breach of the implied warranty of seaworthiness.
- Cause of Sinking: If the sinking is due to an external factor like a storm, the boat's condition at the start is less relevant, and the insurer might approve the claim.
Do you have any specific questions regarding your situation?
Mr. dela Cruz cannot argue that his representation about having a sprinkler system should qualify (i.e., limit or change) the clear and express exclusion for fires caused by electrical faults. WHAT DO YOU MEAN BY THIS
Case Rating: *
It means that even if Mr. dela Cruz claimed to have a sprinkler system, it doesn't change the clear policy exclusion for fires caused by electrical faults. The existence of the sprinkler system does not affect the insurer's decision to exclude coverage for electrical fire damages.
Would you like more information or have other questions regarding this topic?
It means that even if Mr. dela Cruz claimed to have a sprinkler system, it doesn't change the clear policy exclusion for fires caused by electrical faults. The existence of the sprinkler system does not affect the insurer's decision to exclude coverage for electrical fire damages.
Would you like more information or have other questions regarding this topic?
NOTES - "A representation may be altered or withdrawn before the insurance is effected...": This part signifies that the insured has the freedom to modify or completely take back any representations they provided to the insurer up until the moment the insurance contract comes into force. This makes sense because, during the negotiation and application phase, information might change, or the insured might realize they made an error or want to clarify something. The insurer is still in the process of assessing the risk and deciding whether and on what terms to issue the policy. SIMPLIFY
Case Rating: *
Here's a simplified version:
An insured person can change or withdraw any information they gave to the insurer until the insurance contract is finalized. This is because things can change or errors can be discovered during the application process. The insurer is still deciding on the risk and terms for the policy.
Here's a simplified version:
An insured person can change or withdraw any information they gave to the insurer until the insurance contract is finalized. This is because things can change or errors can be discovered during the application process. The insurer is still deciding on the risk and terms for the policy.
This part establishes a firm cutoff point. Once the insurance policy is "effected" (meaning the contract is in place, typically when the policy is issued and the premium is paid or agreed upon), the insured can no longer unilaterally alter or withdraw the representations they made. The insurer has relied on these representations in deciding to provide coverage under the agreed terms. Allowing changes after the contract is in force would create uncertainty and could potentially prejudice the insurer. SIMPLIFY
Case Rating: *
Here's a simplified version:
Once the insurance policy starts (issued and premium paid), the insured cannot change or withdraw their statements. The insurer relies on these statements for coverage. Changing them afterward would cause uncertainty and harm the insurer.
Any specific questions about your situation?
Here's a simplified version:
Once the insurance policy starts (issued and premium paid), the insured cannot change or withdraw their statements. The insurer relies on these statements for coverage. Changing them afterward would cause uncertainty and harm the insurer.
Any specific questions about your situation?
Can you cut this into pieces: After a policy of life insurance made payable on the death of the insured shall have been in force during the lifetime of the insured for two (*) years from the date of its issue or of its last reinstatement, the insurer cannot prove that the policy is void ab initio or is rescindable because of the fraudulent concealment or misrepresentation of the insured or his agent.
Case Rating: *
Sure! Here is the text broken into pieces:
- After a policy of life insurance
- made payable on the death of the insured
- shall have been in force
- during the lifetime of the insured
- for two (*) years
- from the date of its issue
- or of its last reinstatement,
- the insurer cannot prove
- that the policy is void ab initio
- or is rescindable
- because of the fraudulent concealment
- or misrepresentation
- of the insured or his agent.
Is there anything else you would like to ask?
Sure! Here is the text broken into pieces:
- After a policy of life insurance
- made payable on the death of the insured
- shall have been in force
- during the lifetime of the insured
- for two (*) years
- from the date of its issue
- or of its last reinstatement,
- the insurer cannot prove
- that the policy is void ab initio
- or is rescindable
- because of the fraudulent concealment
- or misrepresentation
- of the insured or his agent.
Is there anything else you would like to ask?
After a policy of life insurance made payable on the death of the insured shall have been in force during the lifetime of the insured for two (*) years from the date of its issue or of its last reinstatement, the insurer cannot prove that the policy is void ab initio or is rescindable because of the fraudulent concealment or misrepresentation of the insured or his agent. CAN YOU FORMULATE DEEP DIVE QUESTION ABOUT THIS
Case Rating: *
Sure! Here's a deep dive question:
How does this provision of the life insurance policy impact any potential disputes between the insurer and the insured regarding the validity of the policy after the two-year period has elapsed?
Sure! Here's a deep dive question:
How does this provision of the life insurance policy impact any potential disputes between the insurer and the insured regarding the validity of the policy after the two-year period has elapsed?
Any extra documents attached to the policy (riders, clauses, warranties, endorsements) are not binding on the insured unless their title or name is also specifically written in the blank spaces of the main policy. This protects the insured from being bound by attachments that might not be aware of or understand. SIMPLIFY
Case Rating: *
Extra documents like riders or endorsements are not binding on the insured unless their names are specifically written in the main policy. This ensures the insured is not held to attachments they might not know about or understand.
Extra documents like riders or endorsements are not binding on the insured unless their names are specifically written in the main policy. This ensures the insured is not held to attachments they might not know about or understand.
(a) The parties between whom the contract is made;
(b) The amount to be insured, except in the cases of open or running policies;
(c) The premium, or if the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined;
(d) The property or life insured;
(e) The interest of the insured in property insured, if he is not the absolute owner thereof;
(f) The risks insured against; and
(g) The period during which the insurance is to continue.
SIMPLIFY
Case Rating: *
Sure! Here's a simplified version:
- Parties involved in the contract.
- Amount to be insured (unless it's an open or running policy).
- Premium or basis for the final premium calculation.
- Property or life being insured.
- Insured's interest in the property (if not the absolute owner).
- Risks covered.
- Duration of the insurance.
Sure! Here's a simplified version:
- Parties involved in the contract.
- Amount to be insured (unless it's an open or running policy).
- Premium or basis for the final premium calculation.
- Property or life being insured.
- Insured's interest in the property (if not the absolute owner).
- Risks covered.
- Duration of the insurance.
what is the concept of cover notes
Case Rating: *
A cover note is a temporary insurance document issued while the insurer is processing the full insurance policy. It provides proof of coverage for a short period, ensuring the insured is protected during this time.
Are you inquiring about cover notes related to a specific type of insurance or situation?
A cover note is a temporary insurance document issued while the insurer is processing the full insurance policy. It provides proof of coverage for a short period, ensuring the insured is protected during this time.
Are you inquiring about cover notes related to a specific type of insurance or situation?
is that period 60 days? can it be extended?
Case Rating: *
Cover notes generally provide temporary insurance coverage for up to 60 days. They can be extended if both parties agree to it, but this usually depends on the insurer's policies and the specific circumstances.
Do you need information about extending a cover note in a specific type of insurance?
Cover notes generally provide temporary insurance coverage for up to 60 days. They can be extended if both parties agree to it, but this usually depends on the insurer's policies and the specific circumstances.
Do you need information about extending a cover note in a specific type of insurance?
• Interpretation: When a claim is paid out, the money must go to the person whose interest is insured or for whose benefit the policy was taken out, unless the policy itself states otherwise. For example, if you have a life insurance policy naming your spouse as the beneficiary, the proceeds will go to them upon your passing. SIMPLIFY
Case Rating: *
Simplified Interpretation: When a claim is paid, the money goes to the person insured or the beneficiary, unless the policy says otherwise. For example, a life insurance policy naming your spouse will give the proceeds to them when you pass away.
Simplified Interpretation: When a claim is paid, the money goes to the person insured or the beneficiary, unless the policy says otherwise. For example, a life insurance policy naming your spouse will give the proceeds to them when you pass away.
Section *. When an insurance contract is executed with an agent or trustee as the insured, the fact that his principal or beneficiary is the real party in interest may be indicated by describing the insured as agent or trustee, or by other general words in the policy. SIMPLIFY AND ILLUSTRATE
Case Rating: *
Sure! Here's a simplified version with an illustration:
Simplified Version:
When an insurance policy is made with an agent or trustee as the insured, the actual person who benefits (principal or beneficiary) can be identified by calling the insured an agent or trustee, or using general terms in the policy.
Illustration:
Imagine Maria buys an insurance policy for her company but lists herself as the insured. The policy can mention "Maria, as trustee for XYZ Company," indicating XYZ Company is the actual beneficiary.
Do you have any specific questions regarding this topic or need more details?
Sure! Here's a simplified version with an illustration:
Simplified Version:
When an insurance policy is made with an agent or trustee as the insured, the actual person who benefits (principal or beneficiary) can be identified by calling the insured an agent or trustee, or using general terms in the policy.
Illustration:
Imagine Maria buys an insurance policy for her company but lists herself as the insured. The policy can mention "Maria, as trustee for XYZ Company," indicating XYZ Company is the actual beneficiary.
Do you have any specific questions regarding this topic or need more details?
This phrase refers to the act of making an insurance policy, which was taken out or arranged ("effected") by just one individual who is either a partner in a business or a part-owner of a property, have legal effect or apply to the interests of the other partners or co-owners. It's about extending the coverage of a policy obtained by one person to benefit others who share ownership or partnership in the insured asset. simplify
Case Rating: *
Sure! Here's a simplified version:
When one partner or co-owner gets an insurance policy, it can be made to cover all partners or co-owners. This means the policy benefits everyone who shares ownership or partnership in the insured asset.
Sure! Here's a simplified version:
When one partner or co-owner gets an insurance policy, it can be made to cover all partners or co-owners. This means the policy benefits everyone who shares ownership or partnership in the insured asset.
Example in Tacloban: Imagine three siblings in Tacloban jointly own a fishing boat. If only one sibling takes out an insurance policy on the boat in their own name, this phrase sets the stage for how that policy can be made to also cover the financial interests of the other two siblings in that boat. SIMPLIFY
Case Rating: *
Sure! Here's a simplified version:
If one sibling in Tacloban gets an insurance policy for a fishing boat they own with their two siblings, that policy can be made to also cover the financial interests of the other two siblings.
Sure! Here's a simplified version:
If one sibling in Tacloban gets an insurance policy for a fishing boat they own with their two siblings, that policy can be made to also cover the financial interests of the other two siblings.
This describes the goal of making the insurance policy cover the individual financial stakes or shares that the other partners or co-owners have in the insured property or business. It's about ensuring that if a loss occurs, each person with an ownership or partnership interest can receive compensation proportionate to their share.
Example In the fishing boat scenario, this means the insurance policy should be structured so that if the boat is damaged, each of the three siblings can recover an amount that reflects their one-third ownership interest in the vessel.
SIMPLIFY
Case Rating: *
Sure! Here's a simplified version:
The insurance policy should cover the financial shares of all partners or co-owners. If a loss occurs, each person receives compensation based on their share. For example, if three siblings own a fishing boat, the policy should ensure each sibling gets one-third of the compensation if the boat is damaged.
Sure! Here's a simplified version:
The insurance policy should cover the financial shares of all partners or co-owners. If a loss occurs, each person receives compensation based on their share. For example, if three siblings own a fishing boat, the policy should ensure each sibling gets one-third of the compensation if the boat is damaged.
This phrase explains how to make the insurance policy cover the interests of all partners or co-owners. It states that the wording and conditions ("the terms") of the insurance policy must be specifically written or designed ("should be such as are applicable") to address and protect the shared ("joint or common") ownership or partnership interest in the insured asset. The policy needs to clearly identify that it's covering the collective interest, not just the individual who took it out. SIMPLIFY
Case Rating: *
Simplified Version: The insurance policy must be written to cover the interests of all partners or co-owners, protecting their shared ownership or partnership. The policy should clearly state that it covers the collective interest, not just the person who took it out.
Do you have a specific legal issue regarding insurance policies you'd like to discuss?
Simplified Version: The insurance policy must be written to cover the interests of all partners or co-owners, protecting their shared ownership or partnership. The policy should clearly state that it covers the collective interest, not just the person who took it out.
Do you have a specific legal issue regarding insurance policies you'd like to discuss?
Section *. When the description of the insured in a policy is so general that it may comprehend any person or any class of persons, only he who can show that it was intended to include him, can claim the benefit of the policy.
Interpretation: If an insurance policy uses a very broad description of who is insured (e.g., "all residents of Barangay X"), only someone who can prove they were specifically intended to be covered by that description can make a claim.
SIMPLIFY
Case Rating: *
Here's a simplified version:
If an insurance policy uses a broad description (e.g., "all residents of Barangay X"), only those who can prove they were meant to be covered by that description can claim the benefits.
Do you have any specific questions regarding this topic?
Here's a simplified version:
If an insurance policy uses a broad description (e.g., "all residents of Barangay X"), only those who can prove they were meant to be covered by that description can claim the benefits.
Do you have any specific questions regarding this topic?
Section *. A policy may be so framed that it will inure to the benefit of whomsoever, during the continuance of the risk, may become the owner of the interest insured.
• Interpretation: A policy can be written to cover whoever owns the insured property while the risk exists. This is common in marine insurance, where goods might change ownership during transit.
INTERPRET
Case Rating: *
It means that an insurance policy can be designed to benefit whoever owns the insured property while the risk period is active. For example, in marine insurance, if goods change ownership during transit, the new owner remains covered.
Do you have a specific situation or question about this interpretation?
It means that an insurance policy can be designed to benefit whoever owns the insured property while the risk period is active. For example, in marine insurance, if goods change ownership during transit, the new owner remains covered.
Do you have a specific situation or question about this interpretation?
In what scenario does the ownership change during transit?
Case Rating: *
Ownership can change during transit in several scenarios, including:
- Sale of Goods: When goods are sold and the buyer takes ownership during the shipping process.
- Consignment: When goods are sent on consignment, and ownership transfers once the consignee sells them.
- Transfer of Title: When documents of title, like bills of lading, are transferred to a new owner during shipment.
Is there a specific type of transaction or situation you are referring to?
Ownership can change during transit in several scenarios, including:
- Sale of Goods: When goods are sold and the buyer takes ownership during the shipping process.
- Consignment: When goods are sent on consignment, and ownership transfers once the consignee sells them.
- Transfer of Title: When documents of title, like bills of lading, are transferred to a new owner during shipment.
Is there a specific type of transaction or situation you are referring to?
How do you reconcile sections * and * with respect to the coverage of the new owner of the thing insured, because sec * covers the new owner, while sec *
Case Rating: *
To reconcile Sections * and * concerning the coverage of the new owner of the insured property:
- Section * allows the insurance policy to benefit anyone who becomes the owner during the risk period.
- Section * requires an insurable interest both at the time of loss and at the time of effecting the policy.
Together, these sections ensure that:
- The policy can extend to new owners (Section *).
- The new owner must have an insurable interest at the time of the loss (Section *).
How does this clarification relate to your specific situation?
To reconcile Sections * and * concerning the coverage of the new owner of the insured property:
- Section * allows the insurance policy to benefit anyone who becomes the owner during the risk period.
- Section * requires an insurable interest both at the time of loss and at the time of effecting the policy.
Together, these sections ensure that:
- The policy can extend to new owners (Section *).
- The new owner must have an insurable interest at the time of the loss (Section *).
How does this clarification relate to your specific situation?
does * and * concur?
Case Rating: *
Yes, Sections * and * can work together.
- Section *: Allows the policy to benefit whoever owns the insured property during the risk period.
- Section *: Ensures the new owner must have an insurable interest at both the time the policy is effected and the time of loss.
Would you like more details on a specific aspect of these sections?
Yes, Sections * and * can work together.
- Section *: Allows the policy to benefit whoever owns the insured property during the risk period.
- Section *: Ensures the new owner must have an insurable interest at both the time the policy is effected and the time of loss.
Would you like more details on a specific aspect of these sections?
Section *. The mere transfer of a thing insured does not transfer the policy, but suspends it until the same person becomes the owner of both the policy and the thing insured.
Interpretation: If you sell your house in Tacloban that's insured, the insurance policy doesn't automatically go to the new owner. The policy is suspended until the same person owns both the policy and the property again (which would likely involve a new policy for the new owner).
SIMPLIFY
Case Rating: *
Simplified Interpretation: If you sell your insured house in Tacloban, the insurance policy doesn't transfer to the new owner automatically. The policy is paused until the same person owns both the policy and the property again (new owner needs a new policy).
Do you have any questions about this or a specific situation you're dealing with?
Simplified Interpretation: If you sell your insured house in Tacloban, the insurance policy doesn't transfer to the new owner automatically. The policy is paused until the same person owns both the policy and the property again (new owner needs a new policy).
Do you have any questions about this or a specific situation you're dealing with?
Section *. A policy is either open, valued, or running.
intertpret
Case Rating: *
Here's a brief interpretation of Section *:
A policy can be categorized as:
- Open: The value of the insured item is determined at the time of loss.
- Valued: The value of the insured item is agreed upon at the time the policy is issued.
- Running: The policy covers multiple items or shipments over a period.
Do you have a specific type of insurance policy or situation in mind?
Here's a brief interpretation of Section *:
A policy can be categorized as:
- Open: The value of the insured item is determined at the time of loss.
- Valued: The value of the insured item is agreed upon at the time the policy is issued.
- Running: The policy covers multiple items or shipments over a period.
Do you have a specific type of insurance policy or situation in mind?
illustrate
Case Rating: *
Sure! Here is an illustration for each type of policy:
- Open Policy: Maria insures her cargo shipments. The value isn't fixed but will be determined if a loss occurs during transit.
- Valued Policy: John insures his antique vase for a specific value of PHP *,*. If it gets damaged, he will be compensated PHP *,* regardless of its market value.
- Running Policy: A company insures all its shipments over a year. Each shipment is covered under the same policy, providing ongoing coverage as items are shipped.
Is there a particular type of policy you're dealing with or need more information on?
Sure! Here is an illustration for each type of policy:
- Open Policy: Maria insures her cargo shipments. The value isn't fixed but will be determined if a loss occurs during transit.
- Valued Policy: John insures his antique vase for a specific value of PHP *,*. If it gets damaged, he will be compensated PHP *,* regardless of its market value.
- Running Policy: A company insures all its shipments over a year. Each shipment is covered under the same policy, providing ongoing coverage as items are shipped.
Is there a particular type of policy you're dealing with or need more information on?
in open policy, how about if loss does not occur? what happen to the policy?
Case Rating: *
In an open policy, if a loss does not occur, the policy remains in force, and no claim is made. The coverage continues until the policy period ends or the insured items are no longer at risk.
Do you have any specific concerns or need further details about your situation with an open policy?
In an open policy, if a loss does not occur, the policy remains in force, and no claim is made. The coverage continues until the policy period ends or the insured items are no longer at risk.
Do you have any specific concerns or need further details about your situation with an open policy?
no longer at risk, means the transhipment has been completed?
Case Rating: *
Yes, "no longer at risk" means the transhipment has been completed, and the goods are no longer exposed to the risks covered by the insurance policy.
Would you like to discuss any specific legal concerns or need further details about insurance coverage for transhipments?
Yes, "no longer at risk" means the transhipment has been completed, and the goods are no longer exposed to the risks covered by the insurance policy.
Would you like to discuss any specific legal concerns or need further details about insurance coverage for transhipments?
if the items are no longer at risk, is there a pay out?
Case Rating: *
If the items are no longer at risk because the transshipment has been completed without any loss or damage, there is typically no payout from the insurance policy. The policy covers losses that occur during the risk period, and if no loss occurs, there is no reason for a payout.
Do you have any other questions or need further clarification on this topic?
If the items are no longer at risk because the transshipment has been completed without any loss or damage, there is typically no payout from the insurance policy. The policy covers losses that occur during the risk period, and if no loss occurs, there is no reason for a payout.
Do you have any other questions or need further clarification on this topic?
so therefore, the insurer gain financially from that
Case Rating: *
Yes, if no loss occurs during the period of an open policy, the insurer retains the premium paid without making a payout, which can be seen as a financial gain for the insurer.
Is there any specific legal concern or situation you want to discuss further related to this?
Yes, if no loss occurs during the period of an open policy, the insurer retains the premium paid without making a payout, which can be seen as a financial gain for the insurer.
Is there any specific legal concern or situation you want to discuss further related to this?
Open: The value of the insured item is determined at the time of loss. Maria insures her cargo shipments. The value is not fixed but will be determined if a loss occurs during transit. If a loss does not occur? The policy remains in force, and no claim is made. The coverage continues until the policy period ends or the insured items are no longer at risk. “No longer at risk" means the transhipment has been completed, and the goods are no longer exposed to the risks covered by the insurance policy. If the items are no longer at risk because the transshipment has been completed without any loss or damage, there is typically no payout from the insurance policy. The policy covers losses that occur during the risk period, and if no loss occurs, there is no reason for a payout. f no loss occurs during the period of an open policy, the insurer retains the premium paid without making a payout, which can be seen as a financial gain for the insurer. simplify
Case Rating: *
Sure! Here's a simplified version:
Maria insures her cargo shipments under an open policy, where the value is determined at the time of loss. If no loss occurs, the policy stays in force until the period ends or the items are no longer at risk (transshipment completed). If no loss happens, there's no payout, and the insurer keeps the premium.
Sure! Here's a simplified version:
Maria insures her cargo shipments under an open policy, where the value is determined at the time of loss. If no loss occurs, the policy stays in force until the period ends or the items are no longer at risk (transshipment completed). If no loss happens, there's no payout, and the insurer keeps the premium.
A valued policy expresses on its face an agreement that the thing insured shall be valued at a specific sum.
SIMPLIFY
Case Rating: *
A valued policy states that the insured item is valued at a specific amount agreed upon when the policy is issued.
A valued policy states that the insured item is valued at a specific amount agreed upon when the policy is issued.
illustration on valued policy
Case Rating: *
A valued policy is an insurance policy that specifies an agreed-upon value for the insured item at the time the policy is issued. Here's an illustration:
A valued policy is an insurance policy that specifies an agreed-upon value for the insured item at the time the policy is issued. Here's an illustration:
Valued Policy Illustration:
John insures his rare painting for PHP *,*. If the painting is damaged or lost, John will receive PHP *,* from the insurer, regardless of its market value at the time of the loss.
Would you like to know more about any specific type of insurance policy or situation?
John insures his rare painting for PHP *,*. If the painting is damaged or lost, John will receive PHP *,* from the insurer, regardless of its market value at the time of the loss.
Would you like to know more about any specific type of insurance policy or situation?
A running policy is one which contemplates successive insurances, and which provides that the object of the policy may be from time to time defined, especially as to the subjects of insurance, by additional statements or indorsements. INTERPRET AND ILLUSTRATE
Case Rating: *
A running policy is an insurance policy designed to cover multiple items or shipments over a period. The coverage can be adjusted with additional statements or endorsements to define specific items insured over time.
A running policy is an insurance policy designed to cover multiple items or shipments over a period. The coverage can be adjusted with additional statements or endorsements to define specific items insured over time.
Illustration:
A trading company has a running policy to insure all its shipments over a year. Each time they ship new goods, they add details of the shipment to the policy through an endorsement.
Do you have any specific questions or need more details about running policies?
A trading company has a running policy to insure all its shipments over a year. Each time they ship new goods, they add details of the shipment to the policy through an endorsement.
Do you have any specific questions or need more details about running policies?
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