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The Insurance Code: History of Insurance in Philippines

The document discusses key concepts in insurance law and policy in the Philippines. It defines subrogation, a contract of insurance, and a premium. It also outlines the history of insurance in the Philippines from 1829 to 1954. Additionally, it explains the elements of insurance, the nature and characteristics of an insurance contract, and describes insurance as a "risk shifting device."

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51 views1 page

The Insurance Code: History of Insurance in Philippines

The document discusses key concepts in insurance law and policy in the Philippines. It defines subrogation, a contract of insurance, and a premium. It also outlines the history of insurance in the Philippines from 1829 to 1954. Additionally, it explains the elements of insurance, the nature and characteristics of an insurance contract, and describes insurance as a "risk shifting device."

Uploaded by

RIZA WOLFE
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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THE INSURANCE CODE

 What is subrogation in terms of insurance?


(Republic Act No. 10607)
It is a process of legal substitution; the insurer, after paying the amount
History of Insurance in Philippines covered by the insurance policy, stepping into the shoes of the insured, as it
were, and availing himself of the latter's rights that exist against the
wrongdoer at the time of the loss.
 In 1829- Insurance was first introduced by Murray & Co., Inc.
o It was limited to non-life insurance.
 What is a contract of insurance?
 In 1898 - life insurance was introduced by Sun Life Assurance of
Canada It is an agreement whereby one undertakes for a consideration to
 On June 8, 1906- first domestic non-life insurance company, the indemnify another against loss, damage or liability arising from an
Yek Tong Lin Fire and Marine Insurance Company was unknown or contingent event.
established
 On 1910- the first domestic life insurance company, the Insular  What is a "premium"?
Life Assurance Co., Ltd. was established Premium is the amount paid by the insured.
 In 1936- Social insurance was established
 In 1937- Government Service Insurance System (GSIS) started its
operation, this covers government employees
 In 1949- a government agency was formed to handle insurance
affairs, Insular Treasurer was appointed Commissioner ex-officio.
 In 1950- reinsurance was introduced with Reinsurance Company
of the Orient writing treaties for both life and non-life
 On 1951- The first workmen's compensation Pool
 In 1954- R.A. No. 1161 which provides for the organization of the
Social Security System (SSS) covering employees of the private
sector

 What is Contract of Suretyship?

It is an insurance contract only if made by a surety who or


which is doing an insurance business

 What are the elements of Insurance?

The following are the elements of insurance:

Subject matter —the thing insured.


Consideration —the premium paid by the insured
Object and purpose— Contract of insurance which is established
to manage risk by letting other bears the risk

 What are the nature and characteristics of Insurance?

Nature and characteristics of an insurance contract

 Consensual
 Voluntary
 Aleatory in the sense that it depends upon some contingent event
 Unilateral contract- imposing legal duties only on the insurer who
promises to indemnify in case of loss.
 Conditional- it is subject to conditions the principal one of which is
the happening of the event insured against
 Contract of indemnity- because the promise of the insurer is to
make good only the loss of the insured
 Personal contract- each party having in view the character, credit
and conduct of the other.
 Property in legal contemplation.

 Insurance as a “Risk Shifting Device”-

It is a risk shifting device because someone is taking the risk for


the insured.

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