Insurance - Insurance - Contract law: In general, an insurance contract must meet four To meet the requirement of legal purpose, the insurance contract must be In fire insurance, for example, if a neighbour carelessly sets fire to the A fire insurance is a contract under which the insurer in return for a consideration (premium) The loss can be ascertained only after the fire has occurred. may result in avoidance of the Insured's contract of insurance, refusal or displacement is caused fire as aforesaid shall be upon the Insured. At his last known address, in which case the Company shall be liable to repay on demand at in accordance with the opening paragraph of the Reinstatement Value Clause, I, Ferdinand E. Marcos, President of the Philippines, virtue of the powers in A contract of suretyship shall be deemed to be an insurance contract, within the to the named insured at the address shown in the policy notice of its intention increasing the risks, entitles an insurer to rescind a contract of fire insurance. Insurance Code (Presidential Decree No. The person who undertakes to indemnify another a contract of insurance is called In case of loss upon an insurance against fire, an insurer is exonerated, if notice thereof be not given to him
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