Insurance; unknown or contingent event
[1] A contract of insurance is a contract of indemnity. However, a view has been expressed that life insurance is NOT a contract of indemnity.
[2] The insurer undertakes the obligation for a consideration, the premium paid by the insured.
[3] The obligation is to indemnify another (the insured or beneficiary) against loss, damage, or liability.
[4] Said loss, damage or liability arises from an unknown or contingent event.
What is an unknown or contingent event? A contingent event is one that is not certain to take place. An unknown event is one which is certain to happen, but the time of its happening is not known. A past event may be a designated event only in cases where it has happened already but the parties do not know about it, e.g., prior loss of a ship at sea (applicable only to marine insurance). (De Leon, 2014)
Insurance is a contract whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event. Just like any other contract, it requires a cause or consideration. The consideration is the premium, which must be paid at the time and in the way and manner specified in the policy. If not so paid, the policy will lapse and be forfeited by its own terms. (G.R. No. 190702)The Insurance Code states that any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest against him, may be insured against. Every person has an insurable interest in the life and health of himself. (G.R. No. 125678)
While the participation of the insured in the boxing contest is voluntary, the injury was sustained when he slid, giving occasion to the infliction by his opponent of the blow that threw him to the ropes of the ring. Without this unfortunate incident, that is, the unintentional slipping of the deceased, perhaps he could not have received that blow in the head and would not have died. The fact that boxing is attended with some risks of external injuries does not make any injuries received in the course of the game not accidental. In boxing as in other equally physically rigorous sports, such as basketball or baseball, death is not ordinarily anticipated to result. If, therefore, it ever does, the injury or death can only be accidental or produced by some unforeseen happening or event as what occurred in this case. (G.R. No. L-21574)
[2] The insurer undertakes the obligation for a consideration, the premium paid by the insured.
[3] The obligation is to indemnify another (the insured or beneficiary) against loss, damage, or liability.
[4] Said loss, damage or liability arises from an unknown or contingent event.
What is an unknown or contingent event? A contingent event is one that is not certain to take place. An unknown event is one which is certain to happen, but the time of its happening is not known. A past event may be a designated event only in cases where it has happened already but the parties do not know about it, e.g., prior loss of a ship at sea (applicable only to marine insurance). (De Leon, 2014)
Insurance is a contract whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event. Just like any other contract, it requires a cause or consideration. The consideration is the premium, which must be paid at the time and in the way and manner specified in the policy. If not so paid, the policy will lapse and be forfeited by its own terms. (G.R. No. 190702)The Insurance Code states that any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest against him, may be insured against. Every person has an insurable interest in the life and health of himself. (G.R. No. 125678)
While the participation of the insured in the boxing contest is voluntary, the injury was sustained when he slid, giving occasion to the infliction by his opponent of the blow that threw him to the ropes of the ring. Without this unfortunate incident, that is, the unintentional slipping of the deceased, perhaps he could not have received that blow in the head and would not have died. The fact that boxing is attended with some risks of external injuries does not make any injuries received in the course of the game not accidental. In boxing as in other equally physically rigorous sports, such as basketball or baseball, death is not ordinarily anticipated to result. If, therefore, it ever does, the injury or death can only be accidental or produced by some unforeseen happening or event as what occurred in this case. (G.R. No. L-21574)