ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 171 - AN
ACT TO AMEND SECTION FORTY-SEVEN AND SUBSECTION (b) OF SECTION ONE
HUNDRED EIGHTY-FOUR OF ACT NUMBERED TWENTY-FOUR HUNDRED AND
TWENTY-SEVEN OTHERWISE KNOWN AS "THE INSURANCE ACT" |
Section 1. Section forty-seven of Act Numbered Twenty-four
hundred and twenty-seven of the Philippine Legislature, otherwise known
as "The Insurance Act" is hereby amended to read as follows: "Sec. 47. Whenever a right to rescind a contract of insurance is given to the insurer by any provision of this chapter, such right must be exercised previous to the commencement of an action on the contract.cralaw "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 a period of two years, the insurer cannot prove that the policy is void ab initio or is rescindable by reason of the fraudulent concealment or misrepresentations of the insured or his agent." Sec. 2. Subsection (b) of section one hundred
eighty-four of the same Act is hereby amended to read as follows: Sec. 3. This Act shall take effect upon its
approval, and shall be applicable to all existing contract of life or
endowment insurance.cralaw Approved: June 20, 1947 |