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Batas Pambansa Bilang 874
AN
ACT AMENDING CERTAIN SECTIONS OF PRESIDENTIAL
DECREE NUMBERED FOURTEEN HUNDRED AND SIXTY, OTHERWISE KNOWN AS THE
INSURANCE
CODE OF 1978.
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 874AN
ACT AMENDING CERTAIN SECTIONS OF PRESIDENTIAL
DECREE NUMBERED FOURTEEN HUNDRED AND SIXTY, OTHERWISE KNOWN AS THE
INSURANCE
CODE OF 1978.chan
robles
virtual law library
chan
robles virtual law librarySection
1. Section Twenty-seven
of Presidential
Decree Numbered Fourteen hundred and sixty, otherwise known as the
Insurance
Code of 1978, is hereby amended to read as follows:chanroblesvirtuallawlibrarychanrobles virtual law library
"Sec.
27. A concealment whether
intentional or unintentional entitles the injured party to rescind a
contract
of insurance."
Sec.
2. Section Forty-five of
the same Code
is amended to read as follows: chanrobles virtual law library
"Sec.
45. If a representation
is false in a material point, whether affirmative or promissory, the
injured
party is entitled to rescind the contract from the time when the
representation
becomes false. The right to rescind granted by this Code to the insurer
is waived by the acceptance of premium payments despite knowledge of
the
ground for rescission."
Sec.
3. Section one hundred
eighty of the same Code
is amended by inserting as Section 180-A thereof the following:
"Sec.
180-A. The insurer in a
life insurance contract shall be liable in case of suicides only when
it
is committed after the policy has been in force for a period of two
years
from the date of its issue or of its last reinstatement, unless the
policy
provides a shorter period: Provided, however, That suicide committed in
the state of insanity shall be compensable regardless of the date of
commission." chanrobles virtual law library
Sec.
4. Section Three hundred
eighty-four of same Code
is hereby amended to read as follows: chanrobles virtual law library
"Sec.
384. Any person having
any claim upon the policy issued pursuant to this Chapter shall,
without
any unnecessary delay, present to the insurance company concerned a
written
notice of claim setting forth the nature, extent and duration of the
injuries
sustained as certified by a duly licensed physician. Notice of claim
must
be filed within six months from date of accident, otherwise, the claim
shall be deemed waived. Action or suit for recovery of damage due to
loss
or inquiry must be brought in proper cases, with the Commissioner or
the
Courts within one year from denial of the claim, otherwise the
claimant's
right of action shall prescribe."
Sec.
5. The seventh paragraph,
Section Four hundred sixteen of the same Code
is amended to read as follows:
"Any
decision, order or ruling rendered by the Commission after a hearing
shall
have the force and effect of a judgment. Any party may appeal from a
final
order, ruling or decision of the Commissioner by filing with the
Commissioner
within thirty days from receipt of copy of such order, ruling or
decision
a notice of appeal to the Intermediate Appellate Court in the manner
provided
for in the Rules of Court for appeals from the Regional Trial Court to
the Intermediate Appellate Court." chanrobles virtual law library
Sec.
6. Any provision of law,
decree, rule or regulation or any portion thereof which is inconsistent
with this Act is hereby repealed.
Sec.
7. This Act shall take
effect immediately upon its approval. chanrobles virtual law library
Approved:
June 12, 1985
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