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1. When one insures his own life, he may designate any person as the beneficiary, whether or not the beneficiary has an insurable interest in the life of the insured.
Exceptions: Persons specified in Article 739 of the Civil Code cannot be designated:
a. Those made between persons who were guilty of adultery or concubinage (conviction not being a condition precedent);
b. Those made between persons found guilty of the same criminal offense, in consideration thereof;
c. Those made to a public officer or his wife, descendants or ascendants by reason of his office.
Note: The designation of persons mentioned in Article 739 is void but the policy is binding. The estate will get the proceeds.
2. If a person will insure the life of another payable to himself, he must have insurable interest on the life of the person whose life he is insuring.
3. In property insurance, the beneficiary must have insurable interest on the property.
4. The designation is revocable unless the right to revoke is expressly waived in the policy.
5. If the insured or beneficiary is a minor, and the amount involved does not exceed P50,000.00, the father, in the absence or incapacity, the mother may exercise the minor’s rights under the policy, without the need of a court authority or a bond.
Exceptions: Persons specified in Article 739 of the Civil Code cannot be designated:
a. Those made between persons who were guilty of adultery or concubinage (conviction not being a condition precedent);
b. Those made between persons found guilty of the same criminal offense, in consideration thereof;
c. Those made to a public officer or his wife, descendants or ascendants by reason of his office.
Note: The designation of persons mentioned in Article 739 is void but the policy is binding. The estate will get the proceeds.
2. If a person will insure the life of another payable to himself, he must have insurable interest on the life of the person whose life he is insuring.
3. In property insurance, the beneficiary must have insurable interest on the property.
4. The designation is revocable unless the right to revoke is expressly waived in the policy.
5. If the insured or beneficiary is a minor, and the amount involved does not exceed P50,000.00, the father, in the absence or incapacity, the mother may exercise the minor’s rights under the policy, without the need of a court authority or a bond.
