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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » Insurance Code » CONSEQUENCES WHERE THE MORTGAGOR INSURES THE PROPERTY MORTGAGED IN HIS OWN NAME BUT MAKES THE LOSS PAYABLE TO THE MORTGAGEE OR ASSIGNS THE POLICY TO THE LATTER

CONSEQUENCES WHERE THE MORTGAGOR INSURES THE PROPERTY MORTGAGED IN HIS OWN NAME BUT MAKES THE LOSS PAYABLE TO THE MORTGAGEE OR ASSIGNS THE POLICY TO THE LATTER

Message [Page 1 of 1]

1 CONSEQUENCES WHERE THE MORTGAGOR INSURES THE PROPERTY MORTGAGED IN HIS OWN NAME BUT MAKES THE LOSS PAYABLE TO THE MORTGAGEE OR ASSIGNS THE POLICY TO THE LATTER Sat Sep 20, 2008 10:13 pm

barrister

Reclusion Perpetua

Posts : 318
Join date : 23/08/2008

1. The insurance is still deemed to be upon the interest of the mortgagor who does not cease
to be a party to the original contract.
2. Any act of the mortgagor, prior to the loss, which would otherwise avoid the insurance,
will have the same effects, although the property is in the hands of the mortgagee.
3. Any act, which under the contract of insurance is to be performed by the mortgagor, may be performed by the mortgagee with the same effect as if it has been performed by the mortgagor.
4. Upon the occurrence of the loss, the mortgagee is entitled to recover to the extent of his credit and the balance, if any, is payable to the mortgagor since such policy is for the benefit of both the mortgagor and mortgagee.
5. Upon recovery of the mortgagee to the extent of his credit from the insurer, the mortgagor
is released from his indebtedness.

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