Practice question
An insurer proves the general concealment elements but waits until after the insured commences an action on the contract to exercise its chapter-based rescission right. Which timing issue arises under section 48?
- No timing restriction exists
- The statute requires exercise before commencement of an action on the contract
- Rescission may first be exercised only after final judgment
- Only the premium due date matters
- The insurer may ignore all procedural limits
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html — Insurance Code as amended by RA 10607, sections 26–35 and 48
Answer this question in flashcards to review your response and continue practicing.