Practice question
A parent is original owner of a policy on a child’s life or health. The parent dies while the child is alive. The policy contains no different arrangement. What does Section3 provide about rights, title and interest in the policy? Distinguish this from payment of death proceeds on the child’s death.
Legal references
- Insurance Code as amended RA10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html Sections2(b),3 and5–9.
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