Practice question
A vessel’s cargo may already have been damaged at sea, but neither party knows whether the loss occurred. The parties ask whether a past event is categorically uninsurable merely because it is past. Which is correct under section 3?
- Past events are always excluded
- Only future events can ever qualify
- A past event may qualify if unknown and otherwise within the section’s requirements, including insurable interest
- Any known completed loss is always insurable without qualification
- Insurable interest is irrelevant to past risks
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html — Insurance Code as amended by RA 10607, sections 2–7 and 49
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