Practice question
A policy promises to pay a person for destruction of property even if that person never has any insurable interest. It further states that the policy itself is conclusive proof of that interest. The arrangement is a pure wager. Explain the Section25 objections.
Legal references
- Insurance Code as amended RA10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html Sections10,14,16 and20–25.
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