Practice question
Under Section23, what is the effect of a change of interest by will or succession upon the insured’s death?
- It does not avoid insurance, and the insurance interest passes to the person taking the interest in the thing
- It always avoids insurance instantly
- Only the insurer can inherit the property
- It extinguishes every accrued claim
- The heirs must always buy a completely new policy to avoid statutory cancellation
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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