Practice question
A future warranty requires an act at a later date. Before that performance date, the insured loss happens. The insurer relies solely on the fact that the later act was not performed. What does Section 73 provide?
- Every future duty is retroactively due
- The insured always commits fraud
- The policy automatically never existed
- The insurer may ignore the timing rule
- The omission in this stated situation does not avoid the policy
Legal references
- Insurance Code as amended by RA 10607, Section 73: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html
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