Practice question
The parties establish a material warranty breach by the insurer. It argues Section 74 confers rescission only on insurers and never an injured insured. Which is correct?
- The section expressly gives the other party the right upon a material violation by either party
- Only insurers are legal contracting parties
- An insured can never invoke any policy provision
- The word either means insurer alone
- Only the regulator may ever know of a breach
Legal references
- Insurance Code as amended by RA 10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html; Sections 73-74,76.
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