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III. INSURANCE LAW

Topic: B. Insurable Interest (Sections 10-25)

Question:

1. Anne and Ben are business partners who jointly own a manufacturing company. They decide to take out an insurance policy on the company's factory building. Anne pays the premium and is named as the insured in the policy. However, the building is registered solely under Ben's name. Determine whether Anne has an insurable interest in the factory building and explain the basis for your answer.

2. Jessica is a car enthusiast and enjoys collecting vintage cars. She recently purchased a classic sports car worth a substantial amount. Jessica wants to insure the car against theft and damage. Is Jessica's mere interest in the car sufficient to establish an insurable interest? Discuss the concept of insurable interest in relation to Jessica's situation.

3. Robert and Sarah are married and jointly own a residential property. They decide to purchase separate insurance policies for the property, with each being the named insured in their respective policies. Analyze whether Robert and Sarah have insurable interests in the property and explain the implications of having separate insurance policies for a jointly owned property.

• Discuss the concept of insurable interest in insurance law
• Explore the application of insurable interest in various scenarios
• Justify your answers with reference to the relevant sections of P.D. No. 612, as amended by R.A. No. 10607

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