Characteristics of an Insurance Contracts | 30 October 2023

Understanding the characteristics of an insurance contract is important for both policyholders and insurers

Author

Alburo Law
October 30, 2023

Characteristics of an Insurance Contracts

As defined under Section 2, Republic Act No. 10607, a contract of insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage, or liability arising from an unknown or contingent event.

Understanding the characteristics of an insurance contract is important for both policyholders and insurers. Adherence to these principles ensures that the contract is legally binding and provides the intended protection.

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