Insured Person vs. Beneficiary in an Insurance Policy: What’s the Difference? | 19 February 2025

The Insurance Act did not provide for a definition of a beneficiary. However, according to jurisprudence, a beneficiary is like a done, because from the premiums of the policy which the insured pays out of liberality, the beneficiary will receive the proceeds or profits of said insurance. [The Insular Life Assurance Company, Ltd. vs. Carponia T. Ebrado, et al., G.R. No. L-44059 October 28, 1977]

Author

Alburo Law
February 19, 2025

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.

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