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- Rescission of Insurance Contracts and Refund of Premiums | 28 June 2024
Rescission of Insurance Contracts and Refund of Premiums | 28 June 2024
A concealment, whether intentional or unintentional, entitled the injured party to rescind a contract of insurance. (Section 27, Insurance Code)
Alburo Law
June 28, 2024
A concealment, whether intentional or unintentional, entitled the injured party to rescind a contract of insurance. (Section 27, Insurance Code)
An intentional and fraudulent omission on the part of one insured, to communicate information of matters proving or tending to prove the falsity of a warranty, entitled the insurer to rescind. (Section 29, Insurance Code)
If a representation is false in a material point, whether affirmative or promissory, the injured party is entitled to rescind the contract from the time when the representation becomes false. (Section 45, Insurance Code)
A person insured is entitled to a return of the premium when the insurance contract voidable, and subsequently annulled under the provisions of the Civil Code; or on account of the fraud or misrepresentation of the insurer, or of his agent, or on account of fact, or the existence of which the insured was ignorant of without his fault, or when by any default of the insured other than actual fraud, the insurer never incurred any liability under the policy. (Section 82, Insurance Code)
In civil cases, the basic rule is that the party making allegations has the burden of proving them by a preponderance of evidence. In this regard, preponderance of evidence is the weight, credit, and value of the aggregate evidence on either side and is usually considered to be synonymous with the term ‘greater weight of the evidence’ or ‘greater weight of the credible evidence.
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