Legalese 2009 (Week 37)

Lexicon

warranty of an insured – a statement or promise by the insured set forth in the policy or incorporated in it by proper reference, the falsity of which renders the policy voidable by the insurer. (see The Insurance Code of the Philippines Annotated, p. 215 [2006]).

Lexplore

Sec. 71. A statement in a policy of a matter relating to the person or thing insured, or to the risk, as a fact, is an express warranty thereof. (Insurance Code)

Lexpound

The statement of the insured as to his age, or the purpose for which property insured is used (e.g., dwelling), is an express warranty, the falsity of which would avoid the policy. (see The Insurance Code of the Philippines Annotated, p. 221 [2006]).

Lexcogitate

Where the answers to an insurance application are qualified by words, in footnotes, that “the above is near as correct as I remember,” “to the best of my knowledge and belief,” or similar words, will the right to recover on the policy be defeated if the matter qualified turns out to be false? (see The Insurance Code of the Philippines Annotated, p. 222 [2006]).

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