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  2. The “Cash and CarryRule provides that “notwithstanding any agreement to the contrary, no policy or contract of insurance issued by an insurance company is valid and binding unless and until the premium thereof has been paid.” (Section 77, Insurance Code)
    www.alburolaw.com/what-is-the-cash-and-carry-rul…
    It is a consideration paid to an insurer for undertaking to indemnify the insured against a specified peril. As a rule, no policy or contract of insurance is valid and binding unless and until the premium thereof has been paid. This is the “cash and carry rule” under the Insurance Code.
    www.studocu.com/ph/document/sti-college/account…
    This general rule in Section 77 is what is known as the Cash and Carry rule. The payment may be made to the insurer or to its agent pursuant to Section 315 (paragraph 2) of the Insurance Code.
    businessmirror.com.ph/2016/11/02/the-full-and-pro…
     
  3. People also ask
    What is “Cash & Carry” Rule?Section 77 of Republic Act No. 10607 or the Insurance Code provides that “notwithstanding any agreement to the contrary, no policy or contract of insurance issued by an insurance company is valid and binding unless and until the premium thereof has been paid.” This is known as the “Cash and Carry” Rule. The law says: “Section 77.
    What is the “cash and carry rule” in a contract of insurance?The Supreme Court decision basically reiterated the “cash and carry rule “in a contract of insurance. Under this rule, there is no valid and binding insurance contract unless premium is paid. The payment of premium is imperative for the validity of the policy. It is a condition precedent to, and essential for, the efficaciousness of the contract.
    What is a cash and carry basis?The payment of a premium is essential to the validity of an insurance policy, and is known as the “cash and carry basis” or “no premium payment no policy” rule. What is the cash and carry basis? It means that no policy or contract of insurance issued by an insurance company is valid and binding unless and until the premium thereof has been paid.
    What does “cash and carry” mean in insurance?(Simon De La Cruz vs The Capital Insurance and Surety Co., Inc., GR No. L-21574 June 30, 1966]) What is meant by “cash and carry” in the business of insurance? (2003 Bar Exams) It means, as a general rule, a n insurer is entitled to payment of the premium as soon as the thing insured is exposed to the peril insured against.
     
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    WEBWhat is meant by “cash and carry” in the business of insurance? (2003 Bar Exams) It means, as a general rule, a n insurer is entitled to payment of the premium as soon as the thing insured is exposed to the peril

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