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- The “Cash and Carry” Rule is a provision in the Insurance Code that states 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”123. The payment may be made to the insurer or to its agent3. The rule is a consideration paid to an insurer for undertaking to indemnify the insured against a specified peril2. It is a general rule that applies to all insurance policies123.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The “Cash and Carry” Rule 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…
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Frequently Asked Questions (FAQs) on Insurance - NDV Law
- Every person has an insurable interest in the life and health: 1. Of himself, of his spouse and of his children; 2. Of any person on whom he depends wholly or in part for education or support, or in whom he has a pecuniary interest; 3. Of any person under a legal obligation to him for the payment of money, or respecting property or services, of whi...
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- Published: May 19, 2020
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