Professional Documents
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GROUP 6:
Franz Jacaban
Bryner Diaz
Mira Sible
- IX (1.) What are the effects of an irrevocable designation of a
beneficiary under the Insurance Code? Explain. (2%)
(2.) Jacob obtained a life insurance policy for P1 Million
designating irrevocably Diwata, a friend, as his beneficiary.
Jacob, however, changed his mind and wants Yob and Jojo, his
other friends, to be included as beneficiaries considering that
the proceeds of the policy are sufficient for the three friends.
Can Jacob still add Yob and Jojo as his beneficiaries? Explain.
(2%)
1. Answer:
Under the Insurance Code of the Philippines, the irrevocable
designation gives the beneficiary a vested right over Life Insurance.
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