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The Agreement of Insurance serves as the primary legal document establishing an insurance relationship in the Philippines. This document is essential when any individual or entity seeks insurance coverage, whether for life, property, health, or other insurable interests. The agreement must comply with the Insurance Code of the Philippines (Republic Act No. 10607), Insurance Commission regulations, and other relevant laws. It typically includes detailed provisions on coverage, premiums, claims procedures, and policy conditions. The document is particularly important as it defines the rights and obligations of both the insurer and the insured, while incorporating mandatory provisions required by Philippine insurance law. This type of agreement is fundamental to risk management and financial protection strategies across various sectors.

1. Parties: Identifies the insurance company (insurer) and the policyholder (insured), including their complete legal names and addresses

2. Background: Establishes the context of the insurance agreement and the parties' intention to enter into an insurance contract

3. Definitions: Defines key terms used throughout the agreement, including technical insurance terms and specific policy-related definitions

4. Insurance Coverage: Details the specific risks covered by the insurance policy and any applicable limits

5. Premium Payment Terms: Specifies the premium amount, payment schedule, and consequences of non-payment

6. Policy Period: States the effective date and duration of the insurance coverage

7. Claims Procedure: Outlines the process for filing claims, required documentation, and timeframes

8. Exclusions: Lists specific circumstances or events not covered by the insurance policy

9. Obligations of the Insured: Details the policyholder's duties and responsibilities under the policy

10. Termination and Cancellation: Specifies conditions for policy termination and cancellation procedures

11. General Provisions: Contains standard contractual clauses including governing law, notices, and amendments

12. Dispute Resolution: Outlines procedures for resolving disputes between parties