Document background
The Life Insurance Agreement is a fundamental contract used in the Philippine insurance industry to establish and govern the relationship between an insurance provider and a policyholder. This document is essential when an individual seeks to secure financial protection for their beneficiaries in the event of their death. The agreement must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and related regulations, including requirements for policy provisions, beneficiary rights, and claims procedures. It contains detailed sections covering premium calculations, payment terms, policy benefits, exclusions, and rights of both parties. The document is typically used after initial insurance applications and medical examinations are completed, serving as the primary legal document that binds both parties to their respective obligations and rights under Philippine law.
