S.A 2020/21 B.E COMMERCIAL LAW | Question #15
SUGGESTED ANSWERS TO THE2020/21 BAR EXAMINATIONS INCOMMERCIAL LAW | Question No. 15
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Twenty-five months after a life insurance policy had been issued, the insured committed suicide.
Upon investigation, the insurance company discovered that the insured had been living with an undiagnosed Major Depressive Disorder for the past year before the suicide. Under the Diagnostic and Statistical Manual of Mental Disorders Fifth Edition (DSM-5), a guidebook used by many professionals to diagnose various mental health conditions, Major Depressive Disorder is recognized as a mental disorder.
Would the beneficiaries of the insured’s life insurance policy still be entitled to receive its proceeds? Explain briefly.
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SUGGESTED ANSWER:
Yes, the beneficiaries of the insured’s life insurance policy are entitled to its proceeds. Under the Insurance Code, the insurer in a life insurance contract shall be liable in case of suicide when it is committed after the policy has been in force for a period of two years from date of issue or last reinstatement, unless the policy provides for a shorter period. If the suicide is committed in the state of insanity, it shall be compensable regardless of the date of commission (Section 248).
The insurer is not liable only if the suicide is an excepted risk.
In this case, not only is the policy in force for a period of two years from the date of the commission.of suicide, the suicide was also committed in the state of insanity. There is likewise no showing that suicide is an excepted risk. Thus, the insurer is liable.
Code: S.A 2020/21 B.E COMMERCIAL LAW | Question #15
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