ALBURO ALBURO AND ASSOCIATES LAW OFFICES ALBURO ALBURO AND ASSOCIATES LAW OFFICES

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What is a deed of sale and what are my rights and duties in line with said document?

A deed of sale is a contract between the seller and the buyer of a property whereby the former has the obligation to deliver said property and the latter to pay the price agreed upon by the parties. Absent consent, determinate subject matter or price, the sale is void. (Art. 1458, Civil Code of the Philippines)

What is the effect of non-payment of premiums?

An insurance premium is the agreed price for assuming and carrying the risk, which is the consideration paid to an insurer for undertaking to indemnify the insured against a specified peril.

Notwithstanding any agreement to the contrary, no policy or contract of insurance issued by an insurance company is valid and binding.

The non-payment of the balance of the premium due does not produce the cancellation of the contract unless, by express stipulation, it is provided that the policy shall in that event be suspended or shall lapse.