Amendment to Sec. 3 of Act No. 2427, as Amended
Act No. 3870, approved on November 13, 1931, amends existing legislation to allow minors aged eighteen and older to enter into life, health, and accident insurance contracts. This provision enables them to take out insurance on their own lives, naming their estate or close family members as beneficiaries. Additionally, the insured minors can borrow against the cash surrender value of their insurance policies. The amendment reinforces the legal capacity of older minors in financial matters related to insurance.
Law Information
- Reference Number
- Act No. 3870
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 13, 1931
ACT NO. 3870
AN ACT TO AMEND SECTION THREE OF ACT NUMBERED TWENTY-FOUR HUNDRED AND TWENTY-SEVEN, AS AMENDED BY ACT NUMBERED THIRTY-SIX HUNDRED AND NINETY-SIX, BY INSERTING THEREIN THE MINORS ENABLING CLAUSE
SECTION 1. Section three of Act Numbered Twenty-four hundred and twenty-seven, as amended by section one of Act Numbered Thirty-six hundred and ninety-six is hereby further amended by adding at the end thereof and in a separate paragraph the following:
"Any minor of the age of eighteen years or more, may notwithstanding such minority, contract for life, health and accident insurance, with any insurance company duly licensed to do business in the Philippine Islands, provided the insurance is taken on his own life and the beneficiary appointed is the minor's estate or the minor's father, mother, husband, wife, child, brother or sister. The said insured may borrow money from the insurance company with the guaranty of the insurance policy in an amount not exceeding the cash surrender value of the policy." HCATEa
SECTION 2. This Act shall take effect on its approval.
Approved, November 13, 1931.
Cite This Law
Amendment to Sec. 3 of Act No. 2427, as Amended, Act No. 3870, Nov 13, 1931 (Philippines)
Amendment to Sec. 3 of Act No. 2427, as Amended, Act No. 3870 (Phil. 1931)
Related Laws
- Amendment to Sec. 3 of Act No. 2427Act No. 3696 • Nov 20, 1930 • Statutes
- Amendment to Sec. 3 of Act No. 2941, as AmendedAct No. 3320 • Dec 4, 1926 • Statutes
- Amendment to Sec. 3 of Act No. 3173, as AmendedAct No. 3890 • Nov 16, 1931 • Statutes
- Amendment to Sec. 154 of Act No. 2711 (Revised Administrative Code) and Sec. 3 of Act No. 2941, as AmendedAct No. 3267 • Dec 8, 1925 • Statutes
- Amendments to Act No. 2427, as amended (Insurance Law)Republic Act No. 3124 • Jun 17, 1961 • Statutes
- Amendment to Sec. 12 of Act No. 3105, as AmendedAct No. 3401 • Dec 5, 1927 • Statutes
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