5. Insurance

The Peninsula Insurance Company offered to insure Francis’ brand new car against all risks in the sum of P1 Million for 1 year.

The policy was issued with the premium fixed at P60,000.00 payable in 6 months. Francis only paid the first two months installments.

Despite demands, he failed to pay the subsequent installments. Five months after the issuance of the policy, the vehicle was carnapped.

Francis filed with the insurance company a claim for its value.

However, the company denied his claim on the ground that he failed to pay the premium resulting in the cancellation of the policy.

Can Francis recover from the Peninsula Insurance Company? 5%