SEC. 77. An insurer is entitled to payment of the premium as soon
as the thing insured is exposed to the peril insured against.
Notwithstanding any agreement to the contrary, no policy or contract of
insurance issued by an insurance company is valid and binding unless and
until the premium thereof has been paid, except in the case of a life
or an industrial life policy whenever the grace period provision
applies.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026
CitationPD 612 (The Insurance Code) Section 77 (LawPlayer, data as of July 4, 2026)
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
