M applied for a life annuity of P600,000 at the local office of the Sun Life Assurance Co. in Manila. He paid the amount of P600,000 and was issued a provisional receipt. The application was forwarded to the head office of the Company in Canada. Notice of acceptance, however, was received at the residence of M one day after his death. Can his legal heirs still recover the P600,000?
M applied for a life annuity of P600,000 at the local office of the Sun Life Assurance Co. in Manila. He paid the amount of P600,000 and was issued a provisional receipt. The application was forwarded to the head office of the Company in Canada. Notice of acceptance, however, was received at the residence of M one day after his death. Can his legal heirs still recover the P600,000?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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M applied for a life annuity of P600,000 at the local office of the Sun Life Assurance Co. in Manila. He paid the amount of P600,000 and was issued a provisional receipt. The application was forwarded to the head office of the Company in Canada. Notice of acceptance, however, was received at the residence of M one day after his death. Can his legal heirs still recover the P600,000?
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