Proceeds of life insurance | The Manila Times

Dear PAO,

My father procured life insurance five years ago, and I was designated as the beneficiary in the insurance policy. He made this to ensure that I will have enough funds to finish my education in the worst case that he leaves this world early. Unfortunately, my father was involved in a car accident and died last month. Since I have to pay my tuition soon, I want to know how long it will take for me to receive the life insurance proceeds of my father.


Dear Mela,

Please be informed of Section 248 ng Republic Act 10607, otherwise known as “The Insurance Code of the Philippines,” which states that:

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“Section 248. The proceeds of a life insurance policy shall be paid immediately upon maturity of the policy, unless such proceeds are made payable in installments or as an annuity, in which case the installments, or annuities shall be paid as they become due: Provided, however, That in the case of a policy maturing by the death of the insured, the proceeds thereof shall be paid within sixty (60) days after presentation of the claim and filing of the proof of death of the insured. Refusal or failure to pay the claim within the time prescribed herein will entitle the beneficiary to collect interest on the proceeds of the policy for the duration of the delay at the rate of twice the ceiling prescribed by the Monetary Board, unless such failure or refusal to pay is based on the ground that the claim is fraudulent.”

Based on the above-stated

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Lawyer who helped steal Stone of Destiny hailed as ‘Scottish icon’ at funeral

A lawyer who helped steal the Stone of Destiny will be remembered for as long as Scotland exists, mourners at his funeral service have been told.

Until his death on October 4 aged 97, Ian Hamilton KC was the last surviving member of the gang of four students who took the famous stone, on which kings and queens of Scotland were traditionally crowned.

Former SNP MSP Alex Neil told the service at Connel Village Hall, Argyll and Bute, that his late friend was a “Scottish icon”, adding: “As long as there’s a planet called Earth and a nation called Scotland, the name of Ian Hamilton will be remembered.

“For thousands of years from now, I believe that Ian will be as revered then as he is today.”

Ian Hamilton funeral

The service took place in Argyll and Bute (John Linton/PA)

Draped in a saltire, Mr Hamilton’s coffin was taken after the service to his home near the village, with the pallbearers – who included his sons Jamie and Stewart – carrying him on the last leg of his final journey.

Born in Paisley, Renfrewshire, in 1925, Mr Hamilton was studying law at Glasgow University when he took part in the online Christmas Day raid on Westminster Abbey with fellow students Gavin Vernon, Kay Matheson and Alan Stuart.

Three months later, the stone – which had been devoted by King Edward I of England in 1296 – was found 500 miles from London at Arbroath Abbey and returned to Westminster.

In 1996 it was sent back north of the border, and is on display at Edinburgh Castle. It will be taken to London again next year for the King’s coronation.

Mr Hamilton’s sons gave eulogies at the service, which was attended by Scottish Justice Secretary Keith Brown and former Scottish Socialist Party leader

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