Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part V - Contract Security - Chapter III - Personal Insurance - Section I - Common Principles for Personal Insurance - From: Art 1137 By: Art 1150

COLOMBIAN COMMERCIAL CODE

CHAPTER III

Personal Insurance

Section I

Principles common to personal insurance

Section 1137 .- Everyone has an insurable interest:

1. In his own life;

2. The people who can legally claim maintenance, and

3. In those whose death or disability can rig economic loss, although this is not susceptible to some evaluation.

In individual insurance on the life of a third party, requires the written consent of the insured, stating the value of insurance and the recipient. The adult children give their consent personally and through their legal

representatives.

In the absence of interest or consent required to the wording of paragraphs above, or if subscription on the life of an incompetent all, the contract shall not take effect and the insurer must repay the premiums paid. You can only retain the amount of your expenses if you have acted in good faith.

Section 1138 .- In personal insurance, the value of the interest will not be limited only by the freely assigned to the contracting parties, except as to the damage referred to the ordinal 3. Article 1137 of the evaluation is likely true.

Section 1139 .- The subrogation referred to Article 1096 no place in this kind of insurance.

Section 1140 .- The protections of expenses that have the character of property damage, such as medical, clinical, surgical, pharmaceutical or compensation shall be treated and governed by the rules of Chapter II when they do not conflict with nature.

Section 1141 .- Shall be the beneficiary free of charge one whose name is because the mere liberality of the borrower. In other cases, the beneficiary will be a consideration. In the absence of any stipulation to the contrary, be presumed that the beneficiary has been designated a voluntary basis.

Section 1142 .- When no designated beneficiary, or the designation is made ineffective or becomes ineffective for any cause, will act as such the insured's spouse, half of insurance, and his heirs the other half.

The same rule applies in the event the beneficiary is designated generically as the heirs of the insured.

Section 1143 .- When the insured and beneficiary die simultaneously or ignored which one died first, shall be entitled to secure the spouse and the heirs of the insured, as indicated in the preceding article, if the title of the beneficiary is free, if value, the heirs of the beneficiary.

Section 1144 .- In life insurance the debtor, the creditor will receive a portion of insurance equal to the unpaid amount of debt. The balance will be delivered to the other beneficiaries.

Section 1145 .- The mere absence and disappearance of the person whose life has been secured, it entitles the insured amount. But this can be claimed if there is the declaration of presumed death disappearance, bail to restore it if the absent reapareciere.

Section 1146 .- Transferable rights will be delegated to the insured and revoke the designation of beneficiary. But the insured may not revoke the beneficiary designation made for consideration, or worsen your condition long as there is legitimate concern that, unless the recipient consents to the revocation or demotion.

Section 1147 .- If the beneficiary designation for consideration has been made to secure a credit to it becoming due, the beneficiary may claim directly from the insurer the surrender value, to the extent of your credit.

Section 1148 .- The lack beneficiary free of charge during the lifetime of the insured in their own right in the insurance contract on their behalf. What will the beneficiary for value, but can not exercise without the written consent of the insured.

With the death of the insured will be born, or strengthen, as appropriate, the right of the beneficiary.

Section 1149 .- The assignment of the insurance contract the insurer will only be enforceable if it has accepted this.

The simple change of beneficiary will only require to be promptly notified in writing to the insurer.

Section 1150 .- Not entitled to claim the insurance value of the beneficiary, as author or accomplice, intentionally and unjustifiably caused the insured's death or serious injury to his life.