1. Junie, an employee, has two (2) health insurances provided under his employment contract: (1) PhilHealth; and (2) Care Bear Co. Each of the insurance states clearly the types of insured sicknesses, the accredited hospitals, where the insurances are applicable, the amounts of indemnification in case of sickness, and all other relevant information. A year later, Junie had an illness covered under both of Junies health insurance. The accredited hospital billed Junie a total of P100,000, P40,000 of which is covered by PhilHealth, and Care Bear Co. covered the remaining.

Question: Which legal principles of insurance are present, and how are they applied in the situation? Justify your answer.

2. Why do insurance companies need IFRS 17?