Prescription as a Law form, particularly within the practice of Insurance Law is analyzed from several important perspectives. Its form of application is worth noting particularly as to existing types of insurance, reticence or fraud, Consumer Defense law, among others without setting aside the necessary analysis of interruption and suspension of prescription. 

The incidence of legal terms within this legislation is key, especially of those related to life insurances, collective insurances (a type of life insurance) and civil liability insur- ance. In the first two cases, it is worth noting the lack of differentiation as to prescription terms, and in the last one, the importance lies in the obligation of insured entities indemnity.

A long way has been covered when it comes to regulating prescription, and a recommendation is made in the sense of conducting an analytical reading of Article 3986 of the Civil Code, “releasing prescription” and its applicability within the insurance policy.