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Understanding Insurance Terms and Types
- 2. They are financial service whereby policy holder (insured) are given financial protection against loss of properties, income or life, for a premium. PREMIUM is the amount of money that an individual or business must pay for an insurance policy. INSURANCE POLICY is a document detailing the terms and conditions of a contract of insurance. INSURER is the insurance companies or government. INSURED can be an individuals, businesses, government.
- 3. Types : 1. Life Insurance 2. Property/Casualty Insurance LIFE INSURANCE A contract between an insurance policy holder and an insurance company, where the insurance company promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person or after a set period
- 4. Types 1. Whole Life Insurance 2. Term Life Insurance Whole Life Insurance Lasts as long as the insured remains alive and provides a savings component against which the insured can borrow under most circumstances Term Life Insurance Lasts only for a certain period of time and pays the death benefit only if the insured dies during that time
- 5. Sun Life of Canada (Philippines) Inc. Philippine AXA Life Insurance Corp. BPI Philam Life Assurance Corp., Inc. Philippine American Life & Gen. Ins. Co. BDO Life Assurance Company
- 6. Types : 1. Life Insurance 2. Property/Casualty Insurance Property Insurance They insure against injury or property loss resulting from accidents, work related injuries, malpractice, natural calamities and at the extreme, exotic adventures as trip to wild.
- 7. Types 1. Homeowners insurance 2. Auto Insurance 3. Flood Insurance 4. Health Insurance 5. Fire Insurance Homeowners Insurance Insures one’s house ant it’s contents. Auto Insurance Covers one’s, spouse’s and relatives’ home and other licensed drivers to whom the insurer gives permission to drive his car.
- 8. Flood Insurance Covers damage to any structure or the content therein cause by flood. Health Insurance Covers the cost of an insured individuals medical and surgical expenses during an illness Fire Insurance Covers damage or loss caused by fire or lightning
- 9. Malayan Insurance Company Pioneer Insurance and Surety Corporation PNB General Insurers Company AIG Philippines Insurance Company Charter Ping An
Editor's Notes
- The insurance premium is income for the insurance company, once it is earned, and also represents a liability in that the insurer must provide coverage for claims being made against the policy. Policy War (declared or undeclared), service in the military (naval or air forces, or in civilian forces) Suicide (within two years from the policy issue date) An airplane accident (per conditions specified in your policy)
- Life insurance can help defray costs of the funeral, pay off the estate's debts, and may provide for the survivors' (notably a widow or widower) future.
- It may include the homeowner’s policy, renter’s policy, flood insurance, shopkeeper’s policy, office package policy, and earthquake insurance policy. Such policies instead of just covering the risk of the property might also include some of the personal liabilities also.
- Insurance companies issue insurance policy from individuals, companies or government, they collect funds and transfer them to entities to real investment