Classifications of Insurance
January 21, 2008The most common are:
1. Insurance of Property
a) Structure - covers house, building, warehouse or other structure;
b) Transportation - covers car, motorcycle, bus, truck, airplane, ship, equipment;
c) Goods - covers goods in transit or in storage.
2. Insurance of Liability
a) Liability to Third Party – Legal, Civil, or Criminal.
3. Insurance of Person
a) Life – covers death - natural or accidental;
b) Accident – covers accidental death, disablement, dismemberment, injuries;
c) Medical or Health – covers sickness, illness, injuries.
The Need for Insurance
January 14, 2008Life is full of uncertainty. No one can really predict what would happen an hour, or day, or month, or year/s from now (except perhaps “Madam Auring” – LOL!).
An accident may happen anytime and anywhere. And, we couldn’t prevent it from happening. We could physically protect our properties or be careful in our actions. But these are not guarantees that our properties wouldn’t be lost or damaged and/or ourselves harmed.
Maybe, you were careful and defensive in your driving and that may guarantee that you wouldn’t hit another vehicle. But, what if another vehicle fell on your car from a skyway or rear-ended your car. Do you have extra money for the repairs or replacement? Or, you may have installed safety gadgets in your home to prevent fire. Have your neighbors done the same?
Buying an insurance is buying for your “peace of mind” and the assurance that, if an unfortunate incident happened to your property, you have insurance to shoulder the cost of the repairs or replacement (or most of it).
What is Insurance?
January 7, 2008What is INSURANCE? Basically, it is a PROMISE by one party to PAY another party for LOSS, DAMAGE or HARM sustained by the latter in return for a FEE.
The promiser is called an "INSURER" and the promise is written in a contract called an "INSURANCE POLICY".
Loss, damage or harm must be caused by a "RISK INSURED AGAINST", e. g., fire, typhoon, flood, collision, theft.
The promisee is called an "INSURED", and the fee is called a "PREMIUM".
The Insurance Code of the Philippines (PD-612) defines the Contract of Insurance:
Sec. 2. [1] A "contract of insurance" is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.
Sec. 49. The written instrument in which a contract of insurance is set forth, is called a policy of insurance.
This insurance blog resumes
November 16, 2007I did try to maintain this insurance blog. But due to time constraints, I was not able to post as per my schedule, which was weekly (every Monday). But, I have decided to continue on with this blog. Please bear with me.
Insurers versus DOTC
August 1, 2007Philippine Insurers and Reinsurers Association, Inc. (PIRA) has filed a petition with a Makati court for certiorari and prohibition. The respondents are the Department of Transportations and Communications (DOTC), the Land Trasportation Office (LTO), and the Insurance Commission (IC).
The petition is in connection with the DOTC's Department Order no. 2007-28, issued last July 5, regarding the Compulsory Third Party Liability (CTPL) Insurance.
Click here for the full story by Mr. Honesto General in his Questions of Policies Column of August 1, 2007 in the Inquirer.Net.
Interim vehicle insurance system takes effect tomorrow
July 24, 2007While the concerned government agencies (DOTC/LTO and DOF/IC) are still discussing about the new and controversial CTPL insurance scheme, an interim vehicle insurance system would be implemented effective tomorrow.
To avoid confusions, please read the Breaking News from Business/Money Section of Inquirer.net.
Also, read the letter to the editor of Ms. Josefina L. Valera, Senior Vice President, General Insurance Group, Government Service Insurance System (GSIS) from Opinion Section of Inquirer.net
GSIS extends insurance coverage to private properties of members
July 10, 2007LATEST NEWS!
From: Philippine Information Agency (PIA)
Please read the news here.
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This is a welcome development to all GSIS members, active or retired. A member could save at least 20% from his/her insurance expenses.
Insurance Blog
July 3, 2007I'd been contemplating of developing a blog about insurance since I started blogging last May. It's now a reality.
It's aimed to educate the public and make them aware and conscious on the benefits of insurance.
This blog shall be updated weekly and new article/s published every Monday.
