Insurance in the Philippines

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Philippines Insurance | Non-Life Insurance | Life Insurance

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Insurance in the Philippines

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

The Insurance Commission is a government agency under the Department of Finance. The Commission supervises and regulates the operations of life and non-life companies, mutual benefit associations, and trusts for charitable uses. It issues licenses to insurance agents, general agents, resident agents, underwriters, brokers, adjusters and actuaries. It has also the authority to suspend or revoke such licenses.

Insurace Code of the Philippines


Insurance and Risk Protection:

“Insurance is the equitable transfer of any risk of a loss, by one entity to another with deal for money. this is the form involving risk management primarily supposed to hedge against your current risk of an contingent, uncertain loss. a good insurer, or even insurance carrier, is usually selling your insurance; ones insured, or maybe policyholder, is usually the person or maybe entity buying your current insurance policy. The type of funds to be charged intended for an certain range regarding insurance coverage can be called your own premium. Risk management, the practice regarding appraising along with controlling risk, has evolved as being a discrete field of study as well as practice.

The settlement incorporates your insured assuming a guaranteed in addition to known relatively small loss for the form connected with repayment on the insurer with transaction to its insurers promise to help compensate (indemnity) the insured with the case of the financial (personal) loss. your insured receives the contract, called the insurance policy, that details your Disorders as well as Conditions under that the insured will be financially compensated.”
― raman kundal

Money & Investments:

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. --Ayn Rand

Financial peace isnt the acquisition of stuff. Its learning to live on less than you make, so you can give money back and have money to invest. You cant win until you do this. --Dave Ramsey

Wealth and Riches:

Its not the situation, but whether we react (negative) or respond (positive) to the situation thats important. --Zig Ziglar

A successful man is one who can lay a firm foundation with the bricks others have thrown at him. --David Brinkley


Philippines Buyers Guide Philippines Insurance


Philippines Insurance | Non-Life Insurance | Life Insurance



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