Insurance Companies

• Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. 
• There many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
• The core components that make up most insurance policies are the deductible, policy limit, and premium.
• There is a multitude of different types of insurance policies available and virtually any individual or business that can find an insurance company willing to insure them for a price. The most common types of personal insurance policies are auto, health, homeowners, and life.
• The INSURANCE POLICY COMPONENTS are premium, policy limit, and deductibles (PPD).
• Insurance premium is the price you pay to buy an insurance policy. It is your regular payments for many common insurance policies including life, auto and etc. If you fail to pay your premiums, you risk having your policy canceled.
• The insurance policy limit is the maximum amount an insurer will pay under a policy for a covered loss. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or over the life of the policy, also known as the lifetime maximum.
•  The insurance deductible is specific amount the policy-holder must pay out-of-pocket before the insurer pays a claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.
• With regard to health insurance, people who have chronic health issues or need regular medical attention should look for policies with lower deductibles.
• Though the annual premium is higher than a comparable policy with a higher deductible, less expensive access to medical care throughout the year may be worth the trade-off.
• Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
• The basic type of Life Insurance is whole life, and term life.
• WHOLE LIFE can be used as an income tool as well as an insurance instrument. As long as you continue to pay the monthly premiums, whole life covers you until you die
• TERM LIFE a policy that covers you for a set amount of time. It lasts certain years commonly are 10 years, 20 years and etc.
• Health insurance is a contract between a company and a consumer. The company agrees to pay all or some of the insured person's healthcare costs in return for payment of a monthly premium.
• Long-term disability coverage insurance is the one type of insurance most of us think we will never need. Yet, according to statistics from the Social Security Administration, one in four workers entering the workforce will become disabled and will be unable to work before they reach the age of retirement.
• Many employers offer both short- and long-term disability insurance as part of their benefits package. This would be the best option for securing affordable disability coverage. If your employer doesn't offer long-term coverage, here are some things to consider before purchasing insurance on your own.
• Car insurance is effectively a contract between yourself and an insurance company in which you agree to pay premiums in exchange for protection against financial losses stemming from an accident or other damage to the vehicle
• If you drive without auto insurance and have an accident, fines will probably be the least of your financial burden. If you, a passenger, or the other driver is injured in the accident, auto insurance will cover the expenses and help guard you against any litigation that might result from the accident. Auto insurance also protects your vehicle against theft, vandalism or a natural disaster, such as a hurricane or other weather-related incidents.
• Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have. While insurance is expensive, not having it could be far more costly.
• Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank's client base. This partnership arrangement can be profitable for both companies. Banks earn additional revenue by selling insurance products, and insurance companies expand their customer bases without increasing their sales force.
• Bancassurance is the partnership between a bank and an insurance company. Because of this partnership, life insurance products are sold within the bank’s premises, with the approval of both the Insurance Commission and the Bangko Sentral ng Pilipinas.
• On 15 August 2013, the President of the Philippines signed into law Republic Act No. 10607 or the revised Insurance Code of the Philippines (RA 10607).  
• RA 10607, which amends the 38-year-old Insurance Code under Presidential Decree No. 612, seeks to strengthen the Philippine insurance industry and re-align Philippine law with global developments in the insurance sector.
• Among other reforms, the amendments brought about by RA 10607 include the recognition of financial products such as bancassurance. 
• Bancassurance, also known as cross-selling, is defined as the presentation and sale to bank customers by an insurance company of its insurance products within the premises of the head office of such banks duly licensed by the Bangko Sentral ng Pilipinas (BSP or Philippine Central Bank) or any of its branches, under such rules and regulations which the Insurance Commission and the BSP may promulgate.
• On the banking side, the legal basis for engaging in the business of bancassurance in the Philippines is Section 20 of Republic Act No. 8791 or the Philippine General Banking Law of 2000.  This law provides that a bank can use any or all of its branches as outlets for the presentation and/or sales of the financial products of its allied undertakings or of its investment house units. 
• 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, residents, underwriters, brokers, adjusters, and actuaries. It has also the authority to suspend or revoke such licenses.
• Advantages of Insurance: Financial Protection, Stability of Living Standard, Risk Sharing, Improves Efficiency, Economic Progress (FSRIE).
• Disadvantages of Insurance: Terms and Conditions, Long Legal Formalities, Fraud Agency, Rise in Subsequent Premium, Expensive (TLFRE).
• Founded in 1930, Malayan Insurance Co.,Inc. is one of the leading non-life insurance company in the Philippines. Offer its client and the public guaranteed peace of mind through service excellence, quality insurance protection and the prompt processing and settlement of valid claims.
• Disability refers to any loss or impairment of the normal functions of the physical and/or mental faculties of members, which permanently or temporarily prevents them to continue with work or engage in any other gainful occupation resulting in the loss of income.
• The corresponding disability benefits for each kind of disability granted to members are based on the duration of incapacity to work and actual loss of income.
• There are three kinds of disability determined by GSIS based on established medical standards: Permanent Total Disability, Permanent Partial Disability, and Temporary Total Disability.
• Members are expected to received disability pension according to their kinds of disability.
•  Established in 1995, PhilHealth aims to   financially help Filipinos with their medical expenses. Contributions made by members and funding from both local and national governments enable PhilHealth to operate and aid its contributing members.
• The National Health Insurance Program was established to provide health insurance coverage and ensure affordable, acceptable, available and accessible health care services for all citizens of the Philippines. It shall serve as the means for the healthy to help pay for the care of the sick and for those who can afford medical care to subsidize those who cannot. 
• PhilHealth subsidizes your hospital bills based on the amount you have incurred. The agency typically pay parts of doctor’s professional fees, laboratory tests, and other medical costs. And it is being classified to four benefits you will be able to received namely: INPATIENT BENEFITS, OUTPATIENT BENEFITS, Z BENEFITS AND SDG-RELATED BENEFITS
• Sun life insurance is the leading global financial services company based out of Canada, they offer a broad range of insurance, retirement and investment products and services to meet the diverse needs of both individual and corporate clients around the world.
• Sun Life in the Philippines offers a diverse range of insurance, wealth, and asset management solutions to help every Filipino in their journey towards a brighter life.

  As the country’s first and longest-standing life insurer, they provide: