Things To Know About Non Life Insurance Philippines

If the thought of buying non life insurance Philippines has never crossed your mind, it is something that you should consider. Non-life insurance simply refers to coverage for the losses that are incurred from a specific financial event, which are compensated to the insured. Property insurance, general insurance, and casualty insurance are other names of non life insurance. In simple terms, non life insurance can be defined as any insurance that is not related to life insurance. Legal liabilities, people as well as properties are covered under a non-life insurance policy.

There are a number of examples of non-life insurance policies that completely justify the meaning of this term. This includes general insurance policies such as homeowners policies, marine insurance, motor insurance policies, damage coverage from fire, theft, calamities, travel insurance or any online breach incident related to cybersecurity.  It is not easy to measure the amount of damage caused by online incidents because the probability of occurrence of these risks is very hard to ascertain. But these can be covered with the help of a non life insurance policy.

A non life insurance Philippines policy has various key features. First, the amount specified in the policy is the sum insured which, during the policy period, is symbolic of the insurer’s maximum liability for claims. The insurer can specify the available amount of sum insured. Keep in mind that the policy period of a non-life insurance plan is very short, for instance one year. But the duration can be longer depending on the specific type of insurance.

With a non life insurance, the premium of the policy is paid right before the insurance provider issues the policy. After the company received an application for insurance is, they will assess the risk involved depending on the specific type of cover required. For instance, under health insurance, medical history, age, as well as the current medical status of the individual will be taken into account before the insurance policy is issued.

 For more information on non life insurance Philippines, visit our website at https://ichoose.ph/

Things To Know About Home Fire Insurance PH

If you are looking to buy home fire insurance PH, you need to know the right steps to take in order to get the best insurance policy.  This insurance plays a very important role by covering your losses or damages that may arise as a result of a fire. If you invested a lot of money in your home, it is strongly recommended that you get home fire insurance to it.

Before you go ahead to purchase home fire insurance PH, you need to consider the necessary aspects beforehand. Keep in mind that a fire outbreak can have the worst effect on your property, so having the right insurance plan is the best bet. The right insurance plan will both protect you and your home from expected financial issues arising out of fire damage.

As and when fire mishaps occur, it is important to make sure that you know your fire insurance claim process as well as documentary formalities as it will save you a lot of time. When purchasing any particular plan against your property, it is important for you to know a number of things.

One of the things you need to know is that with home fire insurance PH, you can have financial protection against unforeseen damage. This insurance covers the loss that arises due to destruction of moveable as well as immoveable property out of fire or other perils

Another thing you need to know about this insurance is that there are various other perils that taken into consideration. This insurance may also cover explosions, landslide, lighting, bursting of water tanks, subsidence as well as impact damage However, loss resulting from war and warlike operations, breakdowns, burglary and housebreaking, nuclear perils, pollution or contamination and electrical/mechanical breakdowns is not covered.

For more information on home fire insurance PH, visit our website at https://ichoose.ph/start/home

Things To Know About CTPL Insurance Philippines

CTPL insurance Philippines is a requirement for the annual motor vehicle registration with the Land Transportation Office in this country. If your car does not have CTPL, operating it on a public road is unlawful. Cars are vehicles of great speed and power, and their use constitutes an element of danger to people and property upon the highways. Even if you drive your car carefully operated, it is still a dangerous instrument. However, when  it is driven by a careless or incompetent person, it becomes an engine of damage, destruction and even death. CTPL helps to protect the general public from the dangers  that are caused by motor vehicles.

So, how exactly does CTPL insurance Philippines work? In a CTPL policy, the insurance provider agrees to pay up to P100,000 to a third party for hospitalization, bodily injury and/or death in an accident that is caused or arises out of the use or operation of an insured car. Contrary to what most people think, this insurance does not cover loss or damage to property of third parties. A third party in this case refers to  any person other than a passenger, and also excludes a member of the household, or a member of the family within the second degree of consanguinity or affinity of  the car  owner or his employee in respect of bodily injury, damage to property or death  arising out of and in the course of employment. CTPL also does not cover damages to the insured vehicle.

Your insurance provider  is supposed to  pay the amount necessary (and within the limits of the CTPL policy) to relieve you from liability, assuring the third-party victim or their heirs of financial assistance, independent of your financial capacity as the insured car owner. Simply put, compensation based on a CTPL policy can be claim under the following concurring conditions: You are a third party to the insured car owner; The insured car caused you to sustain an injury or resulted in death; and your injury requires hospitalization or results in a disability or death.

For more information on CTPL insurance Philippines, visit our website at https://ichoose.ph/ctpl