Things To Know About Non Life Insurance Philippines
                     Things To Know About 
Non Life Insurance 
Philippines
Things To Know About Non Life Insurance 
Philippines
• Insurance in the Philippines can be divided into life and non-life. 
General insurance is very popular because these policies provide 
financial compensation in case of a loss. The loss can be caused 
by various incidents such as diseases, accidents, fire, and natural 
as well as man-made mishaps. 
Things To Know About Non Life Insurance 
Philippines
• So, what exactly is non life insurance Philippines?  The definition 
of non-life insurance, is simply the losses incurred from a specific 
financial event and are compensated to the insured. Other names 
of non-life insurance are general insurance, casualty insurance 
and property insurance. Non-life insurance can also be defined as 
any type of insurance that is not related to life insurance. Legal 
liabilities, people as well as properties are covered under a non-
life insurance policy. 
Things To Know About Non Life Insurance 
Philippines
• There are various examples of non life insurance Philippines policies 
that completely justify the meaning of this term. They in include 
motor insurance policies, homeowners policies, marine insurance, 
damage coverage from fire, calamities, theft, travel insurance or any 
online breach incident that is related to cybersecurity. 
• It can prove really difficult to measure the amount of damage that is 
caused by online incidents because the probability of occurrence of 
these risks is extremely difficult to determine.  The good news is that 
Things To Know About Non Life Insurance 
Philippines
• The amount specified in a non life insurance policy is the sum 
insured which, during the policy period, symbolizes the maximum 
liability for claims of the insurance provider. The insurance 
company may specify the available amount of sum insured.   A 
non-life insurance plan usually has a short policy period, i.e., one 
year, but the duration can be longer depending on the type of 
insurance you will choose.
Things To Know About Non Life Insurance 
Philippines
• The premium of non life insurance Philippines is paid right before 
the insurance company provides the policy. When the insurance 
company received an application for insurance is, they assess the 
risk involved depending on the cover needed. For instance, under 
health insurance, things such as the age, current medical status as 
well as medical history of a person 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/