Things To Know About Non Life Insurance Philippines
                     Things To Know 
About Non Life 
Insurance 
Philippines
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. 
Things To Know About Non Life Insurance Philippines
 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.
Things To Know About Non Life Insurance Philippines
 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.
Things To Know About Non Life Insurance Philippines
 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.
Things To Know About Non Life Insurance Philippines
  For more information on non life insurance Philippines, visit our website at 
https://ichoose.ph/