Insurance Principles: Philippine Insurance Code, Contract Elements, and Risk Coverage

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Business - Insurance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(77)

Insurance coverage serves as a protective shield against potential financial losses, providing security and peace of mind. This concept is known as _____.

Insurance coverage helps individuals mitigate risks associated with incidents such as accidents, property damage, and health issues. This is an example of _____.

Established under Republic Act No. 10607, this aims to enhance the Philippine insurance sector and align it with international advancements. It is known as the _____.

The Insurance Code of the Philippines is established under which Republic Act number? _____.

An insurance contract with the insurer is formally known as a _____.

One party agrees, in exchange for payment, to compensate another party for losses, damages, or liabilities resulting from unforeseen or potential events. This is known as a _____.

This risk assumption is part of a larger plan to spread out real losses across many people or a large group of people facing a similar risk. This is called a _____.

The insured pays a proportional amount, known as the 'premium,' to a general insurance fund in return for the insurer's promise. This payment is referred to as _____.

The policyholder possesses an 'insurable interest,' which refers to an interest that can be quantified in monetary terms. This concept is known as _____.

Loss risk is taken into account by the insurer. This process is known as _____.

The insured faces the possibility of loss due to specific risks that may cause damage or harm to their interest. This is referred to as _____.

To disperse the risk of financial loss across the greatest number of individuals who are exposed to the same type of risk is known as a _____.

In an aleatory contract, the benefits received by the insured are not equal to the premiums paid to the insurer. This type of contract is called _____.

Until the loss is covered, it is not executed. A number of requirements must be met, the primary one being the occurrence of the covered event. This describes a contract that is _____.

A highly reciprocal agreement in which each party's obligations and rights are correlated and mutually beneficial is known as a _____.

Contracts are usually offered on a 'take it or leave it' basis by the insurer. If there's any doubt or confusion, the contract is interpreted in favor of the insured. This type of contract is called _____.

Contracts are formalized through mutual agreement, with parties incorporating terms as long as they comply with legal standards. This describes a contract that is _____.

This type of contract obliges both parties to disclose all material facts transparently, essential due to the information asymmetry between insurers and insured. It is known as _____.

The degree of recovery is directly linked to the magnitude of the loss. This principle is known as _____.

The elements of insurance include a scheme to distribute losses, payment of a premium, existence of insurable interest, assumption of risk, and _____.

Characteristics of an insurance contract include risk, aleatory, executory and conditional, synallagmatic, contract of adhesion, consensual and voluntary, personal and highest degree of good faith, and _____.

The parties to the contract of insurance include the insurer, the insured/assured, and the _____.

The company that is providing coverage in an insurance contract is known as the _____.

The person who is covered against risk in an insurance contract is referred to as the _____.

The third person designated by the insured to receive the proceeds of an insurance policy is called the _____.

Persons engaged/found guilty of adultery & public officer or his/her wide/descendants are considered _____.

Understanding risk management involves identifying, analyzing, and mitigating potential financial losses. This process is known as _____.

Types of risk in insurance include underwriting, market, credit, operational, and _____.

Underwriting involves losses from policy decisions. This process is essential in _____.

Market risk arises from _____.

The risk associated with policyholders' failure to pay premiums is known as _____.

Operational risk involves losses due to _____.

Reputational risk involves potential losses due to _____.

The process of risk management includes assessment, mitigation, transfer, avoidance, and _____.

Assessment in risk management involves data analytics to determine potential risks and impact for setting premiums and strategies. This process is called _____.

Mitigation in risk management involves reducing risks through diversification, limits, and policies. This process is known as _____.

Transfer in risk management is achieved through reinsurance, which helps spread and reduce exposure. This process is called _____.

Avoidance in risk management involves minimizing exposure by avoiding high-risk policies or areas. This strategy is known as _____.

Retention in risk management involves keeping a portion of risks and reserves to fulfill obligations. This process is called _____.

Classifications in insurance include life insurance and _____.

Life insurance provides financial protection in the event of death, offering security for loved ones and dependents. This type of insurance is called _____.

Life insurance is payable upon the person's passing away, whether they live for a certain amount of time, or if their life continues or ends. This type of insurance is known as _____.

Types of life insurance include individual life insurance, group life insurance, and _____.

Insurance covering human life on an individual basis is known as _____.

A general policy that applies to many people is referred to as _____.

A policy where premiums are paid on a monthly or more frequent basis is known as _____.

Subtypes of life insurance include term, whole life, variable universal life insurance (VUL), and _____.

Term insurance offers coverage for a predetermined duration, referred to as the 'term'. If the policyholder passes away during this timeframe, the beneficiaries will be entitled to receive a death benefit. This type of insurance is called _____.

Whole life insurance offers insurance protection for the policyholder until their death. Upon the insured's death, it pays out the coverage amount specified in the policy, provided that the policy remains active. This type of insurance is known as _____.

Variable Universal Life Insurance (VUL), also known as an investment-linked policy, offers a living benefit called account value, which is invested in funds, but its value can fluctuate. It combines protection and savings, providing a sum upon death while potentially growing over time. This type of insurance is called _____.

Endowment insurance provides both protection and guaranteed living benefits, which can be received periodically or as a lump sum upon maturity. Death benefits are provided to beneficiaries at the end of the term. This type of insurance is known as _____.

Eligibility criteria for life insurance require applicants to be 18 years or older and meet the insurer's age criteria. This is known as _____.

Life insurance coverage typically covers all causes of death except for _____.

Beneficiaries of a life insurance policy typically include direct descendants and _____.

Non-life insurance covers a wide range of risks such as property damage, accidents, and liabilities, providing protection for assets and mitigating financial losses. This type of insurance is known as _____.

Non-life insurance enables the insured to minimize risks when such events occur, relieving the insured from the financial burden. This type of insurance is called _____.

Types of non-life insurance include marine, fire, auto, property, health, prepaid health plan, pet, and _____.

Marine insurance is for businesses involved in maritime trade. It helps in protecting marine assets, cargo, and liabilities from risks inherent in maritime activities, offering financial security and peace of mind to businesses and individuals involved in the marine industry. This type of insurance is called _____.

Fire insurance is for homeowners, businesses, and property owners to protect their assets from fire-related risks and ensure financial security in case of property damage or loss. This type of insurance is known as _____.

Car owners must obtain car insurance, also known as auto insurance, upon acquiring a vehicle, providing financial protection against car-related expenses like medical fees and damages from accidents. This type of insurance is called _____.

CTPL, or Compulsory Third Party Liability, is mandated by law before vehicle registration with the _____.

A Comprehensive Car Insurance Plan (CCI) offers increased financial safeguards against various risks associated with car ownership, including natural disasters, vandalism, bodily injury from vehicular accidents, and more. This type of insurance is known as _____.

Property insurance provides protection against financial losses or damages to physical assets, such as buildings, homes, and personal belongings. It covers risks like fire, theft, natural disasters (e.g., earthquakes, floods), vandalism, and other specified perils. This type of insurance is called _____.

Travel insurance provides financial protection and assistance to travelers in case of unexpected events during their trip. This type of insurance is known as _____.

Health insurance provides financial protection against medical costs arising from illnesses, injuries, preventive care, and other healthcare services. For those who are employed, it's probable that they already have Health Maintenance Organization (HMO) or health insurance coverage. This type of insurance is called _____.

Philhealth offers financial aid to employed Filipino citizens requiring medical services. This type of insurance is known as _____.

Health Maintenance Organizations offer private healthcare insurance tailored to members' needs, typically with an annual financial limit based on premiums paid. This type of insurance is called _____.

Private health insurance is pricier due to extensive offers and customizable plans, often self-funded. This type of insurance is known as _____.

Another variant of health plan is the prepaid health plan, which you can buy on your own via the insurance company websites. This type of insurance is called _____.

Pet insurance provides coverage for our furbabies. Normally, pet insurances insure both the pet and the pet owner. This type of insurance is known as _____.

Microinsurance provides coverage for low-income households or individuals with minimal savings. This type of insurance is called _____.

When choosing an insurance company, consider factors such as license, financial stability, claim handling, and _____.

Insurance companies must be licensed insurers in the Philippines. This requirement is known as _____.

Businesses establish their brand through offering customers high-quality products and services, effective customer support, and adherence to relevant regulations. This is known as _____.

A company with strong financial stability can process your claim smoothly, as long as it meets the insurer's specified criteria and procedures. This is known as _____.

Assess the company's approach to handling claims by inquiring about their procedures and practices for processing claims submitted by policyholders. This is known as _____.

Insurance providers offer policies with varying coverage levels. It's important to assess whether the proposed guidelines offer sufficient coverage for your needs and justify the cost. This is known as _____.

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Insurance Principles: Philippine Insurance Code, Contract Elements, and Risk Coverage

Related Decks