An unexpected event or circumstance without deliberate intent.
An optional benefit purchased with comprehensive auto coverage. It covers damages caused by fire, flood, and earthquakes. Acts of Nature coverage is usually required when the vehicle has a loan / mortgage.
The cost to repair or replace the damaged property, minus depreciation. Depreciation decreases the comprehensive auto coverage amount every year. The car is valued at actual cash value.
A person who investigates claims and recommends settlement options based on estimates of damage and insurance policy coverage.
The maximum peso amount or total coverage amount payable for a single loss, or multiple losses, during a policy period.
An estimate of value. Appraisals are performed before a claim to determine the value of property at the time of a loss.
Intentional and malicious burning of real property.
A survey of the financial records of a person or organization conducted annually (in most cases) to determine exposures, limits, premiums, etc.
Physical injury including sickness or disease to a person.
Insures against loss to buildings in the course of construction.
Coverage for property taken or destroyed by breaking and entering, forgery or counterfeiting, fraud, kidnap and ransom.
Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations.
Terminating an insurance contract before the specified policy end-date.
A document providing evidence that certain general types of insurance coverages and limits have been purchased by the party required to furnish the certificate.
A person requesting payment from an insurer after a claim or loss.
Costs expected to be incurred in connection with the settlement of claims.
If the car is involved in an accident with another vehicle or hit an object such as a fence. Collision coverage may help pay to repair or replace the vehicle. This is part of your comprehensive auto coverage.
Motor vehicle insurance coverage that insures against damage to your vehicle. This includes fire, theft, and even accidental damage to your car.
Intentionally hiding the truth or intentionally telling only a partial truth.
Insurance that protects the condominium, condo owners personal property and liability for covered injuries or damage to others.
The document is presented to the Land Transportation Office for registration of the vehicle as evidence of a CTPL policy
Liability coverage you assume by written or oral contract.
Used synonymously with "insurance" or "protection."
A Land Transportation Office mandated CTPL policy protects against financial loss because of motor vehicle related physical injuries or property damage of others caused by accidents arising out of ownership, maintenance or use of a motor vehicle. Please note that the CTPL does not include coverage for you, your passengers or your vehicle. The CTPL limit of liability is Php 200,000.
Coverage for businesses engaged in electronic activities, such as selling on the Internet or collecting data within its internal electronic network.The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring costs, and losses resulting from identity theft.
Money whose payment a court orders as compensation to an injured plaintiff. Fines, penalties, or injunctive relief would not typically constitute "damages".
Support and protect businesses if they become victims of cyber attacks.
The act of rejecting an application for insurance.
A decrease in the value of property due to wear, age or other cause.
A type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer.
Property coverages for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption.
Date at which an insurance policy goes into force.
A policy change adjusting the coverages and taking precedence over the original policy.
The engine number is used to register your car under the Land and Transportation Office (LTO), usually when you buy a secondhand car. This is a number that is stamped on the engine of your vehicle by the factory that manufactured it.
The amount “in excess” of or exceeding the coverage provided by CTPL.
A provision in an insurance policy that excludes and/or limits certain coverages.
Date at which an insurance policy ends.
Risk of possible loss, for example your house or your car.
Insurance protecting commercial insureds from most liability exposures other than automobile and professional liability.
Circumstance which tends to increase the probability or severity of a loss.
A package policy combining real and personal property coverage with personal liability coverage.
A legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to the approximate financial position he or she was in prior to the loss.
A contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk).
Party(ies) covered by an insurance policy.
The company that provides insurance coverage.
Termination of a policy due to failure to pay insurance premium.
Coverage for bodily injury or property damage to others for which you are held liable
The most that will be paid by the insurer in the event of a covered loss under an insurance policy.
Can help pay for legal bills if a client sues over property damage. It can also cover costs related to employee injuries, damaged or stolen tools, work vehicle accidents, and more.
Physical damage to property or bodily injury, Including loss of use or loss of income.
A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur.
A loss control activity focusing on reducing the severity of losses.
The amount that insurers set aside to cover claims incurred but not yet paid.
Deliberate damage or destruction of another person’s property.
False or misleading statements.
Personality characteristics that increase probability of losses. For example not taking proper care to protect insured property because you know the insurance company will replace it if it is damaged or stolen.
Negligence or disregard on the part of the insured which could lead to probable loss.
Insurance coverage for a variety of motorcycles and related vehicles, such as trikes, mopeds, scooters, dirt bikes, all-terrain vehicles.
Serves as identification on a temporary license plate number until an original registered plate number is issued.
Any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy
Failure to exercise reasonable consideration resulting in loss or damage to oneself or others.
The maximum amount the insurance company is required to pay a third party injured or killed in an accident involving your vehicle without the necessity of proving fault or negligence. The limit under this benefit is Php 15,000.00 per person.
Termination of a policy initiated by either the Insurer or the Insured.
A property insurance term referring to a loss that does not completely destroy or render useless property or does not completely exhaust the insurance limit.
The cause of property damage or personal injury, origin of desire for insurance ""Cause of Loss".
The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and non-renewal.
Time period during which insurance coverage is in effect.
The contamination of an environment by substances regarded as pollutants.
The location where coverage applies. Building or land occupied by the insured.
Money charged for the insurance coverage,typically expressed as a monthly cost.
An audit of the exposure basis for an insurance policy (i.e., payroll, sales, or vehicle count) after the end of a policy period to determine the actual (audited) exposure for the purpose of making a final calculation of the premium.
Insurance coverage protecting the manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.
Insurance coverage for the cost of getting a defective product back under the control of the manufacturer or merchandiser that would be responsible for possible bodily injury (BI) or property damage (PD) from its continued use or existence.
A formal statement made by the insured to the insurer regarding a claim.
Coverage protecting the insured against loss or damage to real or personal property from a variety of perils, including but not limited to fire, lightening, business interruption, loss of rents, glass breakage, tornado, windstorm, hail, water damage, explosion, riot, civil commotion, rain, or damage from aircraft or vehicles.
Value of insured losses expressed as a cost per unit of insurance.
Liability coverage for contents within a renter's residence. Coverage does not include the structure. Includes liability for covered injuries or damage to others.
The cost of replacing property without a reduction for depreciation due to normal wear and tear.
Assumption of of risk of loss by means of non-insurance, self-insurance, deductible.
A provision found in many (although not all) claims-made policies that eliminates coverage for claims produced by wrongful acts that took place prior to a specified date, even if the claim is first made during the policy period.
The location where coverage applies. Building or land occupied by the insured.
The taking of property by violence or threat of violence.
Value recoverable after a loss.
Going bare, that is, not purchasing insurance, also known as risk retention.
The amount of damage that is or maybe caused by a loss or a catastrophe.
Situation where an insurer, on behalf of the insured, has a legal right to bring a liability suit against a third party who caused losses to the insured.
A party that guarantees the performance of another. The contract through which the guarantee is executed is called a surety bond.
Insurance that provides indemnification for (1) trip cancellation or interruption; (2) theft of, or loss to, property such as jewelry, cameras, baggage, or passports while on the trip; and (3) emergency medical and dental expenses during the trip.
Person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate.
The process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided.
Property insurance policy provision that restricts coverage in connection with buildings that have been vacant for a specified number of days.
The surrender of a right or privilege.