Podcast
Questions and Answers
Home insurance provides coverage from natural disasters, robberies, and water damages.
Home insurance provides coverage from natural disasters, robberies, and water damages.
True (A)
Non-life insurance is also referred to as general insurance.
Non-life insurance is also referred to as general insurance.
True (A)
Fire insurance and home insurance do not have any similarities in the coverage they provide.
Fire insurance and home insurance do not have any similarities in the coverage they provide.
False (B)
Home insurance does not provide coverage against natural disasters.
Home insurance does not provide coverage against natural disasters.
It is advisable to have home insurance if you live in an area prone to theft.
It is advisable to have home insurance if you live in an area prone to theft.
Travel insurance is an unnecessary expense for most travelers.
Travel insurance is an unnecessary expense for most travelers.
Car insurance is only necessary for drivers who live in urban areas.
Car insurance is only necessary for drivers who live in urban areas.
It is legally mandatory to have compulsory third party liability insurance for vehicles.
It is legally mandatory to have compulsory third party liability insurance for vehicles.
Home insurance covers legal assistance and medical ICU assistance among other benefits.
Home insurance covers legal assistance and medical ICU assistance among other benefits.
The premiums for home insurance in the Philippines can reach the low four-digit mark annually.
The premiums for home insurance in the Philippines can reach the low four-digit mark annually.
If your home has a history of neglect, it is less important to get home insurance.
If your home has a history of neglect, it is less important to get home insurance.
Individuals can have multiple types of non-life insurance policies simultaneously.
Individuals can have multiple types of non-life insurance policies simultaneously.
Health insurance covers only surgical expenses incurred by the insured.
Health insurance covers only surgical expenses incurred by the insured.
Travel insurance is particularly recommended if you plan to bring home valuable items.
Travel insurance is particularly recommended if you plan to bring home valuable items.
Non-life insurance only provides coverage for physical property and not for individuals.
Non-life insurance only provides coverage for physical property and not for individuals.
Non-life insurance is beneficial to consider if one is at risk of financial loss from specific events.
Non-life insurance is beneficial to consider if one is at risk of financial loss from specific events.
Flashcards
Non-Life Insurance
Non-Life Insurance
Insurance that covers losses from specific financial events, like accidents or natural disasters.
Car Insurance
Car Insurance
Insurance that provides financial protection against car accidents, theft, and natural disasters.
Home Insurance
Home Insurance
Insurance that protects your home from various damages including fire, natural disasters, and theft.
Comprehensive Car Insurance
Comprehensive Car Insurance
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Compulsory Third Party Liability (CTPL) Insurance
Compulsory Third Party Liability (CTPL) Insurance
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Probability of Occurrence
Probability of Occurrence
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Amount of Damage
Amount of Damage
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Types of Non-Life Insurance
Types of Non-Life Insurance
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Health Insurance
Health Insurance
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Travel Insurance
Travel Insurance
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Fire Insurance
Fire Insurance
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Insurance Premium
Insurance Premium
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Insurance Policy
Insurance Policy
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Area Prone to Natural Disasters
Area Prone to Natural Disasters
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Property with History of Neglect
Property with History of Neglect
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Area Prone to Malicious Events
Area Prone to Malicious Events
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Study Notes
Non-Life Insurance
- Non-life insurance compensates for losses from specific events
- Also known as general or property and casualty insurance
- Covers automobiles, homeowners, fire, marine accidents, travel and other catastrophes
- Difficult to predict the amount of damage these events may cause
Learning Objectives
- Recognize the importance of non-life insurance
- Differentiate types of non-life insurance
Car Insurance
- Covers car (and riders) in accidents, both natural and man-made
- Includes protection against accidents, theft, and provides roadside and sometimes medical assistance
- Consider car insurance if your car is your primary means of transportation, or if you drive on accident-prone roads (e.g., susceptible to traffic, theft, and natural disasters).
Home Insurance
- Protects homes from natural disasters, robberies, and water damage
- May include benefits like relocation allowance, legal assistance, and medical (ICU) assistance
- Consider home insurance if you live in an area prone to natural disasters, or if your home has a history of water leaks or bursts.
Fire Insurance
- Similar coverage to home insurance, often used interchangeably
- Important to read the policy carefully
- Consider fire insurance if you live in an area prone to fires, floods, typhoons, earthquakes, and other natural disasters or if the structure has a history of issues.
Travel Insurance
- Covers expenses incurred during accidents like lost luggage
- Consider travel insurance if you plan a trip far away or expect to buy a lot of belongings
- Consider travel insurance if your carrier has a history of providing poor service (e.g., flight delays or cancellations)
Health Insurance
- Covers medical, surgical, and sometimes dental expenses
- Often provided as part of employee benefits packages
- Premiums are often partially covered by the employer, and deductible to payer
- The benefits received are tax-free.
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Description
Explore the key concepts of non-life insurance, including its significance and different types such as car and home insurance. This quiz will help you recognize the coverage provided for various risks and differentiate between the various types of non-life insurance. Test your knowledge on how these insurances protect against unforeseen events!
