FAQ
FREQUENT QUESTIONS
Business insurance policies typically cover a range of risks that companies may face, such as damage caused by fire or lightning, consequential losses, glass breakage, electronic equipment and machinery failures, theft, damage, or vandalism to signs and illuminated signs, liability coverage that addresses third-party claims for damages to property or individuals resulting from work performed, theft of property, money, or valuables, boiler and machinery explosions, and employee protection.
Typically, the collectives or groups that can access group life insurance policies include businesses, small and medium-sized enterprises (SMEs), members of the military, police personnel, firefighters, members of labor unions or workers' associations, legally established organizations, employees of government agencies, and state-owned enterprises.
To choose the right group life insurance policy, the first step is to analyze the type of organization you wish to cover. Then, you should review the type of coverage you want to provide to your employees or workers. Evaluate the risk level associated with your organization's profession and explore the different market offers to determine which one best suits your needs and those of your employees. Keep in mind that to purchase group life insurance, your employees should be between the ages of 18 and 65.
Fleet insurance serves as protection for companies and their drivers in case one of their vehicles experiences an accident or poses a threat to their assets. The coverage of this product varies according to the policyholder's needs.
A small fleet is typically comprised of at least 10 vehicles, while a medium-sized fleet has more than 30, and a large fleet can consist of over 200 units. The number of cars or trucks that can be insured depends on the terms and conditions set by each insurance company.
Understanding how group major medical insurance works is straightforward. Through a single contract, it provides protection for a group of people employed within the same company. Each employee is entitled to the selected coverage, and it can also extend protection to direct family members of the beneficiaries, with the company or business responsible for the payments. Your company can choose to pay for group major medical insurance on a monthly, quarterly, semi-annual, or annual basis.
Major medical insurance provides financial security by covering the expenses resulting from a medical event, such as illness, accident, or emergency. This protection is offered by guaranteeing a specified sum insured in the insurance policy. The sum insured is the maximum amount the insurance will pay for each of your medical events. The insurance covers expenses up to the sum insured you have selected (e.g., 10 million pesos, 50 million, etc.). Depending on the type of event and the general conditions of each insurance company, your insurance can respond in two ways: by paying your medical event expenses directly or reimbursing you for the expenses you incurred.
The life insurance contract is established in a document called a "policy," which includes the following elements: Insurer - the insurance company with which you sign the agreement, Covered Risks - the unforeseen events for which you can claim the insurance payment, which includes Invalidation, Death, or Survival, Insured - the person protected by the insurance coverage, Beneficiaries - the person or persons designated by the insured as recipients of the payment in case of death, Premium - the money paid periodically by the insurance policyholder to the company in exchange for obtaining life insurance protection for themselves or others, and Sum Insured - the amount of money the insurer commits to pay the insured or their beneficiaries when one of the unforeseen events covered in the policy occurs. When you purchase your insurance policy, you commit to pay the premium periodically, so that the insurance company guarantees to pay you or your beneficiaries the amount of the insured sum if any of the covered events of the life insurance occur, which can be three: invalidity, death, or survival.
The acquisition of home insurance policies is conducted through a contract, where the policyholder and the insurance company reach a mutual agreement, specifying various obligations, such as the amount of compensation and the policy's cost, which will vary based on the selected property and coverage. The insurance company agrees to cover specific damages that the residence might suffer, delivering the insured amount to make it easier for the policyholder to recover their assets. The insured amount and compensation will generally be related to the unit value of the residence, and the cost of the insurance will take into account the property's characteristics, such as age, condition, and exposure to risks."
You would be surprised to know that the cost of home insurance is usually very affordable. It depends on the value of your house and other factors, but it is common to find packages starting from 2,000 or 3,000 pesos per year. Again, the cost of home insurance will depend on various factors that the insurance company takes into consideration, as well as the coverage you wish to add to the policy you purchase.
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