Is a good policy equal to a successful claim? You are here: Home There are 2 important parts in an insurance policy. The first part is conditions and coverage, which can be copied. The second part is claim for indemnity, which requires knowledge, experience and expertise that cannot be copied. The objective of buying an…
Is it more expensive to buy a policy through a broker? You are here: Home The person who can give the best answer is the Department of Insurance (which later became the Office of Insurance Commission—OIC). This department supervises, promotes and controls insurance business, including insurance agents and brokers. Its recommendation is documented as: “Consult…
Why should you buy a policy through an independent broker? You are here: Home When you buy something like a car, wherever you buy it, the quality of that car will be similar for the same model and type. This is not the case for an insurance policy. The same type of policy (such as…
The right way to buy a policy You are here: Home The right way to buy a policy is to estimate the right coverage or risk exposure first and then to consider the insurance premium afterwards, not the other way around or choosing from the premium and its discount without seriously considering about the coverage…
How to choose an insurance company You are here: Home There are many criteria for choosing a good insurance company. The most important ones are these 3 factors: 1) The company’s financial status 2) The company’s launched policies: A good company always sells good policies to buyers. 3) The company’s insurance claims, which vary from…
Purchasing an insurance policy You are here: Home There are 3 ways to purchase an insurance policy:1) Purchase directly at an insurance company2) Purchase through an insurance agent3) Purchase through an insurance broker An insurance company is the one who drafts the policy and pays for the claims. This brings about a conflict of interest.…
What is a good insurance policy? You are here: Home What is a good insurance policy? The essence of an insurance policy is its “conditions” therefore, a good policy for the insured must offer “broad coverage, less restrictions and competitive premium” Broad coverage can be measured through 2 ways: quantity and content. Quantity is easy…
