1st Slide: What is Contract of Insurance?

 It is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or
liability arising from an unknown or contingent event.

 Insurance per se does not only cover humans, but it also covers things. While most of the population is
focused on getting life insurance coverage for protection for themselves and loved ones, people tend to forget that
there are also some important things that evidently need coverage for protection as well.
How are insurance contracts classified?

1. Life insurance contracts

a. Individual (Sections 179-183, 227)
b. Group Life (Sections 50 and 228)
c. Industrial Life (Sections 229-231)
2. Non-Life Insurance Contracts
a. Marine (Sections 99-166)
b. Fire (Sections 167-173)
c. Casualty (Section 174)
3. Contracts of Suretyship and bonding (Sections 175-178)

Discuss:

a. Characteristics of Insurance (3)

b. Elements

2nd SLIDE: What is the meaning of non-life insurance?

Non-life insurance: What is it?

These important non-life things are those acquired with great value and are extremely vital to humans. Generally,
non-life insurance is treated as complicated by many, likely because of their lack of knowledge about it and its intimidating
diversified types. It is worth familiarizing, if not all, at least the very basics of it for the consumer's benefits and best
interest. What comes to play the vital role in determining coverage and its type between the purpose and goal.

 The best example for the non life is your own dwelling place, the house. It can never be a decent living without a
roof over our head. It is wise to insure your house its valuable contents (jewelries, antique collections, furniture,
etc) against thef, natural calamities like flood, typhoon, and earthquake and of course, fire.
 Another example of a vital non life is your vehicle. the comprehensive type of insurance is the most advisable for
that matter to take advantage of the full features in case of fire, theft, damage, accident,etc.
 This also include business

As distinguished to Life Insurance: it involves protection for itself and its family; life is unpredictable and should
anything happen to you or your family  there is life insurance that protects you or your family from many years to come.

Now, you might be thinking that insuring the non life would mean another expense taken out from your budget.
But, you have to go back again to the question relative to determining what your purpose and goal is. You also
have to remember that insurance of any sort is designed simply to protect. You now must have a clearer
perspective why non life insurance is important as well in a different level as compared to life insurance.

Having said this, you can still save while paying the premiums. Strategically, consider an extremely reliable and
stable insurance company and have your house and car insured altogether for a better deal since you are actually buying
insurance in bulk. Practically speaking, make an effort to scout for the company that offers the best and compare! You can
also save by opting to pay the premiums in advance like quartely, semi annually, or annually. This enables you to have
another discount on top of the saving from purchasing the bulk insurance. The best part for non life which makes it
different from life insurance is that non life insurance premium payments tend to lessen each year, provided there are no
past and present claims under your policy. It is therefore your role to be mindful of your insurance standing to prevent
claims of any sort that will greatly affect your future premium payments.