FAQS

The owner of both the house and lot can buy a home insurance policy.

Yes, you can insure the house you constructed on the land owned by your mother provided your mother is also named as an insured in the policy.

The insured value of the building is its market value or sound value. The market value is the value of the building based on the price that would be paid if it were sold at a certain time.

The sound value, on the other hand, is the replacement cost of the building less the accrued depreciation. Replacement cost means the current cost to reconstruct new and identical units of the building under consideration.

Yes, provided the policy carries the Reinstatement Clause. Under this clause, the insurer pays the replacement value of the building, allowing the insured to restore his property to its new condition.

You can buy car insurance from agents, brokers or direct from the insurance company, You can save if you compare several quotes. At PTC Insures we can get competitive proposals and offer you the cheapest and most reliable car policy.

Minor accidents:

• Alight from your vehicle and take pictures.
• Do not cause traffic. You and the other party should pull your vehicles off the road to prevent traffic building up.
• Exchange details with the other party.
• If the other party demands repairs, secure a police report. Otherwise, leave the accident site.
• File an insurance claim immediately and make ready all the document requirements.

Major accidents:

• If someone is hurt, get medical assistance immediately.
• Take pictures of the accident.
• Pull your vehicle off the road, if possible.
• Get a police officer or investigator to take command of the situation, institute measures to prevent accident from getting worse.
• Get a police report.
• Exchange information with the other driver.
• Get a repair estimate.
• File your insurance claim

Normally, an insurance company allows “casa repair” for vehicles that are two years old and below. However, certain insurance companies extend this to 5 years old, 8 or even 10 years old.

Be sure that your insurance policy has the Roadside Assistance Program. This provides towing services whenever necessary.

Not necessarily. If you have no children or dependents whom you support financially, you might not need a life insurance policy after all. Life insurance aims to provide a solution for those who seek income replacement, mortgage protection, estate planning, leaving a legacy, or burial expenses. If someone you love is dependent on you financially, you need a life insurance policy.

Buying a term life or a combination of term and permanent insurance may help you pay a lower premium. Additionally, buying a policy early in life is also a good way to ensure a lower premium.

The older you are, the higher the premium is, and the more risk you have in developing a health condition that could increase your premium even more or disqualify you from getting coverage at all.

Permanent policies are typically the best option if you are looking for life-long protection or an option to accumulate cash value. A portion of the premium is used to build up cash value which can be used in several different ways, such as loans and immediate premium payment in case you miss your regular premium contribution.

Most policies have a 31-day grace period within which you can pay the premium with no penalty. If you have a term policy and you fail to make premium payment within this grace period, the insurance company will usually terminate your policy. If you have a permanent policy, the insurance company can pay your premium from your policy’s cash value.

Most life insurance policies have a contestability period of two years from the time the policy was approved. If, during this time, the insurance company discovered that there was misrepresentation made by the Insured, the insurance company can declare the policy void.

After the contestability period ends, some policies may include incontestability Clause. This clause prevents the insurance company from challenging claims based on application information after the contestability period has expired, except in cases of proven fraud.

A beneficiary under a life insurance policy is an individual, entity, trustee, or estate named by the policy owner to collect the death benefit proceeds upon his death. There are two types of beneficiaries as follows:

• Primary Beneficiary. The first in line to collect the death benefits upon the insured’s death;
• Contingent Beneficiary. Also known as the secondary beneficiary, is the second in line to collect the death benefits.

Sure, provided you have insurable interest in that person. You have Insurable interest to a person if you will experience financial loss as a result of the death of that person. They could be the following:

• Husbands, wives or children
• Key employees of a business owner
• Borrowers of creditors

Yes, because there is no double insurance in a life insurance policy provided there is a financial need for it and you can afford to pay the extra premium.

The suicide provision states that if you die within two years from purchase of your policy due to suicide, the insurance company will contest your claim and will not pay your beneficiaries. If suicide happens after two years, the insurance company can not challenge the death claim and must pay the benefits.