CLASSES OF INSURANCE

Life Insurance
An insurance on human lives and insurance appertaining thereto or connected therewith. Learn More: Republic Act No. 10607 | Section 181-186

Marine Insurance
Includes:
(a) Insurance against loss of or damage to:
(1) Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transhipment, or reshipment incident thereto, including war risks, marine builder’s risks, and all personal property floater risks; . . . Learn More: Republic Act No. 10607 | Section 101-168

Fire Insurance
Shall include insurance against loss by fire, lightning, windstorm, tornado or earthquake and other allied risks, when such risks are covered by extension to fire insurance policies or under separate policies. Learn More: Republic Act No. 10607 | Section 169-175

Casualty Insurance
An insurance covering loss or liability arising from accident or mishap, excluding certain types of loss which by law or custom are considered as falling exclusively within the scope of other types of insurance such as fire or marine. Learn More: Republic Act No. 10607 | Section 176

Suretyship
A contract of suretyship is an agreement whereby a party called the surety guarantees the performance by another party called the principal or obligor of an obligation or undertaking in favor of a third party called the obligee. Learn More: Republic Act No. 10607 | Section 177-180

Microinsurance
A financial product or service that meets the risk protection needs of the poor where:
(a) The amount of contributions, premiums, fees or charges, computed on a daily basis, does not exceed seven and a half percent (7.5%) of the current daily minimum wage rate for nonagricultural workers in Metro Manila; and . . . Learn More: Republic Act No. 10607 | Section 187-188