How I started...

How I started?

Just an icebreaker from the serious topics, I will tell the story of how I end up in this industry. It was in August 2003, I was so fed up in my job back then that I took the risk to resign even though I still have no new job to transfer to. I attended a Job Fair at the Edsa Shrine where I saw a familiar company in Mandaluyong which I knew since high school and I submitted my resume for a clerical position. After several days I received a call from that company and they scheduled me for an interview. I was interviewed first by the HR Manager and she told me that the vacancy is for an Operations Assistant in one of their sister company,an Insurance Agency. At first I was hesitant to continue because at that time, when I hear of the word insurance, I only imagine men in formal attire with their suitcases offering Insurance to people in their homes. I also thought that Insurance is a hoax, probably because I once applied for a job in a company which turns out to be a pre-need insurance company, and a prerequisite of being hired is buying a plan and selling one to a family member. If I had known from the start that the position is for an Insurance Staff, I would never have submitted my resume nor attended the interview. But since I was already there and I badly needed a job, I decided to give it a try so I went to the office of the General Manager of the Insurance Agency and proceeded with the interview. The interview went well and when he gave me a chance to ask a question, I asked "Sir, will I sell Insurance here?". He smiled and explained to me how the Insurance Agency works, and what role I will have if I am hired. I was finally relieved that I will not be selling something because I am not good in interacting with people back then more so selling something to them.  September 8, 2003, It was the day I started my career in Insurance and until now, I cannot imagine myself being in any other field.  It may be a coincidence for the place of the job fair and my first day in my new job, but still, I believe and I am thankful to God he showed me the way into this industry.

For questions and inquiries, please don't hesitate to contact me through the following and I will get back to you as quickly as I can.

Mobile no. - +639062122483 (Roaming number, just text me and I'll just call you)

Email Address - stargazer02_81@yahoo.com

Define Insurance?

What Is Insurance? Aside from being mandatory for me to discuss its meaning because this is the subject of this blog, this is deemed necessary and of utmost importance because most people doesn't know its meaning and concept.  Most people get it because it is a requirement by the bank when they take a loan or that it is needed for the registration of their vehicle. Most people also assume that if they have an Insurance policy, the Value Insured is going to be paid to them in full in case they encountered a loss. Actually, there is more to it than what is written in that fancy piece of paper in your hand and it requires a deeper understanding to be fully aware of what you are buying. So the first step is to discuss its meaning to understand what that piece of paper is worth.

According to the Insurance Code of the Philippines , a contract of insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event. I consulted Merriam-Websters Dictionary to provide a simpler meaning and according to it, Insurance is a coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

I will list the main factors that constitutes an insurance contract based on the definitions given above

1. Contract - In its simplest meaning means an agreement between two parties. As I recall back in college, It is a written obligation to do or not to do. Therefore In an Insurance Policy, the Contract will state what the Insurance Company will do for you (Coverage of Insurance) or what it will not do for you (Exclusions)

2. Consideration - simply means the payment for the Insurance Policy.

3. Indemnity - To indemnify means to put one in the same or nearly the same financial position he was before the loss occurred. This means that we will either repair or replace the property based on its condition or value before the loss or accident. I will not explain it any further for now because I plan to make a separate blog for this topic.

4. Unknown or contingent event or Peril - This is the cause of the Loss. In your Insurance Policy, this is the Coverage of your Insurance like in Fire Insurance Policy, try to look at the Coverage and you may see Fire/Lightning, Earthquake Fire/Shock, Flood, etc. These are the Perils under your Insurance Policy.

After defining the main factors of Insurance, I hope you have the idea now on what is an Insurance Policy and what it promises you. But we don't have to rely on its definition alone, because there's more to it and these will be discussed in my future entries.

For questions and inquiries, please don't hesitate to contact me through the following and I will get back to you as quickly as I can.

Mobile no. - +639062122483 (Roaming number, just text me and I'll just call you)

Email Address - stargazer02_81@yahoo.com

Disclaimer

Disclaimer


I guess I should start with a disclaimer that I am really not an expert in the Insurance Industry.  I have no degree or position whatsoever that will make me an authority in this field.  But almost a decade of working in the industry, both local and overseas, life and non-life makes me a person who can give you excellent advises on your insurance needs.  I noticed that there is no blogger, at least in the Philippines, that tackles insurance so I want to try out being one.  Making this blog is also a learning experience for me, to refresh myself of all of the things I learned and also to aspire to learn more so I can share it to others who wants to know more about this field.  I may not be able to find answers to some questions, but I will do my best to seek and provide the most accurate answer as much as possible.  I hope that people will stumble on this site and interact with me so that I may share with them my knowledge and hopefully to build business relationships with them.  And finally, if you have insurance needs, please don't hesitate to contact me on my mobile and email address listed below:


Mobile no. +639062122483
Email : stargazer02_81@yahoo.com