Termpaper on Status of Life Insurance in the Philippines
6002 Words25 Pages
METHODS OF RESEARCH
(MIDTERM EXAM REQUIREMENT)
SUBMITTED BY : JANICE I. ARIZOBAL
DATED: NOVEMBER 20, 2012
SUBMITTED BY: PROF. MICHAEL CABRA
PHILIPPINE WOMEN’S UNIVERSITY
IMPORTANCE OF LIFE INSURANCE TO FILIPINO SOCIETY
This research and study is intended for future researcher’s reference and insights of the importance of life Insurance in the Philippine Society. the first part contains the history of Insurance in the Philippines, Statements of what Life Insurance is, the types of Insurance, its advantage and disadvantage.
The research also includes the present…show more content… It may be too simplistic but I firmly believe that is the answer to our many problems.
On this research highlights on the importance of life insurance and how to manage low income will be tackled.
History of Insurance in The Philippines
Development of Insurance in The Philippines
Pre-Spanish Era - there was no insurance; every loss was borne by the person or the family who suffered the misfortune.
Spanish era – Insurance, in its present concept, was introduced in the Philippines when Lloyd’s of London appointed Strachman, Murray & Co., Inc. as its representative here.
1898 – Life insurance was introduced in this country with the entry of Sun Life Assurance of Canada in the local insurance market.
1906 – First domestic non-life insurance company, the Yek Tong Lin Insurance Company, was organized
1910 – First domestic life insurance company, the Insular Life Assurance Co., Ltd., was organized
1939 – Union Insurance Society of Canton appointed Russel & Surgis as its agent in Manila. The business transacted the Philippines was then limited to non-life insurance.
1936 – Social insurance was established with the enactment of Commonwealth Act no. 186 which created the Government Service Insurance System (GSIS) which started operations in 1937. The Act covers gov’t employees.
1949 – Government