General FAQ

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General FAQ

What is Insurance?

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.

What does this mean? It means you can protect yourself and your family against possible risk in your daily life. You can protect you and your family from unexpected financial loss.

Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.
Insurance is a precaution against a possible unwanted outcome: in life and in business, it's a way of managing risk and keeping things on the move.

Nothing happens without insurance! We couldn't run businesses or drive cars, own homes or travel anywhere, because the potential risks would be too great. Insurance gives us the peace of mind and security we need to operate.

It works because insurance companies group together a large number of people who all feel exposed to the same possible circumstances. The company knows that, in one year, the total premium collected from the group of people should cover the cost of the claims made by the unfortunate few who actually suffer a loss.

What kind of insurance is available from Asia Insurance Company?

You can insure:

Yourself
Your car
Property
Legal liabilities

What are the different types of insurance packages available for individuals?

Asia Insurance Company offers different kinds of insurance packages for individuals:

Motor vehicle.
Health Insurance (Group or Individuals)
Home Guards’.
Property and other belongings.
Travel Insurance.

These are just some of the insurance packages available. Our customer service agents can assist you in choosing the right policy that provides adaquate protection for you and your family.

What does the motor comprehensive policy cover?

The comprehensive policy includes two parts:

Complementary: this covers loss or damage due to collision or overtunrning
Third party liability: covers damage to property, death or bodily injury

What are the benefits of having a motor comprehensive insurance policy?

Protects your property from destruction and covers damages to others involved parties (TPL)

What is depreciation?

In case of an accident which requires replacement of parts, the insurance company will deduct from the total cost of the replaced parts 6% and up to 36% maximum, annually.

What is the Third Party Liability Coverage?

The Third Party Liability Coverage covers damage to property, death, permanent disability, medical expneses and partial disability.

What is a Health Insurance Policy?

A health insurance policy is a binding contract issued by an insurance company to an individual or group which promises to pay for health care reasonably requierd by the "insured, policy holder or certificate holder" to treat an illness or injuries.

Why do you need health insurance?

As the need for treatments rise, providing health care can be costly. The purpose of health insurance is to help you pay for the care that you need. It protects you and your family finacially in the event of an unexpected serious illness or injury that could be very expensive. In addition, you are more likely to get routine and preventive care if you have health insurance.

How much are health insurance premiums?

For each type of policy, insurance companies have a range of premuim levels tha may be charged based on various factors that are considered at the time an application is submitted. The premuim for a health insurance policy will vary depending on the applicant's age and health condition. Rating factors must be reasonably related to the risk being insured, and state law often limits the specific rating factors that may be considered for certain types of insurance.

What is Marine Cargo Insurance?

Marine cargo insurance is the transportation insurance of goods from one place to another. The mode of conveyance can be by sea, air, rail, road, parcel post or courier sending.

Why should I buy Marine Cargo insurance?

Marine cargo insurance gives you peace of mind as it offers protection against losses/damages to goods during transportation.

What are the types of coverage that are available?

Three types of coverage are available, namely the institute cargo clause (A), (B) and (C). Breifly:

Clause (A) covers all risks of loss or damage to cargo except those excluded by the standard exclusions.
Clause (B) and (C) provide less comprehensive coverage compared to Clause (A).

What is a Marine Open Cover?

A Marine Open Cover (MOC) is a special arrangement given to customers who have many shipments per month. The terms of cover, limit per carrying per conveyance, rate is spelt out in the MOC. All shipments which fall within the MOC are automatically covered. What the customer needs to do is to declare the details of each shipment on a declaration from. The form to be sumitted via email or fax. An insurance certificate for each shipment will be issued to reflect all the shipments declared.