GICALE, DEANNA MAE T.

ACT1107- SEC 5

Webinar #4: Overview of the Insurance Company

Speaker: Atty. Randy Escolango

If we talk about future, having insurance is a must in order to transfer the risk to a
company. In the webinar, the speaker technically explains everything under the insurance
industry. The speaker explains that the PFRS 4 defines insurance as a contract under which one
party accepts significant insurance risk from another party by agreeing to compensate the
policyholder if a specified uncertain future event adversely affects the policyholder. Wherein in
insurance industry, the policy holder is the one who are the ones who have the risk and wants
to transfer it to an insurance company or in simplest term the person who acquires insurance.
The insurer is the insurance company. The insured event is the risk.

After the webinar, I have realized that people are afraid to enter into an insurance it is
because of the fraud exist there, whereas people might think that the insurance company are
just using this business for the purpose of financial gain. Another fraud that may occur is that
the insurance company might sell policies from non-existent companies, failed to submit
premiums and scamming the policyholder to purchase insurance. In reality, the intention and
importance of having insurance should be really part of your life. This webinar encourages us to
adapt things that is uncertain or unsure and try to think about the possibility that life would
want us to try. With that, this webinar opens my mind on how to work well and properly
account for insurance that a certain individual is purchasing.