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The Armed Forces & Police Mutual Benefit Association, Inc (AFPMBAI) started in 1949 as the Armed Forces of the Philippines Mutual Benefit System (AFPMBS) created by the AFP during the height of the anti-dissident campaign in Central Luzon. It was incorporated on September 1, 1965, and registered with the SEC as a non-stock corporation with the ...
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
In the 19th century, shipowners banded together in mutual underwriting clubs known as Protection and Indemnity Clubs (P&I), to insure the remaining one-quarter liability amongst themselves. These Clubs are still in existence today and have become the model for other specialized and noncommercial marine and non-marine mutuals, for example in ...
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
This work is in the public domain in the Philippines and possibly other jurisdictions because it is a work created by an officer or employee of the Government of the Philippines or any of its subdivisions and instrumentalities, including government-owned and/or controlled corporations, as part of their regularly prescribed official duties ...
It should only contain pages that are Types of insurance or lists of Types of insurance, as well as subcategories containing those things (themselves set categories). Topics about Types of insurance in general should be placed in relevant topic categories .
War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking.Some policies also cover damage due to weapons of mass destruction.
A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative . Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums.