Audit of Insurance company

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As defined under Philippine law, a contract of insurance is an agreement whereby one undertakes a consideration to indemnify another against ____, ______, or _________ arising from an unknown or contingent event.

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loss; damage; or liability

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(Type of Insurance contract) An insurance on human lives and insurance appertaining thereto or connected therewith

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Life Insurance

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(Type of Insurance contract) An insurance that does not come under the scope of life insurance.

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Non Life Insurance

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(Type of Insurance Contract) A contract by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance.

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Re insurance

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(Characteristic of Insurance Industry) Insurance companies rely heavily on complex mathematical models to assess risk, calculate premiums, and determine reserves. These systems analyze vast amounts of data to evaluate the risk associated with individual policyholders. Automated systems are used to process claims efficiently and accurately.

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High reliance on complex systems

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(Unique characteristics of Insurance company) Predicting Future Events: Insurers must make educated guesses about the likelihood of future events, such as natural disasters, accidents, and illnesses.

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Highly reliant on significant assumptions, estimates, judgments

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(Unique characteristics of insurance company) Insurance companies are subject to strict regulations to protect consumers and ensure financial stability.

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Highly regulated industry

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(Unique characteristic of insurance industry) Insurers deal with a vast number of individual policies, each with unique terms and conditions. Handling a large volume of claims requires efficient and accurate processes.

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Large volume of individual transaction

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(Unique characteristic of insurance industry) The insurance industry has its own unique language and jargon, which can be challenging for those outside the field to understand.

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Specialized terminology

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(Unique characteristic of insurance industry) Insurance policies are contingent contracts, meaning that a payment is only made if a specified event occurs. The timing and severity of losses are often uncertain, making it difficult to accurately predict future costs.

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Definite loss