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Polytechnic University of the Philippines
Sta. Mesa, Manila
Minimizing Job Effort and Time in Refunding Premium
Philippine Prudential Life Insurance Company, Inc.
Credit Life Insurance Department
Submitted by:
Mercado, Monica Lucille Anne M. Mercado
BBF 3-10N
Submitted to:
Prof. Realin C. Aranza
Practicum Coordinator
May 20, 2011
1. Presentation of the Case

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The Philippine Prudential Life Insurance Company, Inc. (PPLIC) offers Credit Life
Insurance as one of its services. It is where the face amount matches the loan balance
of a bank borrower at any given time and is designed so that the loan will be paid off in
full in the event of death of the Insured/Borrower. Credit life insurance will, in the event
of your death, pay out the outstanding capital on a short or long term debt (such as on a
car or home) to your loan provider; is a decreasing sum assured product which means
that the pay out amount decreases in direct correlation to the repayment you make on
your loan; includes occupation-based disablement cover as well as dread disease
cover; is valid for the whole loan contract period or outstanding period (if you start the
life policy after you took your loan) or until a disablement, death or dread disease claim
is made and paid out; and covers you immediately.
The applicant must comply with the agreement of the company and the bank or
the lending institution. Some of these requirements are: minimum and maximum age
and maximum loan coverage. The company has developed a system where applicants’
personal information is transferred for future use. When the system does not accept an
applicant because he/she is underage, overage, or has exceeded the maximum
coverage, the individual and the institution must be informed that the application is
either unaccepted or terminated. The system has been developed to provide
computations and covering letters, but the employee in-charge still develops a separate
program and makes of the covering letters manually.
I. Point of View

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Polytechnic University of the Philippines Sta. Mesa, Manila Minimizing Job Effort and Time in Refunding Premium Philippine Prudential Life Insurance Company, Inc. Credit Life Insurance Department Submitted by: Mercado, Monica Lucille Anne M. Mercado BBF 3-10N Submitted to: Prof. Realin C. Aranza Practicum Coordinator May 20, 2011 1. Presentation of the Case The Philippine Prudential Life Insurance Company, Inc. (PPLIC) offers Credit Life Insurance as one of its services. It is where the face amount matches the loan balance of a bank borrower at any given time and is designed so that the loan will be paid off in full in the event of death of the Insured/Borrower. Credit life insurance will, in the event of your death, pay out the outstanding capital on a short or long term debt (such as on a car or home) to your loan provider; is a decreasing sum assured product which means that the pay out amount decreases in direct correlation to the repayment you make on your loan; includes occupation-based disablement cover as well as dread disease cover; is valid for the whole loan contract period or outstanding period (if you start the life policy after you took your loan) or until a disablement, death or dread disease claim is made and paid out; and covers you immediately. The applicant must comply with the agreement of the company and the bank or the lending institution. Some of these requirements are: minimum and maximum age and maximum loan coverage. The company has d ...
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