The Insurance Invoice is a crucial document in Philippine insurance transactions, required under the Insurance Code of the Philippines and regulated by the Insurance Commission. This document is generated whenever an insurance policy is issued or renewed, serving as the formal request for premium payment and confirmation of coverage details. It must include specific components mandated by Philippine law, such as documentary stamp tax calculations, VAT (where applicable), and clear premium breakdowns. The invoice serves multiple purposes: it acts as a payment demand, provides proof of insurance coverage terms, and serves as an official receipt for tax and accounting purposes. Insurance companies must ensure their invoices comply with both insurance regulations and tax requirements, including proper disclosure of all charges and fees.
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1. Invoice Header: Contains the insurance company's details, VAT registration, invoice number, and date
2. Policyholder Information: Complete details of the insured party including name, address, and contact information
3. Policy Details: Policy number, type of insurance, coverage period, and key coverage details
4. Premium Calculation: Breakdown of basic premium, including coverage amounts and rates applied
5. Taxes and Charges: Detailed breakdown of documentary stamp tax, VAT (if applicable), and other regulatory charges
6. Payment Information: Total amount due, payment terms, due date, and accepted payment methods
7. Important Notices: Standard regulatory notices and disclaimers required by Philippine insurance law
1. Installment Schedule: Include when premium payment is allowed in installments, showing breakdown of payment dates and amounts
2. Discount Section: Include when applicable promotional rates or loyalty discounts are applied to the premium
3. Broker/Agent Details: Include when the policy was arranged through an insurance intermediary
4. Claims Contact Information: Optional section with detailed contact information for claims processing
5. Policy Endorsements: Include when there are specific endorsements or modifications to the standard policy terms
1. Premium Computation Schedule: Detailed calculation showing how the premium was derived including all factors and loadings
2. Coverage Schedule: Itemized list of all covered items/risks with their corresponding values and sublimits
3. Tax Computation Appendix: Detailed breakdown of all applicable taxes and their calculation basis
4. Payment Terms Schedule: Detailed terms and conditions related to premium payment, including late payment provisions
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Insurance
Banking
Real Estate
Manufacturing
Retail
Healthcare
Transportation
Construction
Agriculture
Technology
Education
Hospitality
Relevant Teams
Finance
Accounting
Underwriting
Claims Processing
Compliance
Legal
Operations
Customer Service
Risk Management
Treasury
Tax
Relevant Roles
Insurance Underwriter
Claims Manager
Financial Controller
Accounts Receivable Specialist
Insurance Agent
Broker
Risk Manager
Compliance Officer
Finance Manager
Insurance Operations Manager
Chief Financial Officer
Accounts Manager
Policy Administrator
Treasury Manager
Tax Specialist
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