The insured by paying a definite amount in exchange for an adequate consideration called as premium. Some of the different types of insurance companies include.
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Insurance companies meaning. Insurance refers to a contractual arrangement in which one party i e. Insurance company or the insurer agrees to compensate the loss or damage sustained by another party i e. Here is a brief explanation of each of these different types of insurance companies and the specific specialty risks insured and other unique attributes.
An insurance company owned by its policyholders is a mutual insurance company. Insurance firm insurance underwriter insurer underwriter. Standard lines excess lines captives direct sellers domestic alien mutual companies stock companies lloyds of london and more.
A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. Insurance is a means of protection from financial loss.
Insurance is a contract represented by a policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Some companies specialize in one or other of these areas but others referred to as composites operate in both sectors. Nondepository financial institution a financial institution that funds their investment activities from the sale of securities or insurance.
An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder. A financial institution which underwritesthe risk of loss of or damage to personal and business assets general insurance and life and limb life and accident insurance. Insurance company a financial institution that sells insurance.
A company whose business is providing and selling insurance.