Insurance Company

An Insurance Company is a for-profit organization that ...

• Context:
  • It can range from being a Mutual or a Proprietary.
  • …
• Example(s):
  • a Workers Compensation Insurance Company (for workers compensation insurance).
  • an Occupational Hazard Insurance Company (for occupational hazard insurance).
  • a Reinsurance Company.
  • a Captive Insurance Company.
  • a Life-Insurance Company (for life insurance).
  • USAA.
  • …
• Counter-Example(s):
  • a Financial Planning Company.
• See: Reinsurance, Risk Management, Hedge (Finance), Underwriter, Insurable Interest, Contract, Insurance Policy, Claims Adjuster.

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References

2021

• (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Insurance#Insurance_companies Retrieved:2021-3-19.
  • Insurance companies may sell any combination of insurance types, but are often classified into three groups:
    • Life insurance companies, which sell life insurance, annuities and pensions products and bear similarities to asset management businesses
      • Non-life or property/casualty insurance companies, which sell other types of insurance.
      • Health insurance companies, which sometimes sell life insurance or employee benefits as well
    • General insurance companies can be further divided into these sub categories.
      • Standard lines
      • Excess lines.
  • In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

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