Insurance Company
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An Insurance Company is a for-profit organization that ...
- Context:
- It can range from being a Mutual or a Proprietary.
- …
- Example(s):
- Counter-Example(s):
- See: Reinsurance, Risk Management, Hedge (Finance), Underwriter, Insurable Interest, Contract, Insurance Policy, Claims Adjuster.
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.
- Life insurance companies, which sell life insurance, annuities and pensions products and bear similarities to asset management businesses
- 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.
- Insurance companies may sell any combination of insurance types, but are often classified into three groups: