Insurance Company Brief Definition
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.
Insurance company brief definition. Insurance is an arrangement by which a company undertakes to compensate a person property company or entity for a specific loss. The state of. The company also compensates for illness damage or death. The wisconsin state life fund is a state sponsored life insurance program.
A life insurance distribution system available to residents of wisconsin. We call the party receiving compensation the insured the insurer on the other hand is the company that provides the compensation or cover. Select the first letter of the word or term to locate a definition and brief description. The concept of insurance has been around since 3000 b c.
Wisconsin state life fund. Definition of insurance company. Insurance is a means of protection from financial loss. Insurance company a company which may be for profit non profit or government owned that sells the promise to pay for certain expenses in exchange for a regular fee called a premium.
Least expensive alternative treatment leat. An insurance company can specialize in one type of insurance such as life insurance health. A company that sells insurance meaning pronunciation translations and examples. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments.
For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. Likewise in life insurance the company. Admitted non admitted insurance company admitted insurance companies have been formally licensed to operate by the various state insurance agencies where the company operates. The chinese were the first to come up with the idea of insurance and it was passed on over the centuries from one culture to another.
An insurance company is usually comprised of multiple insurance agents. Conversely non admitted insurance companies often called excess or surplus. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company.
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