Insurance Company Brief Definition
A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments.
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. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company. And was started to protect goods while being transported from the seller to the buyer over the seas.
The concept of insurance has been around since 3000 b c. Conversely non admitted insurance companies often called excess or surplus. A life insurance distribution system available to residents of wisconsin. The wisconsin state life fund is a state sponsored life insurance program.
Likewise in life insurance the company. A company that offers insurance policies to the public either by selling directly to an individual or through another source such as an employee s benefit plan. An insurance company can specialize in one type of insurance such as life insurance health. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation.
An insurance company is usually comprised of multiple insurance agents. 14 people found. Select the first letter of the word or term to locate a definition and brief description. Definition of insurance company.
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. Wisconsin state life fund. For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. 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.
Least expensive alternative treatment leat. 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. The state of. A company that sells insurance meaning pronunciation translations and examples.
Admitted non admitted insurance company admitted insurance companies have been formally licensed to operate by the various state insurance agencies where the company operates.
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