Definition Of Insurance Companies
Insurance companies are not non profitable organizations.
Definition of insurance companies. Insurance is a means of protection from financial loss. 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. There many types of insurance policies. The insured by paying a definite amount in exchange for an adequate consideration called as premium.
Insurance company is the organization that collects everyone s funds as monthly premiums. Insurance is a contract policy in which an insurer indemnifies another against losses from specific contingencies and or perils. 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. 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.
The company calculates the risk of occurrence then determines the cost to replace pay for the loss to determine the premium amount. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments. But they are doing good social work.
For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. And give the funds who need it at the times.
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