Insurance Company Brief Definition
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Insurance company brief definition. Easily compare insurance rates from top companies with only honest reviews on our website. 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. An insurance company can specialize in one type of insurance such as life insurance health. Definition of insurance company.
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. For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation.
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. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage.
An insurance company is usually comprised of multiple insurance agents. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. Likewise in life insurance the company.
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