Insurance Companies: All you need to know
How Insurance works?
In any transaction involving insurance, two parties are usually involved. The 'policy maker' or the 'insured' which is the person who buys the insurance while the second party is the Company offering the insurance.
These transactions usually involve an agreement where the insurance company receives payment for relatively small loss. Payment made is usually in form of cash where in return, the insurance company issues a guarantee to the insured, promising to compensate the insured in events of unplanned loss.
Returns could be financial or otherwise, depending on the agreed terms and conditions. Usually, the insured is given a document (insurance policy) that outlines certain terms and conditions as binding the two parties.
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What is insurance?
Insurance can be seen as a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. In fact, insurance in itself is anything providing protection against a possible eventuality or form of risk and uncertain loss. Insurance companies?Kinds of insurance
Self Insurance:In type of insurance is characterized by "no transferred risk", meaning that the individuals themselves cater for any risk acquired without help the company.
Dual Insurance
Here, risk are characterized by two or even more policies with similar coverage
Co-Insurance
In co-insurance, risk is shared between insurers
Reinsurance
This is a situation where an insurer transfers some or all acquired risk to another insurer to provide protection against the risk of the first insurance. The receiver insurer is called "the Reinsurer"
Insurance Companies
Insurance companies are those specific companies that provide and sell insurance services. It could be an entity, usually referred to as "an insurer", an insurance company or an insurance carrier.What is Insurance premium?
An insurance premium is usually an amount to be paid for a contract of insurance. It is the money charged by the insurer to the insured for coverage in the insurance policy.Types of insurance
Types of insurance companies include :- Health insurance
- Auto insurance
- Income protection insurance
- Life insurance
- Burial Insurance
- Property insurance
- Credit insurance
- Liability insurance
- Expatriates insurance
- Travel insurance
- Tuition insurance
Most popular insurance companies include:
- Life insurance companies of the United States -US
- Members of Blue Cross Blue Shield Association -US
- MetLife -US
- Mutual insurance companies of the United States -US
- Insurance companies based in New York -US
- Power Corporation of Canada - Canada
- State Farm Insurance - Canada
- AmMetLife - Malaysia
- Gibraltar- Malaysia
- Etiqa - Malaysia
- Takaful Malaysia
- Aetna - US
- Allstate -US
- American International Group-US
- Insurance companies based in Florida -US
- GEICO -US
- Health maintenance organizations -US
- Insurance companies based in Illinois -US
- Insurance company headquarters in the United States-US
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