Insurance Company Definition In Business
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.
Insurance company definition in business. Captive insurance company definition. Covers include professional indemnity insurance public liability insurance and employers liability insurance. 16 people found. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e.
You need business. Another type of life insurance that can be beneficial for a small business is key person insurance. Businesses seek insurance to cover potential damage to property to. A mutual company is a private enterprise that is owned by its customers or policyholders.
Insurance is a means of protection from financial loss. Insurance refers to a contractual arrangement in which one party i e. The most familiar of these are insurance companies. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company.
It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. It is a vehicle for self insurance which is cost effective and tax effective. The insured by paying a definite amount in exchange for an adequate consideration called as premium. A captive insurance company insures the risks of its owner.
For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments. Likewise in life insurance the company. If the business is a limited partnership or has a few key stockholders the buy sell agreement.
Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals. 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. Business insurance protects businesses against losses suffered in the course of their normal activities particularly when the business faces a compensation claim.
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