Insurance

main-moderator Apr 9, 2018
  • Insurance

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Types of Insurance

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not.

  1. Life Insurance
  2. Commercial and General Liability Insurance
  3. Auto insurance
  4. Gap insurance
  5. Health insurance
  6. Property Insurance
  7. Travel Insurance
  8. Business Insurance
  9. Workers Compensation
  10. Rural Insurance
Types of Insurance Companies
  1. Captive insurance company.
  2. Domestic
  3. Alien
  4. Lloyd's of London
  5. Mutual 
  6. Stock Company 
 
Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision. Coverage typically includes:
  • Property coverage, for damage to or theft of the car
  • Liability coverage, for the legal responsibility to others for bodily injury or property damage
  • Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Types of Insurance Companies Captive insurance company.  
This is an entity that exists to underwrite the risks of its parent owner. The concept can also be used to provide insurance for a group of participating entities. The risk of loss is confined to the captive entity.
Domestic.
This is an insurance company that is incorporated in the state within which it is domiciled. This entity is considered a domestic insurer within that specific state, and a foreign insurer within all other states (though it can still be licensed to do business in other states).
Alien
This is an insurance company that is incorporated under the laws of another country. It is considered an alien entity from the perspective of any other country within which it does business.
Mutual
The policy holders own this type of business, so earnings are distributed back as dividends. Losses are not usually charged back to policy holders, based on the terms of their insurance agreements.
Stock company
This is an entity organized as a corporation, with shareholders. Any excess earnings of this type of business may be distributed as dividends to the shareholders.
Sources or Footnote

Definition: https://www.businessdictionary.com/definition/insurance.html
Types of Insurance Companies: https://www.accountingtools.com/articles/2017/5/10/types-of-insurance-companies
Top Insurance Companies: https://www.investopedia.com/articles/personal-finance/010715/worlds-top-10-insurance-companies.asp

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