Insurance Company, Choosing An
Definition of "Insurance company, choosing an"
Consideration should be given to a company's capacity to underwrite a particular risk, as indicated by its financial standing, claims philosophy, price structure, agent representation, loss prevention and reduction services, and risk analysis expertise. Information can be gained in several ways:
- Reputation a prospective insured can fairly easily learn something about an insurance company through business and professional associates (lawyer, accountant, banker), through conversations with others in the same field, and by discussions with agents and brokers.
- Financial capacity larger businesses and public libraries often have up-to-date reference books, such as Best's Insurance Reports(available in Life-Health and Property-Casualty editions) giving detailed analyses of hundreds of companies.
- State Insurance Department information about specific insurance companies may be available from the insurance departments located in state capitals.
Popular Insurance Terms
Price an investor is willing to pay for a financial asset. ...
Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result in bodily injury and/or property ...
Exposures usually excluded from life and health insurance, or subject to a maximum limit if covered. ...
Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
Insurance with two types of policies available: depositors forgery insurance; forgery and alteration. ...
Provides coverage during the construction of a bridge in the event of fire, lightning, collision, flood, rising water, windstorm, ice, explosion, and earthquake. This coverage is essential, ...
Costs incurred by an insurance company other than agent commissions and taxes; that is, mainly the administrative expense of running a company. ...
Agents' records showing when clients' policies expire. ...
Arrangement between two or more insurance companies under which the parties to the agreement waive their subrogation rights against the other. Most such agreements are no longer in use. ...
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