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
Partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and mutual). Insures that businesses are ...
Same as term Adjuster: individual employed by a property and casualty insurance company to settle on its behalf claims brought by insureds. The adjuster evaluates the merits of each claim ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Coverage tailored to the particular requirements of an insured, when a standard policy cannot be used to provide coverage for real or personal property. A manuscript policy is often written ...
Coverage for robbery of the payroll of a business. Coverage applies to money and checks from the time the payroll is withdrawn from the bank until it is distributed to the employees, ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
Legislation governing wrongful acts, other than breaches of contract by one person against another or his or her property, for which civil action can be brought. Tort law and contract law ...
Same as term Chartered Life Underwriter: professional designation conferred by the American College. In addition to professional business experience in insurance planning and related ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
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