Insurance Company (insurer)
Definition of "Insurance company (insurer)"
Organization that underwrites insurance policies. There are two principal types of insurance companies: mutual and stock. A mutual company is owned by its policy owners, who elect a board of directors that is responsible for its operation. A stock company is owned by its stockholders. In a mutual company, profits take the form of policy dividends, or refunds of part of premiums paid, which are distributed to policy owners. Profits in a stock company take the form of stockholders dividends, which are distributed to stockholders.
Popular Insurance Terms
The concept behind a Private Mortgage Insurance (PMI) is pretty simple: it exists to make sure the lender doesn’t lose its money. What it does is “buy” the possible ...
Bonds that are secured by mortgage securities classified as either interest only or principal only strips (separate trading of registered interest and principal of securities). Insurance ...
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
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Date of the initial annuity payment. ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
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