Insurance is a type of contract between a business and its customers. It obligates the customer to pay a fee in exchange for the right to receive compensation for a loss in the future. Insurance can be purchased to cover practically anything, from damage caused by an unexpected incident, to the risk of loss of income due to death or injury.Insurance businesses sell products that help customers prepare for the future. These products help customers deal with sudden and unexpected events such as home and car damage, medical bills, and loss of income.
The insurance business is a kind of financial services, in which the society’s funds are collected in order to provide protection to members against loss due to uncertain incidents or related to the life or death of someone.Insurance is an indispensable tool for businesses. It can cover losses, minimize risks, and make sure that you are covered in case of an unfortunate event. Businesses use insurance to support their growth with intermediary services. These services help you manage your insurance loss appraisal and actuarial needs in order to stay in business.Insurance business is performed by:Insurance Company:
Protection Insurance Company, that is a company that provides services in handling risk against damage, loss of benefit, and legal responsibility to third party due to uncertain incidents.
Life insurance Company, that is a company which provides services in handling risk related to the event of life or death of an insured.
Reinsurance Company, that is a company, which provides reinsurance against risk, handled by Protection Insurance Company and/or Life Insurance Company.
Insurance Broker Company, that is a company, which provides intermediary services in insurance settlement and in handling insurance claim settlement by acting for the interest of an insured.
Reinsurance Broker Company, that is a company which provides intermediary services in reinsurance placement and in handling reinsurance claim settlement by acting for the interest of an insurance company.
Insurance Agent, that is someone or a legal entity that provides services in marketing insurance services for and on behalf of an insurer.
Insurance Loss Appraiser Company, which is a company, that provides assessment services regarding loss of an insured object.
Actuarial Consultant Company, that is a company which provides actuarial services for insurance company and pension fund management in order to establish and manage an insurance or pension program.