Definition of ‘insurance company’
- 1 What is insurance one word?
- 2 Is there such a word as insurance?
- 3 What is an example of insurance?
- 4 What are the 4 types of insurance?
- 5 How do you say the word insurance?
- 6 What are the types of insurance companies?
- 7 How do insurance companies make money?
- 8 Who is the No 1 insurance company in India?
- 9 What does insurance company mean?
What is insurance one word?
Definition of insurance (Entry 1 of 2) 1a : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. b : the business of insuring persons or property. c : the sum for which something is insured.
Is there such a word as insurance?
the act, system, or business of insuring property, life, one’s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.
What is an example of insurance?
When you pay premiums in exchange for a policy that pays out when you crash your car in a car accident, this is an example of an auto insurance policy. When you save money in case you lose your job and are out of work, this is an example of insurance in case you lose your job.
What are the 4 types of insurance?
Different Types of General InsuranceHome Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. … Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. … Travel Insurance. … Health Insurance.
How do you say the word insurance?
North Americans pronounce this word two different ways; i→nsurance & insur→ance. My personal preference is to stress the second syllable.
What are the types of insurance companies?
The more common categories of insurance company include the types noted below.Captive Insurance Company. A captive insurance company is an entity that exists to underwrite the risks of its parent owner. … Domestic Insurance Company. … Alien Insurance Company. … Lloyds of London. … Mutual Insurance Company. … Stock Company.
How do insurance companies make money?
Most insurance companies generate revenue in two ways: Charging premiums in exchange for insurance coverage, then reinvesting those premiums into other interest-generating assets. Like all private businesses, insurance companies try to market effectively and minimize administrative costs.
Who is the No 1 insurance company in India?
Top General Insurance Companies in India 2020NoCompanies NameSecurity Code1General Insurance Corporation of India5407162ICICI Lombard General Insurance Company Ltd5407553The New India Assurance Company Ltd540769
What does insurance company mean?
Insurance corporations are financial intermediaries which offer direct insurance or reinsurance services, providing financial protection from possible hazards in the future.