Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known - relatively small - loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.
Financial Independence Group has serviced the independent financial professional space nationwide for over 40 years. In addition to being a leading product distributor in the insurance industry, FIG is independently owned and operated with a mission to bring accessible marketing solutions, back office support, and networking opportunities to the independent financial professional.
19520 W Catawba Ave, Cornelius, North Carolina, United States, 28031-3707
There is no substitute for experience. Look to KSI to protect your personal or corporate assets, reduce your risks and deliver uncompromising results.
1120 Professional Ct, Hagerstown, Maryland, United States, 21740
Arbella Insurance has been here in New England since 1988, so we’re uniquely qualified to provide you with your auto, home, and business insurance needs.
1100 Crown Colony Drive, Quincy, Massachusetts, United States, 02169
Global Excel is a worldwide premium medical cost containment company, providing services to a broad range of market segments. Our partners trust our expertise in controlling healthcare costs for the management of their claims dollars as well as our ability to provide a superior member experience.
73 Rue Queen, Sherbrooke, Québec, Canada, J1M 0C9
Canadian Insurance Brokers Inc is an independent insurance broker. We provide insurance for your house or cottage, personal insurance, car insurance, and business insurance.
1 Eglinton Ave E, Toronto, Ontario, Canada, M4P 3A1
Propel Insurance provides commercial insurance, personal insurance (for your auto, home, yacht and RV) as well as surety/bonds and employee benefits with multiple locations in Washington and Oregon.
1201 Pacific Ave, Tacoma, Washington, United States, 98402-4316