Insurance company is a means of protection from financial loss in which, in exchange for a fee, a party agrees to guarantee another party compensation in the event of a certain loss, damage, or injury.
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13 Facts About Insurance company
2.
In 1851 AD, future U S Supreme Court Associate Justice Joseph P Bradley, once employed as an actuary for the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries.
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3.
Insurance company became far more sophisticated in Enlightenment-era Europe, where specialized varieties developed.
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5.
The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system.
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6.
Insurance company as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can self-insure through saving money for possible future losses.
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7.
Insurance company can have various effects on society through the way that it changes who bears the cost of losses and damage.
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8.
Thereafter an insurance company will collect historical loss-data, bring the loss data to present value, and compare these prior losses to the premium collected in order to assess rate adequacy.
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9.
The main reason for the distinction between the two types of Insurance company is that life, annuity, and pension business is long-term in nature – coverage for life assurance or a pension can cover risks over many decades.
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10.
Insurance company companies are commonly classified as either mutual or proprietary companies.
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11.
Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding Insurance company, became common in some countries, such as the United States, in the late 20th century.
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12.
Financial stability and strength of an insurance company is a consideration when buying an insurance contract.
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13.
Insurance company companies are rated by various agencies such as AM Best.
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