Insurance Companies – A Whole Spectrum

Insurance companies can refer to any company that offers insurance cover to an insured person or business. Although insurance companies essentially offer the same services, (covering the insured against risk and loss) they all Safeco Agent login have different benefits and packages which they offer. Some insurance companies for example reward their customers for not claiming by paying money out to them if they do not claim for a given period of time or do not claim above a certain amount. They do this in order to discourage fraud, over claiming on the part of the insured and also to reward the insured customer for being low risk.

Insurance companies also differ greatly in the primary cover and services which they offer. Some companies provide health insurance and cover the insured for medical expenses. The extent of cover can vary drastically though. on the bottom end of the scale are basic hospital plans which merely cover the hospital fees incurred by the insured in the event of hospitalisation as a result of surgery, general care, intensive care etc. At the top of the scale there is health insurance which covers hospitalisation, surgery costs, general diagnoses and even the costs of drugs and medicines.

Liability insurance is a form of insurance that covers the risks faced by the insured. It can essentially be seen as a transfer of liability from the insured to the insurer for a certain premium. Although most insurance policies can fit into this category, liability insurance doesn’t insure a person, property or anything tangible as such, but rather covers the risk itself. An example of this can be public liability insurance which is usually taken out by businesses to cover them in the event that a member of the public is injured or experiences loss or damage to property which can be directly linked to the business. A common example of this would be if someone slips on a wet floor and injures themselves while on the business premises, in which case the liability insurance will usually cover the person medical costs, but sometimes also the legal should the individual decide to sue the business.

All companies differ from one another in some form or another, whether it’s the coverage they offer, the additional services they offer to customers or the terms of cover which they offer.

Certain insurance companies may even choose to cover people who fit into a more specific segment of the market, or a niche market. The most common example of insurance companies who choose only to cover certain individuals are those which strictly provide insurance to woman. Many insurance companies choose to provide insurance specifically to woman, because statistically they have a lower risk profile. Catering specifically to woman allows the insurance company to adapt its policies to specifically suit woman, which makes managing insurance portfolios far easier and more effective for both the insurer and the insured.

Most companies have a diversified portfolio, and don’t just act as insurance companies. Often the company itself branches off into other industries, or acts as a holding company to other businesses. Many insurance companies are also involved in managing investments, as well as in property development. Often it is the case that the company will use money generated from insuring and capital which is entrusted to them by investors to finance other operations. These other operations are most often property development in the form of commercial areas and shopping malls.

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