INSURANCE COMPANIES AND THE TYPES OF SERVICES THEY OFFER
An insurance company primarily offers insurance services to clients. These services include; protection against car accidents, burglary, house fire, life insurance, health insurance and so on. An individual who purchases an insurance is known as an insured or a policyholder, while the company that offers an insurance is known as an insurance company, or insurer, or underwriter.
What is insurance?
Insurance, as defined by Wikipedia, is a means of protection from any kind of loss, be it the loss of life, or of property. Insurance has been proven to be a form of risk management, which is primarily used to hedge against the risk of an uncertain or contingent loss. The business dictionary defines it as a Risk-transfer mechanism, which ensures full or partial financial compensation for the damage(s) or loss caused by event(s) which are beyond the control of the insured party. Types of insurance offered include Life insurance Auto insurance, Health insurance, Travel insurance, Dental insurance, etc.
What is an insurance company?
Insurance companies are generally companies who provide insurance services for clients. It may be government owned, profit or non-profit which are liable for meeting the financial needs of their clients when they experience bad event(s) beyond their control. For insurance companies to intervene in meeting the demand of their client, their client must have applied for an insurance scheme and should have contributed to that course.
Functions of an insurance company/insurance
The main function of an insurance company is to provide insurance to cater for unforeseen circumstances which occur beyond the control of a client. Amidst this primary function, there are sub-functions of an insurance company, and they include;
- They help to cater for required insurance: There is some required insurance by the government, to which all individuals must apply for their employees. These insurance policies include; payment for worker’s compensation, unemployment insurance, disability insurance for employees etc. These are to ensure that employees are safe if they experience job loss or other unforeseen events, and insurance companies come to play here.
- They help to cater for liability insurance: Liability Insurance is an insurance policy which covers payment for legal fees and judgment, which are associated with professional errors and negligence. They include; Liability insurance for trucking companies in case of accidents, manufacturing industries in case of product defect, for physicians, and to pay for personal damages in the case of a lawsuit.
- They help cater for property insurance: property insurance includes insurance against damages to property caused by fire, storm and another hazard, and examples of items covered by this insurance policy include; machinery, business buildings, inventory, and even trademarks and copyrights.
Aside these functions of insurance companies, insurance on its own help to provide certainty of payment in case of any loss, provides protection against any loss, act as a risk-sharing medium, provides capital as well as improves efficiency and helps economic progress of any society.
Types of insurance companies?
There are various types of insurance companies, but for this article, we will be considering the Allianz worldwide care, the electric insurance, liberty mutual insurance company, rate kick insurance company and esurance insurance company. These companies offer services ranging from health insurance, to life insurance policy, which are masterminded by life insurance companies, travel insurance, auto insurance, liberty and Allianz.
Allianz worldwide cares insurance company: Allianz care is the leading provider of health and wellbeing insurance internationally. Its company offers insurance services which cover life, health and disability insurance. They provide a range of international healthcare plans for mobile individuals globally. Their product and services include:
- Individual Health Care Plan
- Employer Healthcare Plans
- Life and Disability Cover
- Global Health and Protection Services
- Administration Services Only.
Top 4 insurance companies
Electric insurance company offers insurance services for your home, automobile, and umbrella coverages. The home coverage includes coverage for your home, rental insurance and condo. The home insurance covers more than just the structure, as it goes a long way to cater for your garage, pool, fence, belongings in it, etc. It also covers for liability, to protect an individual from a lawsuit, as well as to pay additional temporal living expenses, if the client cannot live in his/her house due to an unforeseen damage. Coverage for condo also can be gotten from electric insurance, as it offers you coverage for your furniture, appliances, personal possessions and cabinet. It also covers for liability if someone is hurt in your unit. Finally, electric insurance provides coverage for a client’s apartment to protect the client’s belongings from fire, vandalism, theft and another unforeseen event(s), even while living in a rented apartment.
Liberty mutual insurance company is an insurance company which offers coverage for individuals, families, and businesses. Their services include; Car insurance, Homeowner insurance, Renters insurance, Fraud protection, life insurance, pet insurance, accident insurance, mobile phone insurance and so on.
Like other insurance companies earlier listed, Rate-kick offers a variety of coverage plans for risk-management by clients.
Esurance insurance company offers a range of insurance plans to protect clients from an unforeseen event(s).
In conclusion, insurance companies offer a variety of coverage plans to cater for risk/loss of life and property. Various insurance companies exist all over the globe, and a few have been listening here, together with their offers. Insurance has been proven to be effective, and have been recommended for every individual, due to the vast benefits which the individual seeks to gain from the scheme. This article has created an awareness on insurance companies, as well as highlighted some insurance companies and the services they offer.