What is the insurance industry?
The insurance industry concerns the collection of companies that manage the risk of individual health and assets by promising to pay policyholders for loss in exchange for regular payments. The industry is divided into three different segments: life insurance, health insurance and liability insurance. Each of them works on similar principles, but protects policyholders for very different reasons. There are two main types of ownership in the insurance industry. The most common type of life insurance is a guaranteed amount of money to be paid to the recipient after the death of the policyholder. The second and less common type of policy rewards the policyholder if they live after a specified age. In both cases, the policyholder pays the insurance company at regular intervals, ie if this payment is not made, the policy is Voided and the recipients do not collect any money.
Another type of coverage that focuses on the policyholder's well -being is health preinsurance. The primary function of the health insurance industry is to absorb some or all health care costs. Health insurance includes visits to the treatment of individuals in doctors, hospitals and other specialists. There are a number of payment methods sometimes requiring co-related, which is a percentage of the total cost of medical care, except for monthly premiums. Health insurance is often partially subscribed by the employer. Other health insurance providers require holders to visit certain approved healthcare professionals.
The liability insurance industry is the third type of coverage and provides the safety of physical objects. The main function of this industry is to protect cars, real assets and personal assets from the loss. For example, if the house burns or the car gets into an accident, the policyholder generally receives benefits in policy for damage or loss.
insurance covers these different fields, but companies are mainly owned by one of two ways. OwnThe shareholders' Into comes in the form of a public company that is owned by shareholders and is traditionally governed by the Board of Directors. On the other hand, the insurance company is owned by the policyholders themselves and acts as a private company. These two organizational approaches are extremely different and provide policyholders advantages and disadvantages.