Private Insurance

Overview of Private Insurance

The financial services industry consists of thousands of financial products and services to the public. Financial institutions include commercial banks, savings and loan institutions, credit unions, life and health insurers, property and casualty insurers, mutual funds, securities brokers and dealers, private and state pension funds, various government related financial institutions, finance companies, and other financial …

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Basic Parts of an Insurance Contract

Despite their complexities, insurance contracts generally can be divided into the following parts; Declarations. Definitions. Insuring agreement. Exclusions. Conditions. Miscellaneous provisions. Although all insurance contracts do not necessarily contain all six parts in the order given here, such a classification provides a simple and convenient framework for analyzing most insurance contracts. Declarations; The declarations section …

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Balanced Sheet for Life Insurance Companies

The balance sheet for a life insurance company is similar to the balance sheet of a property and casualty insurance company. The discussion on that follows focuses on the major diffences. Assets; Like the property and casualty insurance companies discussed earlier, the assets of a life insurance company are primarily financial assets. However, there are …

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Introduction to Risk Management in Insurance

In Insurance, there is a term known as risk management. Today we are going to gain knowledge about risk management. Without any more unnecessary talking, let’s get into the article. Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Because the …

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