Simple English definitions for legal terms

insurance company

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A quick definition of insurance company:

An insurance company is a business that sells insurance policies to people or other businesses. When you buy insurance from a company, you pay them money (called a premium) to protect you from certain risks. For example, if you buy car insurance, the company will pay for damages if you get into a car accident. There are different types of insurance companies, including ones that are owned by their policyholders (called mutual insurance companies) and ones that are owned by shareholders (called stock insurance companies).

A more thorough explanation:

An insurance company is a business that provides insurance policies to individuals or organizations. These policies protect against financial losses due to unexpected events, such as accidents, illnesses, or natural disasters.

  • Captive Insurance Company: A company that insures the liabilities of its owner. The insured is usually the sole shareholder and the only customer of the company.
  • Mixed Insurance Company: An insurance company that has characteristics of both stock and mutual companies. It distributes part of the profits to stockholders and also makes distributions to the insureds.
  • Mutual Insurance Company: An insurance company whose policyholders are both insurers and insureds. They pay premiums into a common fund, from which claims are paid. The policyholders are the owners of the company, as opposed to a stock insurance company owned by outside shareholders.
  • Stock Insurance Company: An insurance company operated as a private corporation and owned by stockholders who share in the company's profits and losses.
  • Stock Life-Insurance Company: A stock insurance company that does life-insurance business.

For example, a person may purchase car insurance from a stock insurance company. The company is owned by shareholders who invest in the company and share in its profits and losses. The policyholder pays premiums to the company, and in return, the company provides coverage for any damages or losses resulting from a car accident.

insurance commissioner | insurance of the person


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