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How Do Insurance Companies Make Money? : Insurance Answers | Jabar Post Indonesia
An advertising poster for a Dutch insurance company from c. 1900–1918 depicts an armoured knight.
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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.
Insurance companies make money in a number of different ways depending on the situation. Find out about how insurance companies make money with help from a financial expert in this free video clip.
Expert: David Boike
Bio: David Boike, Founder and Managing Member of Retirement Resources, is a veteran in financial services with nearly three decades of experience.
Filmmaker: Jerome Sawyer
Series Description: The details regarding a particular insurance policy change depending on exactly what type of policy you’re talking about. Get information on various types of insurance policies with help from a financial expert in this free video series.
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