What are the various types of insurance companies?

Expert Solution

There are various types of insurance companies. They are as follows-

A. Standard lines Insurance Company-it has licence to operate into a particular State only.

B. Excess lines Insurance Company-these are the specific risk insurance companies

C. Captive Insurance Company-this relates to ensuring specific industries like shipping industries, fleet industries

D. Direct sellers Insurance Company-those companies who sell without agents are called direct sellers Insurance Company.

E . Alien insurance companies-an insurance company which is incorporated on laws of another country

F. Domestic insurance companies-these are the country which are domestically incorporated.

H. Lloyd's of London-these are authorised through the English parliament and they are high risk taking companies.

I. mutual companies for insurance-these companies are owned by policyholder.

J. Stock insurance companies-these companies are for stock insurance specifically

jeff jeffy answered 1 year ago

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