Indicate the similarities and differences between property and casualty (PC) insurance companies and life insurance companies?

Indicate the similarities and differences between property and casualty (PC) insurance companies

and life insurance companies?

Expert Solution

Solution:

Similarities between property/casualty (PC) insurance companies and life insurance companies:

As far as similarities both property/casualty insurance agencies and life insurance organizations or companies have in fact a similar plan of action. The plan of action of both property/casualty insurance agencies and life insurance organizations are based around accepting of risk and expanding the risk for its clients.
Both these sort of organizations have a similar basic protection or insurance model that includes pooling risk from singular premium payers and afterward redistributing it over a bigger portfolio.

Differences between property and casualty (PC) insurance companies and life insurance companies:

As far as contrasts or differences while the property/casualty insurance agencies' targets replacing the estimation of homes a life insurance organization centers around inheritance planning and replacing human capital worth.
Property/casualty insurance agencies safeguard against mishaps of non-physical mischief or harm and this will incorporate claims, harm to personal assets and so forth. Life insurance organizations mostly issue approaches that pay a death advantage as a single amount upon the passing of the insured to their beneficiaries.

ekkarill92 answered 1 year ago

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