Definition

Noun: A financial institution whose primary business is selling insurance policies. It assumes financial risk from its customers in exchange for regular payments (premiums) and provides compensation for specific potential losses, as defined in the insurance contract.

Usage

This term refers to the corporate entity that underwrites and provides insurance coverage. It is used when discussing the provider of an insurance policy, the industry, or matters of financial risk management. - You must contact your insurance company to file a claim after an accident. - She works for a large insurance company that specializes in health coverage. - The law requires every driver to have a policy with a licensed insurance company.

Examples

Advanced Usage

• "to be underwritten by an insurance company": This means the insurance company has accepted the financial risk of a policy.

Variants and Related Words

• Insurer (n): A direct synonym for an insurance company.
• Underwriter (n): Often used interchangeably with insurer, though it can specifically refer to the entity or individual that assumes risk.
• Carrier (n): A common term in the industry for an insurance company (e.g., "insurance carrier").

Synonyms

• Insurer
• Underwriter
• Carrier

Related Phrases

• Insurance policy: The contract issued by the insurance company.
• Insurance premium: The payment made to the insurance company.
• Insurance claim: A request for payment made to the insurance company for a covered loss.

Noun

1. a financial institution that sells insurance