Claims Adjuster Academy Chapter 3 Demo

Chapter 3: Insurance (Basics) Terminologies

3.1. Principles and Concepts 3.2. Commonly Used Insurance Terms and Definitions 3.2. Policy Structure 3.4. Common Policy Provisions 3.5. Texas Insurance Laws Regulations and General Provisions

CHAPTER 3: INSURANCE TERMS AND RELATED CONCEPTS (INSURANCE BASICS)

3.1 PRINCIPLES AND CONCEPTS

Stock companies Capital stock insurance companies are the leading type of insurer in the United States. They control almost 70% of all property and liability insurance premiums and about 50% of life insurance premiums. Stockholders own these companies and share profits and losses. Mutual companies Mutual companies have no stockholders – policyholders own the companies; have voting rights and share profits which are distributed in the form of policy dividends. In the U.S., Mutual companies control about 30% of the property and liability insurance business and 50% of the life

insurance business. County Mutual

County Mutual Insurance Companies are companies organized for the purpose of insurance on the mutual or cooperative plan against loss or damage by fire, lightning, gas explosion, theft, windstorm and hail, and for all or either of such purposes. Company Ratings