Insurance companies use transaction categories to track every stage of a policy’s lifecycle. Each code represents a specific event—whether it’s starting, updating, renewing, canceling, or auditing a policy. Here’s a [...]
Introduction Almost all businesses with employees are legally obligated to take reasonable care to assure that they provide safe workplaces to their employees. Nevertheless, mishaps happen. Handling the expense [...]
Admitted and Non-admitted Assets Admitted and non-admitted assets are the classifications of assets generally used by the insurance companies. For reporting of financial data, insurance companies use statutory accounting [...]
What is a P&C insurance company? They are insurance companies that insure the property owned by individuals like a car or house or literally anything under the sun. However, [...]
Introduction to the concepts In our daily lives, we come across these terminologies and tend to think that they mean one and the same thing. However, we must draw [...]
Introduction Suppose you get into a car accident and injure someone else. Bodily injury liability will cover the expenses involved in treating that person. This insurance coverage not only [...]
Introduction to Reinsurance We have already discussed How Insurance Companies Make Profit? But what if there is a situation where an insurance company fails to make profits or a [...]
Introduction In a different blog, How do Insurance Companies make money?, we discussed that Premiums and Return on Investment contribute a major chunk in the profits. In the same [...]
Introduction Insurance companies charge premiums for covering the cost of the risks they insure. After thorough research, they set the premiums at certain levels that make them profitable. However, [...]
Insurance Companies An insurance company is defined as an organization that provides financial protection and reimbursement of damages to an insured person or an organization according to the policy [...]
Introduction to financial strength of an insurance company In another blog, we have already discussed “How do an Insurance company makes money?” Usually, the business element of the insurance [...]
Financial Parameters in an Insurance Company - Quick Liquidity, Current Liquidity, and Operating Cash Flow Quick liquidity, current liquidity, and operating cash flow are parameters of an insurance company [...]
Introduction We have already discussed the meaning and relevance of the Expense Ratio in the Insurance sector. However, it is imperative to understand various other ways that an insurance [...]
