classification | Insurance Software development

Classification of Insurance Companies

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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 agreement. These companies provide insurance by collecting premiums from policyholders and ensure those policyholders to cover the losses if they suffer during the policy period. Because of the nature of their policies, an insurance company must perform common functions that are unique in providing its services, underwriting, loss adjustment, and investment.

Insurance companies may be classified in different ways: according to the type of insurance that they sell, their […]

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