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An insurance company deals in various insurance products ranging from life ,health,fire,burglary and so on. The insurance company generally sells their products to the public through the service of authorised agents. The policy holders are to pay premia at agreed modes. In life insurance, the company is contract bound for payment of a sum of money to the person assured or failing him, to the person entitled to receive the same, on the happening of certain events. In health insurance,when an insured falls ill and admitted in hospital, the medical expenses are generally reimbursed by the insurance company.
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what does the term company mean in insurance
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