Life Insurance

What makes insurance company re insure?

012

Top Answer
User Avatar
Wiki User
Answered
2012-10-03 15:24:15
2012-10-03 15:24:15

All insurance companies have re-insurers, to protect their assets and investments. Insurance means spreading the risk to an insurance company, so insurance companies do the same thing - spread their risk to the reinsurers.

001
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


Double insurance is when you have something insured by two companies like when a husband and wife both have medical insurance on each other. Reinsurance is when an insurance company will insure the customers of another insurance company when the claims exceed a certain dollar amount. It reduces the risk of catastrophic claims to the insurance company that buys the reinsurance policy from another company.


Insurance companies have re-insurers to protect their assets.


Insurance covers the direct exposure to the insured. Re-insurance covers insurance companies against the aggregated loss. Earthquake insurance is a good example. You might have EQ insurance on your home or commercial building. If you have a loss your insurance pays your claim. That insurance company that insures you might have re-insurance with a bigger insurer if total claims exceed a very large number. Lloyd's of London and Swiss Re are big re-insurers.


Sold to Swiss Re Insurance and renamed Reassurance of America


Please re-do your question? It doesn't make sense. Do you mean you didn't go on holiday with them? Are you referring to life insurance or trip insurance?


Courts have the power to order many things but ordering a private insurance company to re-instate coverage on someone from whom they have withdrawn it would be somehwat un-Constitutional, and I seriously doubt it. You are not guaranteed a "right to be insured." Suggest that you CAREFULLY read the insurance policy (i.e.: contract) with particular attention to the 'fine print.' Insofar as your allegation that your insurance was taken away "illegaly," that would be a matter for the court to decide. Insurance is issued by private companies and they are free to choose who they will insure and at what cost or risk.


Discover Re is an insurance company that insures risks and investments, with each customer being attuned their own personal agenda and case, ensuring an individual's needs to be satisfied.


They stay on, for 3 yrs or whenever the insurance company renews they re-run your driving record.


Re-pricing focuses on the rate revision, there is no change in existing benefit structure of the product. The rate revision is necessitated due to several reasons. Some of the reasons are as follows ü When the insurance company feels that the product is not sold as expected then the insurance company will revise the rate to sell the product. ü When the insurance company feels that the product does not give profit as expected then the insurance company will revise the rate to earn profit. ü When the insurance company feels that the product has more demand then the insurance company will revise the rate to meet the demand. ü When the insurance regulatory authority asks the insurance company to revise the premium then the insurance company will reduce the rate.


Homeowners insurance does not cover vehicles used on public roads. It should not be a problem. Geico insures salvage cars, as do most insurance companies. Just remember the car is worth less as a salvage if it's re-totaled the actual cash value of the car is about 40% less than a comparable clean titled car. And it's easier to re-total the car a 2nd time since it's worth less, so minor damage may re-total it. Lesson: don't pay too much for salvage cars and don't get in an accident! **14Jun11- Just called Geico and they said will insure my Salvage Title here in New Mexico, but will also allow me to add Comprehensive to the policy. The company I am currently with will also insure the vehicle for liability but WILL NOT insure for comprehensive. The choice is to go without comp or switch companies. You decide!


What are you taking insurance out on? And no 99% of the time you cannot have 2 insurance policy's on one vehicle, item, house or property, or in genral anything you are insuring. The only time you can have 2 insurance policy's, if you are re-insuring something. This only really applies to the commercial side of things. Example company A is insuring the first 10 million dollars of a building. Then company B is insuring 20 million dollars of the rest of the 30 million dollar building. The building totaling 30 million dollars in value. We are going on holiday to Spain for just over 2 months. I have free travel insurance through my bank for 31 days but it is far too expensive for the whole period. I want to insure through the bank for the first 31 then insure through another insurance company for the remaining 45 days.


Life insurance companies may insure or guaranty your life insurance policy in one of two ways. First, a life insurance company may buy reinsurance to re-insure the losses they may pay out for their book of life insurance business in any given year. Also, licensed life insurance companies contribute to life insurance guaranty funds. A life insurance guaranty fund is a form of protection providing a fund that pays out money to policyholders if their life insurance company is licensed in the state, and unable to meet their financial obligations. Some life insurance guaranty funds pay out $100,000 -$500,000 per policy depending on the state, and the amount of life insurance you have. Many states pay out up to $300,000 per life insurance policy. Life insurance protection comes in many forms, and not all policies are created equal. It depends on various factors. While the death benefit amounts may be the same, the costs, structure, durations, etc. vary tremendously across the types of policies.


what does it mean to re-rank the insurance policies on an encounter


You have become what is known as an uninsurable risk. Insurance is a statistical game working on the principle that only a proportion of insured events actually happen. But if you are an exception to this because you make regular claims, then you have to be excluded from the game.


Can you re-phrase the question? As asked, it makes no sense. They should notify you, send you a new ID card. You probably mean your employer, or if your Insurance Company was bought out. If, in fact, you did mean your employer when you said "carrier", I suggest you contact your Human Resources office for the updated info. Or, if you are a union member, contact your local, etc.


Is there really an outstanding balance? Did the company give you insurance beyond any grace period for some sort of promise-to-pay? If not, there should be nothing owed to the old company, and you could probably get re-instated with them. A new company will cover you as soon as you pay their first premium.


Most insurance companies don't like to see someone keep a vehicle around that isn't insured. They'll often charge quite a price when you go to re-insure it. Talk to a couple agents in the area and see what their policies are. You might be able to find someone who is reasonable.


Call the company, Offer to make your payment and request a re-instatement of your policy.


Probably not. Try it and see. Call the company and ask them to re-issue.


The Royal Icon Insurance Company of Nigeria is an Insurance Company in Nigeria operating on a small scale.I am not exactly sure of what happened to their parent page but i believe it has been re-directed to receive datas at a junction box.Email : loaninsurer@royalicon-insurance.com I am not very sure of this but i know is something close. I am Micheal Felix,i work with the South Hamphton Personnel in the United Kingdom.I have contacts in Nigeria where i re-finance.


Yes, law their duty is to get their and the insurance company's property, so you can be faulted for not paying for and/or returning the item in question.


re: auto insurance, no; auto insurance is written on the vehicle, not on a person.


information re penny insurance



Majority of reinsurance is sold by Reinsurance companies. The biggest of these are Munich Re, Swiss Re, Gen Re, Hannover Re and so called London Market - however it cannot be considered as classic reinsurance company. In some cases insurers reinsure other insurance companies.



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.