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Insurance

What Is Insurance?

Insurance is a social system designed to create a reserve for uncertain losses to individuals and enterprises by transferring the burden of risk from one person to several persons or groups of persons, i.e. a system designed to reduce the uncertainty of financial losses by transferring the burdens of risk.

What Is The Usefulness of Insurance?

Achieving the principle of cooperation between a group of individuals at risk and securing their future by sharing the risks to which they are exposed Preserving the productive capacity and the wealth of enterprises by compensating them for the products of the risks to which they may be exposed, such as fire, theft... Creating and expanding credit through secure credit, thereby contributing to the economic growth of enterprises

Types of Insurance

There are many types of insurance policies, the most common of which are life, health, homeowners, automobiles, and car insurance. Furthermore, there are medical care insurance, burglary and theft insurance, fire insurance, marine insurance, earthquakes and hurricanes insurance, loss of profit insurance, and civil liability insurance, and others. In addition to many other available insurance policies for very specific needs, such as kidnap and ransom, medical malpractice, and professional liability insurance. In general, the type of insurance you should have depends on your need for it since different businesses require special types of insurance policies that insure against specific types of risks faced by a particular business.

The Insurance Contract And Its Parties

An insurance contract is an agreement between two parties, the insurer (the insurance company) and the insured (the client) where the second party must pay a premium called the insurance premium to the first party and the first party must pledge to pay the appropriate compensation to the insured person or his beneficiaries in the event the insured risk occurred.







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How to Choose The Insurance Policy That Most Suits You?

To choose the best insurance policy for you, it is crucial to pay attention to the most critical components of any insurance policy —the deductible, premium, and policy limit.

Insurance Deductible

The deduction is a fixed amount of money that must be paid by the policy holder before the insurer pays his or her claim. The deduction serves as a deterrent to large amounts of small and trivial claims. The deduction may be applied to each policy or claim depending on the insurer and the type of policy. Policies involving very high deductions are usually less expensive because higher extrabudgetary expenditures generally result in fewer small claims.

Insurance Premium

The insurance premium is the principal source of income and is the amount owed to the insurer by the insurance contract between the two parties and is obligated to be paid to the insurer or his beneficiaries in return for receiving appropriate compensation in the event of the insured risk.

Insurance Policy Limit

The higher limits usually carry higher premiums. With regard to the general life insurance policy, for instance, the maximum amount to be paid by the insured person is indicated in face value, which is the amount paid to the beneficiary after the death of the insured person. The maximum policy is the maximum amount paid by the insurer under a policy for a covered loss. The maximum can be set for each period, for each loss or injury, or even over the lifetime of the policy.

Compensation

The appropriate compensation is the material compensation paid by the insurer to the insured person in the event that the insured person's risk is achieved so that the insured person's financial position is maintained and placed in the same position as before the insured person's risk is achieved. Considerations must be given that the amount of the compensation shall not exceed the amount of the insurance.

Top 25 P And C Insurance Companies in the USA

In this section, you will get to know the best 25 Property and Casualty insurance companies that claim about 2/3 of the total market in the United States. All data including net premiums were taken from the latest research done by the well-known rating agency A.M. Best.

1. State Farm

Direct Premiums Written: $66.1 billion
Market Share: 9.12%

2. Berkshire Hathaway

Direct Premiums Written: $46.1 billion
Market Share: 6.37%

3. Progressive Group

Direct Premiums Written: $41.7 billion
Market Share: 5.75%

4. Liberty Mutual

Direct Premiums Written: $36.1 billion
Market Share: 4.99%

5. Allstate

Direct Premiums Written: $34.3 billion
Market Share: 4.73%

6. Travelers Group

Direct Written Premiums: $28.7 billion
Market Share: 3.97%

7. USAA

Direct Written Premiums: $24.6 billion
Market Share: 3.39%

8. Chubb

Direct Written Premiums: $24 billion
Market Share: 3.32%

9. Farmers Insurance

Direct Written Premiums: $20 billion
Market Share: 2.77%

10. Nationwide

Direct Written Premiums: $18.5 billion
Market Share: 2.55%

11. Zurich

Direct Written Premiums: $13.6 billion
Market Share: 1.88%

12. AIG

Direct Written Premiums: $13.4 billion
Market Share: 1.85%

13. The Hartford

Direct Written Premiums: $12.4 billion
Market Share: 1.71%

14. CNA

Direct Written Premiums: $11.7 billion
Market Share: 1.62%

15. American Family Insurance

Direct Written Premiums: $11.3 billion
Market Share: 1.56%

16. Auto-Owners Group

Direct Written Premiums: $9.3 billion
Market Share: 1.28%

17. Assurant

Direct Written Premiums: $8.3 billion
Market Share: 1.14%

18. Tokio Marine

Direct Written Premiums: $7.7 billion
Market Share: 1.06%

19. Erie Insurance

Direct Written Premiums: $7.6 billion
Market Share: 1.05%

20. Fairfax Financial

Direct Written Premiums: $7.6 billion
Market Share: 1.05%

21. AXA

Direct Written Premiums: $7 billion
Market Share: 0.97%

22. WR Berkley

Direct Written Premiums: $6.8 billion
Market Share: 0.94%

23. American Financial Group/Great American Insurance Group

Direct Written Premiums: $6.7 billion
Market Share: 0.92%

24. Markel Corporation

Direct Written Premiums: $6 billion
Market Share: 0.83%

25. Cincinnati Financial

Direct Written Premiums: $5.5 billion
Market Share: 0.77%