There can different types of insurance organizations. One cannot define the type of organization on the basis of type of insurance that it sells. Organizations can sell different types of insurances at a time. For example: one organization can sell car insurance and at the same time it can also sell the home insurance.
Now, let’s take a look on some of the major types of insurance organizations.
1) Stock insurance
2) Mutual insurance
3) Service organizations
Broad information about these types of insurance organizations is given below.
This type of insurance organization is completely different from other stock companies that work into the share market and other monetary fields. One can easily differentiate these companies on the basis of single factor. That single factor is that these organizations are focused on selling the insurance. More than one investor directly relate to these types of organizations. Thus, a group of individuals operate these types of insurance organization. It is a common type into the field of insurance. It can also include the insurance of property as well as liability.
Among all other types of insurance organization this type is considered as the most reliable and transparent. In this type, policyholders are the actual owner of insurance organization. Policyholders need to apply for a certain kind of policy. Then, by paying monthly or yearly charges they become a part of this insurance organization. Since all matters are related to the money it needs a commanding body to operate the functioning of such kind of insurance organization. Policyholders have full authority to select the team of operators. This team can include the head body, executives and other staff members. The invested money gets returned to the investor or policyholder into several parts of dividends. Life insurance as well as property insurance is two major work fields of these types of insurance organization.
This type of insurance organization gets to see into the U.S. The government of U.S. offers two different kinds of insurances to their employees as well as civilians. Number of programs gets scheduled to distribute these insurances. Life insurance and health insurance are two forms of insurances that get offered from the government of U.S.
This type of insurance organization operates only into the field of health insurance. Theoretically these organizations cannot be called as the insurers. These organizations work as the dealers of prepaid medicinal expenditure. The policyholder or insured person needs to invest money in the form of premium. Then, these organizations offer maximum applicable amount in case of medical treatments or accident like situations. There can be several other benefits of this type of insurance. One cannot demand car insurance or property insurance in case of this insurance organization. Only health related issues get measured in this type. Thus, maximum benefits can be gained in case of any misfortune.
All these are some major types of insurance organization. The list can be unending because there can be added types of insurance organization. The types of insurance organization vary from country to country.