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What is an insurance company about

An Insurance company takes responsibility for losses in the case of an unforeseen occurrence that eventually occurs as stated in the agreement or policy that an individual or organization has with them. Insurance is a contract or agreement that is represented by a policy.

insurance company
Photo by Marek Studzinski on Unsplash

This policyholder could be an individual or organization that will eventually receive
financial protection or reimbursement in the case of losses from an insurance company.

People or organizations have insurance for their cars, homes, lives, education, property,
home appliances, equipment, loses from un-foreseen circumstances, etc.

An example of insurance companies could be pacific life insurance company, first American title insurance company, metropolitan life insurance company, Leadway Assurance, Stanbic IBTC, greater new york mutual insurance company, falls lake national insurance company, lincoln heritage life insurance company, discovery insurance company e.t.c

You can easily do a Google search to find insurance companies near you.

Insurance company

Insurance companies give you a policy to protect you fully or partially from financial losses resulting from accidents, injury, property damage, legal fees e.t.c

How does insurance work for me?

There are a lot of insurance policies available for individuals and organizations. There are many insurance companies that are willing to insure you or your organization for a good price.

You can insure you car, life(for your loved ones), e.t.c As a forklift logistics company, you can insure your forklift drivers
to protect them from having to pay for losses as a result of breakages of products while loading and unloading trucks.

You can also insure your company itself as a result of loses from two forklifts colliding with each other which might
result in the damage t the forklift parts.

You can also your home appliances in the case of a excessive current damaging them. you can insure/ protect your home
in the case of a fire accident. So if there is a fire accident, the insurance company will pay for the loses or perhaps part of the loses.

The protection from the insurance company is usually based on the agreement in the policy. So you have to ensure that you read the terms
and condition properly before you proceed to buy or pay for insurance.

Division of Insurance Policy

Insurance policy can be divided into three which are premium, policy limit, and deductible.


This is the amount ou would pay every month to the insurance company. This amount vary from person to person or based on the type of insurance you are
you want to buy. if you are paying premuims for auto insurance, you history of collisions, traffic violations, accidents will determine the amount you would pay.
If you have a record of many accidents, traffic violations e.t.c, then you would definitely pay more. This might be set over each period of time or over a life of the policy
which is also called life time maximum.

Policy Limit

This is the maximum amount an insurance company will pay you for loses under a policy.


This is the amount a policy holder will pay before the insurance company will pay to cover any loses or pays a a claim. For example, if a forklift operator damages goods worth $300,000, the policy might state that the policy holder will first have to pay $50,000 out of pocket first before the insurance will pay the remaining $250,000 claims to the policy holders.

Types of Insurance

Below are the types of insurance that we have:

Auto Insurance

This type of insurance works for you as it covers losses as a result of damage to your own vehicle or that of a third party in the case of an accident.

Life Insurance

This type of insurance pays claims to your loved ones which could be your wife, children, parents e.t.c

There are two types of life insurance; it could be per term which could be for a period of ten years which means that the insurance will cover for a period of ten years or it could also be for a life time. whichever one it is, you would be paying a premium monthly to be able to let your loved ones enjoy the benefit if you are no more.

Travel Insurance

This is a type of insurance that can cover for loss of your luggage, delays, trip cancellations, emergency health care, injuries e.t.c

Health Insurance

Health insurance is a type of insurance that can cover for your hospital bills in case you get sick or need surgery.

What is a insurance company meaning?

An Insurance company is an organization that will be responsible for the financial losses that will be incured in the case of an unforeseen circumstance based on the agreement/policy that you have with them.

What are the insurance company in Nigeria?

Here are examples of insurance companies in Nigeria: we have leadway, Stanbic IBTC Pension, Aiico, heirs, Nem, Unitrust e.t.c in Nigeria.

What is the purpose of the insurance company?

The purpose of an insurance company is to protect you from heavy financial losses as a result of accidents, loss of lives, damaged products or properties e.t.c.

What is the role of insurance companies in Nigeria?

Insurance companies have a role of drastically reducing financial loses for Nigerians in the case of accidents, damage to properties, health problems
and property damage/loss

What is an insurance company called?

An insurance company can be called an insurer, insurance carrier or an underwriter.

What is an insurance company example?

Examples of insurance companies are: leadway, Stanbic IBTC pension, Aiico, heirs, Nem, Unitrust e.t.c

What are the three main types of insurance companies?

we have accident/health insurance companies, property and casualty insurers and financial guarantors

What is the difference between insurer and an insurance company?

An Insurer is the same as an insurance company

What is the basic meaning of insurance?

Insurance is a legally signed agreement between an insurer and and an insured in which the insured received benefits in the events of a loss under certain conditions as agreed in the terms of the agreement.

What is the difference between insurance and assurance?

Assurance is strongly related with life insurance plans which cover the policy holder’s death benefit while insurance covers general insurance like health, travel, auto e.t.c


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