Insurance Company and its Different Types

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Insurance Company and its Different Types 
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Standard Lines

• It is an insurance company that has a license to
  operate and sell specific lines of insurance in a
  particular state. Another word for standard lines
  carriers is admitted carriers.
• The rates charged for coverage for a standard
  lines carrier is regulated by the state board of
  insurance in the state or states where it offers
  coverage. 

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Excess Lines

• These types of companies mainly insure specialty
  risks such as high risk auto insurance or high
  risk individuals that would not be eligible for
  coverage by a standard lines carrier because of
  its underwriting guidelines or restrictions.

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Direct Sellers

• A company that sells directly is one that does
  not use insurance agents but sells directly to
  the insurance consumer.
• Many of these direct selling companies do have
  local field offices with company representatives
  but the majority of the business is conducted
  online or over the phone. 

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Captives

• A captive insurance company is one that typically
  insures the risks of a specific industry or group
  of individuals or a specific type of risk such as
  shipping and fleet insurance. 

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Domestic

• A domestic insurance company operates and is
  licensed in the state where it is domiciled.
• The company can be licensed to operate in other
  states but is considered an alien carrier in
  those states.

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Alien

• The alien insurance company is incorporated on
  laws of another country. 

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Lloyds of London

• It specializes in insuring unusual or high-risk
  items and are underwritten through authorization
  of the English Parliament.
• Even though the risks are often unusual such as
  celebrity body part or offshore oil risks, main
  street or more common types of risks are also
  insured.

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Mutual Companies

• Mutual companies are actually owned by the
  policyholders who are considered shareholders and
  can receive dividend payment distributions and
  may not be penalized by an increase in premium
  due to losses.

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Insurance Company
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