A financial institution (either federally or provincially regulated) that engages primarily in the business of insuring risks. Insurance companies are generally divided into two categories: life and health insurers, and property and casualty insurers.
(1) Every person or company engaged in the business of making contracts of insurance. (2) The party to an insurance arrangement who undertakes to indemnify for losses, provide other pecuniary benefits, or render service.
An organization chartered by state law to operate as an insurer in some of the principal types of insurance: life, fire, marine, casualty, and surety. Reciprocals and Lloyds syndicates permitted under many state laws are not companies, nor are they corporations.
A company that takes on insurance risks by offering policies in return for the payment of premiums. Insurance Companies may be ‘mutual' (owned by the policyholders) or ‘proprietary' (owned by shareholders).