Insurance companies are divided into two types, they are life and non-life. Life insurance company provide insurance that is related to life and health, while the non- life insurance companies provides insurance for belongings such as property or businesses and other things that is a non- living object or has nothing to do with health.
Mostly those two types of insurance company share different regulations and system since they provide a completely different kind of insurance. For example, life insurance provide longer protection compared to non- life insurance. Most of life insurance company are non-profit one, while the non- Life Insurance Company are profit oriented.
Generally, insurance companies are divided between mutual and stock companies. Insurance companies will be rated and evaluated by many types of agencies. The rating and the evaluation will be about the company’s condition whether it is still a healthy company or the company is at the peak of bankruptcy. It also analyzes the policy of the insurance that is used by the company against their customers. There is also an Excess line insurance company. This kind of company can handle unlimited ensures. It also more flexible than other non- life insurance company since it will provide the customer a faster update to their needs.
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