What is difference between insurer and insurer

By reading the above points, you must now be clear about the relation between the insured and insurer, how they are bound with a contract (insurance policy), and what are their roles. Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage.

Who is insurer and insurer?

Assurance is an arrangement in which an insurer pays reimbursement for a specified occurrence, such as death. Assurance policies provide continuous coverage until the policyholder's death. For example, a whole life insurance policy provides financial protection for the rest of the policyholder's life.

Who is called insurer?

Insurer is an entity that sets the conditions for the coverage under the insurance agreement. Apart from it, an insurer is responsible to issue a policy and pay for the claims. Before accepting a risk proposal, an insurer evaluates the probability of risk occurrence.

What are the three types of insurers?

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors.