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Def #1: A company that offers insurance policies to the public, either by selling directly to an individual or through another

source such as an employee's benefit plan. An insurance company is usually comprised of multiple insurance agents. An insurance company can specialize in one type of insurance, such as life insurance, health insurance, or auto insurance, or offer multiple types of insurance. Read more: Def #2: In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practise of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses

Major Types Of Insurance Companies Home insurance

It provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.

Vehicle Insurance
Vehicle insurance (also known as auto insurance, gap insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region.

Property Insurance
It provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance

Life Insurance
Life insurance provides a monetary benefit to a descendant's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.,

List Of Insurance Companies Of Pakistan I. Public sector

National Insurance Corporation 2. Pakistan Reinsurance Company Ltd. 3. Postal Life Insurance 4. State Life Insurance Corporation Ltd.

II. Private sector

a) Incorporated in Pakistan 1. Adamjee Insurance Company Ltd. 2. Agro General Insurance Company Ltd. 3. Allianz EFU Health Insurance Company Ltd. 4. Alpha Insurance Company Ltd. 5. Amercian Life Insurance Company Ltd. 6. Asia Insurance Company Ltd. 7. Asian Mutual Insurance Company Ltd. 8. Askari General Insurance Company Ltd. 9. Beema Insurance Company Ltd. 10. Business & Industrial Insurance Company Ltd. 11. Capital Insurance Company Ltd. 12. Central Insurance Company Ltd. 13. Century Insurance Company Ltd. 14. Commercial Union Life Assurance Company 15. Co-operative Insurance Society of Pakistan Ltd. 16. Credit Insurance Company Ltd. 17. Crescent Star Insurance Company Ltd. 18. Dadabhoy Insurance Company Ltd. 19. Delta Insurance Company Ltd. 20. E.F.U.General Insurance Company Ltd.

21. E.F.U.Life Insurance Company Ltd. 22. East West Insurance Company Ltd. 23. Excel Insurance Company Ltd. 24. Gulf Insurance Company Ltd. 25. Habib Insurance Company Ltd. 26. Indus International Insurance Company Ltd. 27. International General Insurance Co. of Pak 28. Ittefaq General Insurance Company Ltd. 29. Jupiter Insurance Company Ltd. 30. Metropoliton Life Assurance Company Ltd. 31. Muslim Insurance Company Ltd. 32. National General Insurance Company Ltd. 33. New Jubilee Insurance Comapny Ltd. 34. North Star Insurance Company Ltd. 35. Orient Insurance Company Ltd. 36. Pakistan General Insurance Company Ltd. 37. Pakistan Guarantee Insurance Company Ltd. 38. Pakistan Mutual Insurance Company Ltd. 39. Platinum Insurance Company Ltd. 40. Premier Insurance Company Ltd. 41. Prime Insurance Company Ltd. 42. Raja Insurance Company Ltd. 43. Reliance Insurance Company Ltd. 44. Seafield Insurance Company Ltd. 45. Security General Insurance Company Ltd. 46. Shaheen Insurance Company Ltd. 47. Sliver Star Insurance Company Ltd. 48. Union Insurance Company of Pakistan Ltd. 49. United Insurance Company of Pakistan Ltd. 50. Universal Insurance Company Ltd. b) Incorporated abroad 1. ACE Insurance Aid Pacific Ltd. 2. CGU Assurance Company Ltd. 3. New Hampshire Insurance Company Ltd. 4. New Zealand Insurance Company Ltd. 5. Royal & Sun Alliance Assurance plc.