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Insurance Make Money

How Insurance Companies Make Money

QuestionAnswer
The money insurance companies collect from their insureds in exchange for protection from claims Premium
Each claim reduces an insurance company's Profit
The term for the profit left after all claims have been paid out Surplus
What can insurance companies do with surplus to make more money? Invest
The key to insurance companies making money is Good underwriting, risk selection, and getting the right premium on the right accounts.
Is it better to collect more premium than what is paid out on claims or pay out more on claim than what premium was collected? Collect more premium than what is paid out on claims
Created by: kjaehnke
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