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| Major
types of insurers | | Stock
insurers are corporations owned by shareholders of
the firm. The
shareholders hire managers to run the company and the
insurance product
is sold to customers who may or may not be shareholders
in the firm.
Mutual insurers are companies owned by their customers.
Any policyowner
of the company also owns a portion of the company.
Reciprocal insurers
or reciprocal exchanges are insurance companies in
which policyowners
agree to insure one another. They are very similar
to mutual companies.
Lloyd's associations are insurance companies where
the manager also has
his/her own personal wealth at stake in the firm. Blue
Cross/Blue Shield
insurers are typically non-profit (some may now be
for-profit),
community-oriented health insurance providers. Blue
Cross/Blue Shield
companies typically offer traditional indemnity health
insurance. Health
Maintenance Organizations (HMOs) are companies that
provide
comprehensive health care coverage to customers. HMOs
essentially
provide prepaid health care coverage. Once you pay
your premium you can
use the services of the HMO at little or no further cost to you.More
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