What is an insurance company?
An insurance company is a legal person established in accordance with the Insurance Law and the Company Law. Insurance companies collect premiums, invest premium funds in bonds, stocks, loans and other assets, and use the proceeds of these assets to pay insurance claims determined by the policy. Through the above business, insurance companies can get higher return on investment and provide corresponding insurance services to customers at lower premiums, thus making profits.
The business of insurance companies can be divided into two categories: first, life insurance business, including life insurance, health insurance, accident insurance and other insurance business; II. Property insurance business, including property loss insurance, liability insurance, credit insurance, guarantee insurance and other insurance businesses. In China, insurance companies are generally not allowed to engage in both life insurance and property insurance business.