Question

Define the following types of offices in the Insurance Industry

Premium Financing/

Personal Lines/

Worker’s compensation/

Answer 1

1.Premium financing: In this type of insurance office, the loan arrangement may last from one year to the life of the policy. The premium finance company then pays the insurance premium and bills the individual or company, usually in monthly installments, for the cost of the loan.

2. Personal insurance lines: They help protect individuals from potential losses they couldn't afford to cover on their own and makes it possible to do things like drive a car and own a home without risking financial ruin.

3. Worker's compensation: It is usually a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right.