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Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship. A mutual organization or society is often simply referred to as a mutual.
Prudential plc is a British multinational life insurance and financial services company headquartered in London, United Kingdom. It was founded in London in May 1848 to provide loans to professional and working people.
Genworth Financial is an S&P 400 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year.
Henry Baldwin Hyde, was an American businessman. He is notable for having founded The Equitable Life Assurance Society of the United States in 1859. By the time of Hyde's death, The Equitable was the largest life insurance company in the world.
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.
Insurance in the United Kingdom, particularly long-term insurance, is divided into different categories. The categorisation is currently set out in sections 333B, and 431B to 431F of the Income and Corporation Taxes Act 1988 (ICTA) with each category of business given a different tax treatment. The Chartered Insurance Institute is a prominent professional group first chartered in 1913 The Financial Services Authority was formed in 2001 as the regulator. In 2013 the Financial Services Authority was dissolved and financial regulation was instead placed with the Financial Conduct Authority and Prudential Regulation Authority.
Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.
COUNTRY Financial is a group of US insurance and financial services companies with customers in 39 states. The group of companies offers a range of insurance and financial products and services, including auto, home, life, and commercial insurance, and retirement planning, investment management and trust services.
AXA Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, or simply AXA was founded by Henry Baldwin Hyde in 1859. In 1991, AXA, a French insurance company, acquired majority control of The Equitable. In 2004, it officially changed its name to AXA Equitable Life Insurance Company. As of 2018, the company has over 15,800 agents licensed by the State of California.
Equitable Life may refer to:
CGU plc was a large insurance group, created by the merger of Commercial Union and General Accident in 1998. The Company was listed on the London Stock Exchange. It merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc.
The Phoenix Group is one of the largest providers of insurance services in the United Kingdom. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The Armstrong Commission, formally the Joint Committee of the Senate and Assembly of the State of New York to Investigate and Examine into the Business and Affairs of Life Insurance Companies Doing Business in the State of New York was an investigation begun in late 1905 when the legislature of New York initiated an investigation of the companies operating in that state. It began when an accumulation of complaints by consumers and other insurers, and was catalyzed by rumors that James Hazen Hyde, a vice president and expected next corporate president of The Equitable Life Assurance Society of the United States, had charged the expense of an immense costume ball that year to the corporate account. Known as "the Armstrong Committee", the New York Legislature Insurance Investigation Committee of 1905 eventually issued a report highlighting a number of questionable practices. The legislature in New York and several other states adopted many of the recommendations, including a restriction on policies with lengthy deferred payouts, including the 19th century version of tontines. The report also recommended a prohibition on political campaign contributions by such corporations. It is credited with launching the political career of Charles Evans Hughes.
United India Insurance Company is an Indian general insurance company, headquartered in Chennai, India. It was incorporated on 18 February 1938, and was nationalised in 1972.
