Insurer

An insurer, often referred to as an insurance carrier or insurance company, is a financial entity that provides risk management to individuals, organizations, or entities through insurance products. The primary function of an insurer is to assume the financial risk associated with potential unforeseen events, such as accidents, natural disasters, or illnesses, in exchange for a fee known as an insurance premium. When a policyholder experiences a loss that is covered under the terms of an insurance policy, the insurer is responsible for processing claims and disbursing payments to compensate for the covered losses or damages. Insurers assess the risks they undertake by evaluating the likelihood and potential cost of claims, and they set premium amounts accordingly to ensure that they can cover these costs and remain financially viable. They offer a variety of insurance products, including, but not limited to, health insurance, life insurance, auto insurance, and property insurance, each designed to address specific risks and provide financial security to policyholders.