What is an Insurer?
An Insurer is, “the underwriter or insurance company with whom a contract of insurance is made.” (Black’s Law Dictionary 946. 4th Ed. Rev. 1968). It is important not to confuse the insurer with the insured. The insurer is the party offering insurance, while the insured is the individual who receives insurance (the policyholder). Usually the insurer is an insurance company.
Insurers usually have a pool of policyholders at any given time. Insurers draft policies and agree to terms with policyholders. When a policyholder experiences a loss covered by the policy, they file a claim with the insurer. The insurer reviews the claim and covers the loss if it meets the policy’s terms.
Insurers are subjected to legal obligations. They, like the policyholders, are legally bound by insurance contracts. They are also regulated by government agencies, which serve to make them operate legally and fairly. If an insurer fails to process claims fairly, unreasonably denies claims, or delays payments, it may be acting in bad faith. Policyholders can take legal action against insurers for such practices.
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