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Insurer
INSURER

Definition: A person or company that provides people with insurance.
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* All nine elements should be in.


1. Purposeful and necessary to be in industry providing particular insurance (or reinsurance) service.

2. Registered to provide specialized service. That is, recognized as a legal entity, with a Board/Patron/guarantor, an address, etc.

3. Person is wealthy enough or has very sound financial footing. Or company is fully capitalized.

4. Individual is well-organized. Or company is well-run. That is, no issues such as missing documents, etc. will arise while transacting business with this person or company.

5. Efficient and effective in the discharge of duties. That is, will treat all genuine claims correctly. (Connect to #4.)

6. Fulfils all legal obligations - tax payments, returns, etc. - and performs some corporate social responsibilities.

7. Insured appropriately. That is, person/company cannot 'go under', no matter the circumstances. In other words, person or company has an arrangement with appropriate financial institution(s) that protects its investments and transactions with others (connect to #3).

8. Person or company adopts the best strategy to mitigate risks. That is, cover that it provides will always be adequate for clients.

9. Person or company serves purpose(s).
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>> .. WILL PAY PROMPTLY.

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