insurance company

A company engaged in the business of making contracts by which it agrees to indemnify the other parties thereto from a loss or damage which they may suffer from a specified peril. Strictly construed, an insurance company regularly incorporated and doing business as an old-line company, not a benevolent society or fraternal order providing insurance benefits for its members. 29 Am J Rev ed Ins § 781. An investment company within the meaning of § 3(a) of the Federal Investment Company Act. 15 USC § 80a-3(a). As the term appears in a tax statute:–an incorporated organization, as contrasted with an unincorporated company or association; including a mutual company, a guaranty or surety company, a hospital service association, and an insurance association created by the legislature as an integral part of a workmen's compensation act. On the other hand, it has been held, under the statutory phraseology and facts and circumstances of a particular case, that for the purposes of such statute, the term may not be applied to a reciprocal insurance exchange, to a company dealing in industrial group insurance, to a mutual company, or to a corporation engaged in the business of servicing mortgages, investing in, and buying and selling bonds and mortgages, and originating and selling mortgage loans. Anno: 146 ALR 464 et seq. See benevolent insurance company; mutual benefit society; mutual insurance company; old line company; stock insurance company.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • Insurance company — Insurance In*sur ance, n. [From {Insure}.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or… …   The Collaborative International Dictionary of English

  • insurance company — ➔ company * * * insurance company UK US noun [C] (US also insurance carrier) ► INSURANCE a company whose business is providing and selling insurance: »You must notify your insurance company immediately of any damage or loss that has occurred. →… …   Financial and business terms

  • insurance company — index insurer Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • insurance company — draudimo įmonė statusas Aprobuotas sritis draudimo veikla apibrėžtis Įmonė, Lietuvos Respublikos draudimo įstatymo nustatyta tvarka gavusi draudimo veiklos licenciją. atitikmenys: angl. insurance company; insurance undertaking šaltinis Lietuvos… …   Lithuanian dictionary (lietuvių žodynas)

  • insurance company — company that provides compensation in case of loss or damage …   English contemporary dictionary

  • insurance company — Synonyms and related words: accident insurance, actuary, annuity, assurance, aviation insurance, bail bond, bond, business life insurance, casualty insurance, certificate of insurance, court bond, credit insurance, credit life insurance,… …   Moby Thesaurus

  • insurance company — A company that carries on an insurance business, to which the Insurance Companies Act (1982) applies, or an insurance group as defined in the Companies Act (1985) …   Accounting dictionary

  • insurance company — noun a financial institution that sells insurance (Freq. 4) • Syn: ↑insurance firm, ↑insurer, ↑insurance underwriter, ↑underwriter • Derivationally related forms: ↑underwrite (for: ↑ …   Useful english dictionary

  • insurance company — noun Company that provides insurance policies …   Wiktionary

  • insurance company — /ɪn ʃυərəns ˌkʌmp(ə)ni/ noun a company whose business is insurance …   Dictionary of banking and finance

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