The business of the insurance industry is to provide financial protection against a loss caused by an insured peril. The contract is the policy and the premium payment is the instrument binding the contract. Insurance carriers, or insurance companies other wise known as insurers. Offer a contract to customers based on underwriting terms. Insurance agencies and brokerages conduct the transaction of the business contract between the clients and the insurance companies. Insurance carriers are business companies assuming the financial risks insured under the terms of the policy contract with agents selling and servicing the insurance contract policy for the insurance … Continue reading →