Company

Insurance companies may be classified into two groups. Life insurance companies, which sell life insurance, annuities and pensions products. Non-life or general insurance companies, which sell other types of insurance. Life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature

Insurance

Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.