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    The insurance sector involves companies that offer risk management in the form of contract policies. The insurer will guarantee compensation to the policyholder for an uncertain future event while the insured pays a smaller amount of premium for protection against unknown future occurrences.

    Types of Insurance Companies: not all insurance companies offer the same insurance products or cater to the same customer base. The insurance industry is made up of different players operating in different spectrums; for example, life insurance companies focus on replacing human capital value. Health insurance covers medical expenses, while accident insurance aims to replace the value of homes and other lost or damaged valuables.

    Car insurance in the US is required by the law, hence a must-have for all car owners. Life insurance companies issue policies that pay a lump sum payment to the beneficiaries upon the death of the insured individual. Life insurance may be issued as a term life that is less expensive compared to universal life, which is costly but lasts for a lifetime and carries a cash accumulation component. Life insurance includes long-term disability premiums that are aimed at replacing the holders' income in case of sickness or disability. Property and casualty insurance companies insure against accidents that cause no physical harm to their holders but cause damage to personal assets. Other types are business-specific that caters for specific business risks. Some insurance companies offer reinsurance services that reduce risks to insurance companies when underwriting high exposure risks to minimize losses.

    The insurance sector is regarded as a slow-growing but safe industry to invest in. The lucrative nature of insurance industry has attracted many investors. This has led to emergence of thousands of companies. It is, therefore, important for consumers of insurance services to read online insurance reviews to help them filter out mediocre companies.