the business of insurance is classified as liability insurance.
the business of insurance is classified as what?
liability insurance
samsung fire & marine insurance (korean: 삼성화재) (kospi # 000810) is an insurance company based in seoul, south korea. incorporated on january 26, 1952, under the name of "korea anbo fire marine reinsurance co.", the company changed its name to samsung fire & marine insurance co., ltd., in december 1993, after its takeover by samsung group dated back to 1958. samsung fire & marine insurance, sfmi in short, is operating property and casualty insurance business and third-party insurance business defined by the korea insurance business act, while engaging in providing financial services and instruments approved by relevant laws and regulations including the korea financial investment services and capital markets act. its business portfolio consists of automobile insurance, long-term insurance, general insurance (commercial lines), enterprise risk management, annuities, etc. as of the end of 2015, samsung fire & marine insurance has seven overseas subsidiaries in indonesia, vietnam, china, brazil, europe, us, and singapore.
samsung fire & marine insurance
key person insurance, also commonly called keyman insurance and key man insurance or 'key employee insurance', is an important form of business insurance. there is no legal definition of "key person insurance". in general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. to put it simply, key person insurance is a standard life insurance or trauma insurance policy that is used for business succession or business protection purposes. the policy's term does not extend beyond the period of the key person’s usefulness to the business. key person policies are usually owned by the business and the aim is to compensate the business for losses incurred with the loss of a key income generator and facilitate business continuity. key person insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified in the insurance policy.
key person insurance