MANAGEMENT

Detailed explanation-1: -An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.

Detailed explanation-2: -Underwriter. An underwriter is a person who decides which people and things an insurance company should insure and which ones they should not.

Detailed explanation-3: -The term reinsurer refers to a company that provides financial protection to insurance companies.

Detailed explanation-4: -An agency is an entity that performs actions on behalf of another party known as the principal. In the context of insurance, insurance agencies sell policies on behalf of insurance carriers. The former has permission to find customers and write policies. For this service, the agency receives a fee from the carrier.

Detailed explanation-5: -General Insurance Corporation of India (GIC of India) is the sole National Reinsurer, providing Reinsurance to the Insurance companies in India.