Property or Liability Insurance

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Almost all insurance written in the United States is backed by the assets of insurance companies. Some policies are issued by insurance exchanges like the now defunct Illinois Insurance Exchange and Lloyd’s, London, under which various individuals and corporations join together in an insurance marketplace to write insurance.

Insurance companies operating in the United States are structured similarly. Some are organized as corporations selling shares to the public at large. Others are organized as mutual insurers where each person insured owns a part of the insurer. The structures developed over many years have remained in place to the present day because they work.