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LSDefine

Simple English definitions for legal terms

captive insurance company

Read a random definition: commissionaire

A quick definition of captive insurance company:

A captive insurance company is a type of insurance company that insures the liabilities of its owner. This means that the owner of the company is also the only customer and shareholder. It is also known as a captive insurer. The purpose of a captive insurance company is to provide insurance coverage for the risks of its owner, rather than selling insurance policies to the general public.

A more thorough explanation:

A captive insurance company is a type of insurance company that insures the liabilities of its owner. The owner is usually the only customer and sole shareholder of the company. This means that the company is created to provide insurance coverage for its owner's risks.

  • ABC Corporation creates a captive insurance company to insure its own risks, such as product liability and property damage. The captive insurance company is owned by ABC Corporation and provides insurance coverage exclusively for ABC Corporation.
  • XYZ Corporation sets up a captive insurance company to insure the risks of its subsidiaries. The captive insurance company is owned by XYZ Corporation and provides insurance coverage only for its subsidiaries.

These examples illustrate how a captive insurance company is created to provide insurance coverage for a specific entity or group of entities. The captive insurance company is owned and controlled by the insured, which allows for greater control over the insurance coverage and potentially lower costs.

captive insurance | captive insurer

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14:28
not this week
14:28
dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
TackyProudYogurt
14:40
Ah okay so I do need to continue refreshing my email every 10 seconds
WorthlessAttractiveZombie
14:40
I would say potentially. I received my email/video around noon eastern time, and I've seen people get it past 5pm eastern
coolgirl
14:40
Does anyone know if pending decision means I’ll get a response soon? My status changed
WorthlessAttractiveZombie
14:41
oooh which school?
TheMidwestMonger
14:42
^^
BulbasaurNoLikeCardio
14:42
@coolgirl: does it say that on the lawhub portal? My one A this cycle it said pending decision on their applicant portal and that they will email me in 24hrs the results.
coolgirl
14:43
FAMU
coolgirl
14:44
I got pending decision a week ago on my portal but haven’t seen any updates since
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