District Manager American Family Insurance - Spring Grove, IL - Phone: (815) 578-8892
GSF Mortgage Corporation - Spring Grove, IL - Phone: (815) 675-0646
J.S. Billing Service - Spring Grove, IL - Phone: (815) 675-1602
Medclaims STAT - Spring Grove, IL - Phone: (847) 587-6112
O'Neil Insurance Services - Spring Grove, IL - Phone: (815) 675-6638
State Bank of the Lakes - Spring Grove, IL - Phone: (815) 675-3700
Woellert Insurance Agency - Spring Grove, IL - Phone: (815) 675-1007
Wonder Lake State Bank - Spring Grove, IL - Phone: (815) 675-9500
Insurance, in Spring Grove,denotes a service primarily meant for risk management that provides financial assistance during an unexpected loss or transfers the risk of a loss equitably, from one entity to another, in exchange for payment. An insurance company in Spring Grove sells the insurance to its client, called insured, or policyholder, who is the person or entity buying the insurance policy. The factor called 'Insurance rate' determines the amount to be charged for a certain deal of insurance coverage, which is called the premium.
Insurance pools funds from many insured entities or exposures to pay for the losses incurred & thus protects the insured entities from the risk of paying a fee, the amount of which may depend upon the frequency and severity of the event occurring.
Insurance can be provided by private companies to cover the risks, typically sharing seven common characteristics:
1. Large number of similar exposure units
2. Definite loss
3. Accidental loss
4. Large loss
5. Affordable premium
6. Calculable loss
7. Limited risk of catastrophically large losses
The legal principles of an insurance policy generally include- Indemnity, Insurable interest, Utmost good faith, Contribution, Subrogation & proximate cause. Insurance may be provided for various tangible & intangible properties, such as- Home insurance, Vehicle or auto insurance, Health insurance, Accident, sickness & unemployment insurance, Casualty insurance, Life insurance, Property, Liability or Credit Insurance & closed-community self-insurance.