Private insurance is insurance that is offered by private companies as opposed to government entities. It is an alternative to public insurance.
Whether a person obtains private or public insurance, their goals are usually the same: to receive financial protection for various types of risk.
There is a wide range of private insurance companies who offer private insurance. In order to obtain private insurance, a person generally has to pay premiums. The more coverage that a person wants, generally, the more expensive the premiums are.
There are private insurers who provide coverage for health, life, auto, property, business, and other types of risk. There are also a number of public insurance options for many of these risks as well. Whether or not a person qualifies for public insurance often depends on their income level.
Share this Term
Stay informed with Insuranceopedia!
The world of insurance can be complicated. Subscribe to the Insuranceopedia newsletter and stay in the know! Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. Arm yourself with what you need to know to keep your assets and your family safe.
Latest Articles
