What does “FLMIC” stand for?

What does “FLMIC” stand for?

FLMIC stands for Florida Lawyers Mutual Insurance Company.

Trivia :

Insurance companies may sell any combination of insurance types, but are often classified into three groups :

  • Life insurance companies, which sell life insurance, annuities and pensions products and bear similarities to asset management businesses.
  • Non-life or property/casualty insurance companies, which sell other types of insurance.
  • Health insurers, which sometimes sell life insurance or employee benefits as well

General insurance companies can be further divided into these sub categories :

  • Standard lines
  • Excess lines

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

Insurance companies are generally classified as either mutual or proprietary companies. Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies.

What does “FLMIC” stand for?



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