A contract that involves the insured paying a premium to an insurance company in exchange for protection against the risk of a large loss.
Rating agencies are independent, third-party companies that analyze and rate the financial health of many different types of organizations—including governments and entire countries.
Credit quality basically refers to overall financial health and the ability of a person or company to fulfill their financial obligations. In other words, can the person or company pay their bills.
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Insurance companies or insurance “carriers” are the organizations that actually produce or manufacture annuities.
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