Corporation

{
  "id": "MLC-T-INS-000986",
  "term": "Corporation",
  "field": "Insurance and risk management",
  "definition": "A legal entity separate and distinct from its owners, created under state law, with the capacity to enter into contracts, own property, and incur liabilities. In insurance, corporations can be policyholders, insurers, or intermediaries. This structure provides limited liability protection to its shareholders, separating personal assets from business debts.",
  "url": "https://mlchart.com/terminology/insurance/corporation/"
}