Insurance companies open company accounts.

Enterprise basic deposit account is the main account for transfer settlement and cash receipt and payment, and the daily fund receipt and payment and the withdrawal of wages, bonuses and cash can be handled through this account. A depositor can only open a basic deposit account in a bank. Opening a basic deposit account is a prerequisite for opening other bank settlement accounts. According to the Regulations on the Administration of RMB Bank Settlement Accounts, an organization can only choose one bank to apply for opening a basic deposit account.

Company account, also known as company bank settlement account, refers to the bank settlement account opened by depositors in the name of the company.

Company settlement accounts and individual settlement accounts have their own purposes. Salary payment, earmarking, daily transfer settlement and cash receipt and payment are all carried out through various unit settlement accounts. However, it is more troublesome to deposit and withdraw money in the corporate settlement account. A cash payment slip must be filled in for deposits, and a cash check or a transfer check must be filled in for withdrawals, with a public/private seal that matches the seal kept by the bank.

Personal settlement accounts are only responsible for personal fund access management and financial management, and do not involve company business. The advantage is that deposit and withdrawal are convenient and free.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.