Introduction With Insurance,
Types Of Insurance,
Auto Insurance,
Home Insurance,
Health Insurance,
Life Insurance,
More About Insurance,
Insurance Policy,
Insurance
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Insurance, in law and economics, is a form of risk management primarily used to
hedge against the risk of a contingent loss. Insurance is defined as the
equitable transfer of the risk of a loss, from one entity to another, in
exchange for a premium, and can be thought of as a guaranteed and known small
loss to prevent a large, possibly devastating loss. An insurer is a company
selling the insurance; an insured or policyholder is the person or entity buying
the insurance. The insurance rate is a factor used to determine the amount to be
charged for a certain amount of insurance coverage, called the premium. Risk
management, the practice of appraising and controlling risk, has evolved as a
discrete field of study and practice. |
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