Insurance is a means of protection against financial loss. It is a form of risk management, primarily used to hedge against the risk of accidental or uncertain loss.
An entity that provides insurance is defined as the insurance company, insurance company, insurance company or insurance agent. The person or entity that buys the insurance is defined as a believer or holder of a document. The insurance transaction involves the insured to bear a small loss guaranteed and known in the form of payments to the insurer against the insurer's promise to compensate the insured in the event of a covered loss. The loss may be financial or non-financial, but it must be amortized under financial terms and usually include something in which the insured has a vested interest arising from ownership, possession or pre-existing relationship.
The Insured receives a contract, called the Insurance Policy, which explains the conditions and conditions under which the Insured compensates the Insured. The amount of money imposed by the insured on the policyholder is called the coverage provided for in the premium policy. If the insured is exposed to a loss that is likely to be covered by the insurance policy, the insured submits a claim to the insurance company for processing by the claims settlement officer. An insurance company may hedge its own risks by conducting reinsurance, where another insurer agrees to assume certain risks, especially if the underlying insurance company considers that the risks are greater than they are to bear.
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