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What is the actual meaning of insurance?

Updated: 8/19/2019
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12y ago

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The term insurance means the transfer of risk from one person to another, usually a company specializing in the insurance industry. You can transfer any type of risk be it the risk of wrecking your automobile, the risk of dying, the risk of a storm damaging your home. The type of risk dealt with in insurance is always the risk of financial loss.

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12y ago
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