Give a working definition of insurance.
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Explanation:
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
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3
Answer:
1a : the business of insuring persons or property. b : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. c : the sum for which something is insured.
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