Insurance is defined as transfer of the risk
of a loss, from one entity to another, in exchange for a premium.
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The
Insurer, is the company that sells the insurance. Insurance rate is a
factor used to determine the amount, called the premium, to be charged
for a certain amount of insurance coverage. Any risk that can be
quantified can potentially be insured. Specific kinds of risk that may
give rise to claims are known as "perils". An insurance policy will set
out in detail which perils are covered by the policy and which are not.
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