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Insurance is a financial arrangement or contract that provides protection against potential financial losses. It works by transferring the risk of these losses from an individual or entity to an insurance company in exchange for regular payments, known as premiums. Key elements of insurance include: Policy: The insurance contract, known as a policy, outlines the terms and conditions of coverage, including what is covered, what is excluded, the premium amount, and the duration of coverage. Premium: The amount of money the policyholder pays to the insurance company, typically on a regular basis (e.g., monthly, quarterly, or annually), to maintain coverage. Insured: The individual, business, or entity that purchases an insurance policy and is covered by it. This can include individuals, property, health, and more. Insurer: The insurance company that provides coverage and agrees to pay for covered losses or claims, in accordance with the terms of the policy. Coverage: The specific risks or events that are protected under the insurance policy. Different insurance policies provide coverage for different types of risks, such as health, life, property damage, liability, and more.


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