e Financial Definition of insurance: is that insurance is a contract in which one party agrees to compensate another party for losses covered by the contract is that insurance is a financial agreement that transfers the risk of insured losses to a risk pool by an insurer differs from state to state is that it is any pool for which the insurance mechanism works
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Insurance is fundamentally a contract between two parties where one party (the insurer) agrees to compensate the other party (the insured) for certain losses. Show more…
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