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Equitable transfer of the risk of a loss, from one entity to another in exchange for payment

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Insurance: Equitable transfer of the risk of a loss, from one entity to another in exchange for payment
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

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