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An entity which offers insurance is named an insurer, insurance firm, insurance service or underwriter An individual or entity who buys insurance is named an insured or as a policyholder. The insurance coverage transaction entails the insured assuming a guaranteed and recognized comparatively small loss in the form of payment to the insurer in alternate for the insurer’s promise to compensate the insured within the event of a coated loss. The loss may or might not be monetary, but it surely should be reducible to monetary phrases, and normally involves something during which the insured has an insurable interest established by possession, possession, or pre-present relationship.
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