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Insurance
An agreement in which an individual or entity pays a premium to an insurer in exchange for protection against potential losses or damages.
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Insurance is a financial product that provides protection against losses or damages that may occur. It is a way to transfer risk from an individual or business to an insurance company, in exchange for a premium payment.
Example
If you buy car insurance, you pay a premium to the insurance company in exchange for protection against financial losses resulting from car accidents or other types of damages to your vehicle.
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