![]() A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.Īn entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. 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. ![]() For other uses, see Insurance (disambiguation).Īn advertisement for a fire insurance company Norwich Union, showing the amount of assets in coverage and paid insurance (1910) Financial market participants
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