What Insurance Does For You 3816762268780510832-blid-2201664023623883503

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Insurance is defined as a contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the other, the insured or assured; the agreed consideration, the premium; the written contract, a policy; the events insured against, risks or perils; and the subject, right or interest to be protected, the insurable interest.