Insurance, in
law and
economics, is a form of
risk management primarily used to
hedge against the
risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium.
Insurer is the company that sells the insurance.
Insurance rate is a factor used to determine the amount, called the
premium, to be charged for a certain amount of insurance coverage.
Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
(
Wikipedia)
In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation.
- INSURANCE:
- A side agreement when someone is all-in for a player in a pot to put up money that guarantees a payoff of a set amount in case the opponent wins the pot.
(
Source)
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