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A contract represented by a policy in which an individual or entity receives financial protection against losses.

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Insurance is a risk management tool that protects individuals, businesses, and organizations against financial loss from various risks such as accidents, natural disasters, or lawsuits. Insurers collect premiums and promise to reimburse the insured for losses covered by the policy, thus providing a safety net for financial stability and peace of mind. Different types of insurance policies are available to cover various potential risks, ranging from health insurance to protect against the costs of medical care, to property and casualty insurance to guard against property losses and liability.
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