ins201

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Last updated 2:28 PM on 10/3/25
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4 Terms

1
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Insurance

Insurance is a risk mechanism transfer between two parties. Where one party an insurer promises to indemnify another party called insured in return for premiums in the event of loss

2
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Underwriting

Underwriting is the process of assessing evaluating selecting and pricing of risk by an underwriter, where he decides whether to accept , reject or accept with modifications

3
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Insured

A person who transfer risk to an insurer

4
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Insurer

Insurer is an individual who indemnify in the event of loss