Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
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Famous quotes containing the word principles:
“In her present ignorance, womans religion, instead of making her noble and free, by the wrong application of great principles of right and justice, has made her bondage but more certain and lasting, her degradation more hopeless and complete.”
—Elizabeth Cady Stanton (18151902)
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