Commercial insurance glossary

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Glossary

nascarmoments.com Broker
One who buy and sell for another on commission or who arranges for the negotiation of contracts of various types
Indemnity
That which is given as compensation for a loss or for damage
Insurance
An act, business, or system by which pecuniary indemnity is guaranteed by one party to another in certain contingencies
Liability
The condition of being responsible for a possible or actual loss
Policy
A written contract of insurance
Risks
A chance of encountering harm or loss; hazard

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