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_________ in a social device for eliminating or reducing the loss of society from certain risk.

 

  • Insurance in a social device for eliminating or reducing the loss of society from certain risk.
  •  Insurance is a social device that helps individuals, businesses, and communities manage risks and protect themselves from financial losses due to unforeseen events.
  • By paying a premium, an individual or organization transfers the risk of potential losses to an insurance company, which is responsible for compensating them in case the insured event occurs.
  • This helps to mitigate the financial impact of the loss and provides a measure of security and stability for individuals and communities.