Name and Address of Insurance Company Form

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welcome back so far we have examined four out of the seven different categories of financial intermediaries in this lecture we'll take a step forward and delve into the fifth one all right people say that insurance is what nobody wants but everybody needs the concept has been in existence for centuries dating back to the second and third century bc when merchants paid an extra fee to shipping companies for the reimbursement of their cargo in the event it got lost on the way contrary to popular belief this financial product hasn't changed much since then at present we define insurance as a contract in which individuals or companies receive financial protection against losses from another firm in return the insured agrees to pay a premium the cost of the contract for the coverage they receive put simply insurance contracts transfer risk from the ones who buy them to those who sell them common examples are auto life fire or medical agreements most people in the united states have at least