Definition: The word 'insurance' in the context of the market refers to the practice or system of providing protection against risks that can affect a company, business, or individual. Insurance acts as an insurance policy that covers losses incurred due to various causes. In a market-based economy, insurance is provided by organizations such as banks, brokers, insurance companies, and government agencies. These institutions provide protection against potential financial loss, either for individuals or businesses. The premiums paid by the insured are then used to cover the costs of restoring damage caused by the loss, as well as for any other losses that might occur due to the market's changes. In summary, the word 'insurance on the marketplace' refers to the practice of providing protection against risks in a market economy. It involves insurance companies and organizations offering financial assistance or services to individuals and businesses that are vulnerable to financial distress due to market fluctuations or external events.
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