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Get definitions for common health insurance expressions and terms for a better understanding of medical insurance terminology. Insurance,definitionofinsurance,characteristicsofinsurance, natureofinsurance,functionsofinsurance insurance:in law and economics, is a form of risk management primarily used to hedge. The former editor of consumer reports, she is an expert in credit and debt, retirement planning, home ownership, employment issues, and insurance. Understanding your insurance policy just got easier. Looking for a specific insurance term?

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