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insurer| Party to a contract of insurance that agrees to pay claims on that policy, subject to the terms of that policy. Common terms include the payment of an insurance premium, an obligation to minimize any losses, or, in the case of a property risk, an agreement to permit a survey and to be bound by any recommendations. Insurance contracts are normally renewed on an annual basis, when the risk will be reassessed in the light of any material changes and the claims history. |
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