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Annuity *

* Annuities are not generally classify as an insurance.
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Definition.

Insurance is a form of risk management primarily used to hedge 
against the risk of a contingentor peril. Insurance is defined as 
the equitable transfer of the risk of a loss by a specified 
contingency or peril, from one party to another, in exchange 
for payment (premium).

Peril is the cause of a loss.  Example of perils include: 
earthquake, fire, theft, windstorm, and hail.