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The Association of British Insurers (grouping collectively 400 insurance firms and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange. In a 2009 letter to investors, Warren Buffett wrote, "we have been paid $2.8 billion to hold our float in 2008". Travel insurance is exclusive and varies relying on the small print of your trip. The best coverage covers only what you need at a price that fits your budget.
Many insurance executives are against patenting insurance products because it creates a new risk for them. Insurance is only a danger switch mechanism whereby the financial burden which can arise because of some fortuitous occasion is transferred to a much bigger entity called an Insurance Company by way of paying premiums. This only reduces the financial burden and not the precise probabilities of happening of an event. Insurance is a danger for each the insurance firm and the insured. The insurance firm understands the risk involved and can carry out a risk assessment when writing the coverage.
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