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In an efficient allocation of risk:
Casualty Loss
A financial loss resulting from sudden, unexpected, or unusual events such as natural disasters, thefts, or accidents.
Insurance Company
A business entity that offers risk management in the form of insurance policies, providing coverage for various risks in exchange for premiums.
Reimbursed
The act of repaying someone for expenses they have incurred on behalf of someone else or a business.
State Income Taxes
Taxes levied by individual states on the income earned by residents and non-residents who receive income from a source in the state.
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