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Exposed noncurrent-carrying metal parts are capable of carrying current if accidentally energized.
Insurance Contract
A legally binding agreement between an insurer and the insured, outlining coverage terms, conditions, and premiums.
Insurable Interest
The requirement that a policyholder must stand to lose financially if the insured event occurs, establishing a legal right to insure the item or life.
Insurance Company
A business entity that provides financial protection and compensation for losses in exchange for payment of premiums.
Premium
The amount paid for an insurance policy or the charge for accepting a higher risk in financial transactions.
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