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What constitutes insurance

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sunnys

Junior Member
What is the name of your state (only U.S. law)? Texas

I am trying to find out the answer to a question regarding what constitutes insurance. The definition I have been given is indemnification based upon a contingency.
So if a company was in effect offering to pay the insured a certain amount of money if that insured lost his job, how would that be structured to avoid it being classified as insurance.
 



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