Philadelphia says no to totally cashless future

With an increasing number of US businesses no longer accepting cash, Philadelphia—the City of Brotherly Love—is taking a stand to protect the so-called "unbanked" and will force merchants to accept greenbacks.

At least $9bn in insurance claims from California fires

Insurance claims from the recent devastating California wildfires that killed at least 89 people and destroyed 19,000 homes and businesses have reached at least $9 billion, the state's insurance commissioner said Wednesday.

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Insurance

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

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