Definition: Insurance and registration holder are both legal terms that refer to an insurance company's liability for the damage or loss caused by a peril in the event of an occurrence such as fire, flood, earthquake, etc. - Insurance: An insurer insures against risks (perils) associated with the act of loss. For example, if a house is damaged, and it is owned by a property owner, they can pay for damages that the insurance company would otherwise not cover, thus helping the homeowner to recover from the loss. - Registration holder: A registered holder is a person who has been given a certificate indicating that they are entitled to participate in or own the underlying risk. This means that the holder of the policy has assumed full legal responsibility for the risks covered by the policy. In summary, insurance and registration holder are similar but distinct concepts that involve different types of risks. The terms apply differently when it comes to liability and property ownership issues.
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