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Admitted is the insurance term the State of California uses for an insurer that is eligible to transact business in this state.
Insurance is protection against financial loss. It is a form of risk management used primarily to hedge the risk of potential or uncertain losses.
Companies that provide insurance are known as insurers, insurers, insurers, or underwriters. The person or entity that purchases the insurance is called the policyholder, and the person or entity covered by the policy is called the insured person. Policyholder and insured are often used synonymously but are not always synonymous as coverage may extend to additional insured persons who do not have insurance. In an insurance transaction, the policyholder accepts a guaranteed, known, and relatively small loss in the form of payment (premium) to the insurance company. This is in exchange for the insurer's promise to compensate the insured in the event of a covered loss. Losses may or may not be monetary, but must be reducible in monetary terms. In addition, it is usually something to which the insured has rights based on ownership, ownership, or preexisting relationship.
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