Original sentence: Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee and duty of care.Lloyd's of London often accepts unique coverages
Edited sentence: Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee.In general, it is a contract in which one party agrees to pay for another party's financial loss resulting from a specified event.In practice, however, the business of providing insurance protection often ends up in litigation between the parties involved, while the responsibilities of regulating insurance markets routinely winds up as a political football for government agencies.Lloyd's often accepts unique coverages