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Square Insurance Brokers Private Limited was incorporated in the state of Rajasthan as Pvt. Ltd Company. Square Insurance act as a Direct Insurance Broker by IRDAI under Insurance Brokers Regulations, 2002, granted with license in April 2017. Insurance as defined is a financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium.