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im_momin:
Protection to prevent short circuits would be an insulator.
A device to open a circuit on excessive current flow would be a fuse, circuit breaker, special semiconductor devices, or special electronic circuits.
To limit current to some safe value a resistor might work, a current limiting electronic circuit, and there are electronic foldback current limiters sometimes found in regulated power supplies.
For example search for a data sheet on the 7805 regulator chip.
Many motor controls have built in current limiting. Speed regulation may be extremely good up to a torque limit (current limit), then at that point it becomes a constant torque device.
Are you in the US or some other part of the world?
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