Definition of

Insurance

Insurance
Insurance is where you pay a regular amount to a company, and the company promises to pay you if certain bad things happen.

It is a way to protect yourself from losing large amounts of money.


Examples:

• for home insurance they might pay for your house to be repaired if it gets damaged.
• for credit insurance they might repay all or part of a loan if you lose your job.


There is a "policy document" that has special conditions, such as when they will or will not pay.

Example: for car insurance they won't pay anything when you damage your car on purpose.
 
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