Insurance is a financial product designed to provide protection against potential risks and losses. It involves paying regular premiums to an insurer in exchange for coverage against specific events, such as accidents, illnesses, or property damage. Insurance helps mitigate financial burdens by offering compensation or assistance in times of need. It includes various types, such as health, auto, home, and life insurance, each tailored to different aspects of risk. By spreading risk across a large group, insurance ensures that individuals and businesses are better prepared for unforeseen circumstances.
