Definition: Foreassurance, also known as "insurance," is a type of financial protection that provides financial assistance to individuals or families in case of unforeseen events such as natural disasters, medical emergencies, or accidents. It typically covers losses related to property damage, health issues, and loss of income due to illness or injury. The purpose of insurance is to mitigate the risk of financial loss by providing a way for individuals and businesses to cover potential costs associated with unexpected occurrences.
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