Definition: The term "insurance" refers to a financial service that provides coverage for losses or damages associated with an event, condition or violation of contract. This coverage can include physical damage to your property (such as fire) or bodily injury from accidents (such as car accidents). The insurance policy typically covers the costs associated with repairs and replacement of lost goods and services. Insurance is a type of financial protection that allows you to protect yourself against potential losses, including loss of life, medical expenses, property damage, and other risks. Insurance helps ensure your financial security and peace of mind by providing a means to handle unexpected expenses or losses in case of an accident or natural disaster.
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