Definition: The word "insurance" can be understood as "a type of insurance policy designed to provide financial protection against loss or damage caused by events that are beyond the control of the insured." In English, "insurance" typically refers to a legal document that binds two parties: the insurer and the insured. It is typically used to protect individuals or businesses from risks such as natural disasters (like hurricanes), fires, theft, accidents, or illness. The definition of "insurability" means that an insurance policy must provide adequate financial protection against loss or damage. This typically requires that a claimant have sufficient financial resources to cover the costs of damages and expenses incurred due to the event being covered under the policy. In summary, "insurance" is a legal document that provides protection against certain types of losses when individuals are not directly responsible for those losses. It can be understood as a type of financial protection designed to mitigate risk.

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