Definition: Insurance defined refers to a legal document that gives a person or entity, known as the insured, certain financial protection from potential liabilities or damages caused by events not covered by another source of insurance. The term "insured" typically means an individual, business, or government organization that is required by law to provide coverage for losses due to natural disasters, accidents, or theft. In simpler terms, a person or entity who wants to protect themselves from potential financial loss in the event of a disaster or other catastrophic event is likely to use insurance. The term "insurance defined" is used to describe this type of legal document that offers protection against potential liabilities or losses caused by events not covered by another source of insurance. The definition of "insure" can vary depending on the context, but in general it means to take responsibility for a loss or damage and provide financial assistance to cover the costs involved. This concept is similar to how a company may have policies that provide protection against potential liabilities due to accidents or natural disasters.

insurance defined